Payroll debit cards, also referred to as paycards, can offer efficient payroll solutions to small companies that have an employee-base of 50-500. Debit card payroll services are becoming increasingly popular as wide number of companies across the world have started implementing it.
Through a debit card payroll system, employers can easily send money to their employees working abroad. They can also monitor online transfers as well as keep an eye on payroll account balance. Payroll debit cards do not require the use of paper checks and so they eliminate the printing costs associated with paper checks.
One of the major advantages of payroll debit card is that it can also be used by employees who don’t have a bank account. The employees don’t need a checking or savings account in a bank for salary transfers. Hence, these cards can be very useful for companies with seasonal or temporary employees, who may not hold a savings account.
With payroll debit cards, employees can easily access their funds through ATM’s that accept prepaid credit cards such as Visa or MasterCard. Thus, employees don’t need to stand in long queues to cash their checks. This saves a considerable amount of their time.
These cards are relatively safe and convenient to use in comparison to conventional payment options involving cash. Besides, if the payroll debit card of employees is stolen or lost, they can immediately get their cards deactivated to avoid any kind of risk. Their employers will then provide them with new payroll debit cards.
As these cards work in the same way as prepaid cards, employees can use these cards to pay their monthly bills and make purchases online. With these cards, employees can easily receive money from any part of the world. A debit card payroll system doesn’t require employees to pay a large amount of fees while withdrawing their salaries.
Several small companies in Asia(Malaysia and Singapore), Europe(Germany) and Brazil have successfully implemented payroll solutions involving the usage of payroll debit cards.