Benefits of Prepaid to Businesses
Prepaid Financial Services (PFS) offer corporate entities prepaid solutions in areas such as payroll and employee expenses. With innovative benefits for both employee and employer, corporate disbursements via prepaid cards have flourished over the past few years.
The PFS Prepaid Business Cards can be used as a solution to recurring payments - E.g. payroll, incentives and prepaid expense cards. Many companies' workforce could benefit from direct deposit on a Prepaid Payroll Card.
For the employer, it provides the opportunity to cut costs on processing payroll. This is especially true in those industries where significant numbers of cheques are produced and distributed. By providing a prepaid card for payroll, the employer is able to load that card with the employee's wages within minutes, efficiently and cost effectively.
The employees receive the funds on a card rather than having to cash a cheque and it gives them access to shopping on the Internet or through the traditional retail environments. Cardholders do not need to carry cash around.
For the non-banked, this solution removes the inconvenience and cost of exchanging cheques for cash, whilst providing similar benefits to a Debit Card such as access to the online world of payments.
Prepaid Financial Service enable you to deposit the weekly/monthly payroll to a settlement account. Funds are held in a settlement account. The card is significantly easier to manage for all in the value chain. This is especially true in those industries where there is a high employee turnover or employees are transient workers.
- Cost effective way to manage payroll.
- Easy to implement solution for your existing payroll services.
- Reduce cheque and cash management and handling costs.
- Reduce bank fees.
- Reduce security risks involved with cash and cheque fraud.
- Greatly reduce lost cheque replacement costs.
- Payments to employees either instantly or within their own timeframe.
- Issuing a prepaid card is often cheaper than sending international SWIFT or CHAPS payments.
- Revenue earner.
- Employees do not need to wait in queues to cash cheques.
- Replaces the need to cash cheques at high commission rates.
- Employees will use fewer money orders.
- Access to Internet purchases.
- Employees have immediate access to funds on payday.
- Saves time and money.
- Employees can get account balance and transaction history via Internet, SMS or telephone IVR.
- Share Money with secondary cardholders instantly at low cost via SMS.
- Safer than carrying cash.
- Benefit from safety features of Chip and PIN cards.
- Anyone can obtain a card as no bank account or previous credit history is required.
- Unbanked employees can use Prepaid Cards to make payments and obtain cash.