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Why it’s the Employer’s Fiduciary Responsibility to Provide a Paycard Option to their Employees

Payroll_manager_card.png

As an employer you provide your employees with other benefits than just pay. Odds are you probably provide, at least your full time employees, with health insurance, retirement, PTO, and some other perks. So why not also provide an option for your unbanked employees to get paid on direct deposit through a payroll card? 

 

So what do my employees get from a paycard?

  • Unbanked employees no longer have to spend time and money cashing their paychecks

  • They don’t have to cash a check to access their funds. Their entire paycheck is accessible on their paycard.

  • They can bring their SOLE® VISA® Paycard to their second or next job, allowing them to receive all their pay through direct deposit.

  • Cardholders can get their tax refund direct deposited* onto their SOLE Paycard.

  • Employees with a SOLE Paycard can use the SOLE Paycard App to check their balance.

  • Unbanked employees no longer have to spend the time to pay bills in person. They can use their SOLE Paycard to pay almost any bill online** .

 

So, why can’t my employees just go out and get a GPR (General Purpose Reloadable)?

The type of payroll cards that your employees can purchase from some retailers may end up costing the cardholder a sizable amount of money. Many of those cards will charge a fee for every transaction, cardholders might even get charged an enrollment fee.

Here’s a list of SOLE’s most common cardholder fees.

(for a complete list of fees please see the cardholder terms and conditions)

 

How the SOLE Paycard benefits your business

  • Saves money and time by eliminating the costs and time associated with paper checks

  • Streamlines the payroll process

  • No more lost checks

  • No longer have to worry about employees receiving their pay checks late

  • Mailed paper paychecks are no longer delayed when a natural disaster happens

  • Save paper

 

You pay your employees, and they deserve their whole paycheck, not just part of it.

 

There’s a right way and a wrong way to roll out our paycard program

SOLE Financial does everything on their part to help point new cardholders on the right foot. Some of SOLE’s most successful clients spend 5-10 minutes explaining how the card works, they don’t just hand their employees the paycard and walk off. They reinforce the message that they can keep all their money on their card, there’s an app and they can keep their card even if they move on to another job. As an employer, all you have to do it point them in the right direct on where to find the best practices to get them off on the right financial foot.

 

 

* A tax refund may only be direct deposited into an account that is in your name.  This means that if you file a joint return, the name of the primary filer must match the name on the account. If a tax refund is directed to an account that is not in your name it may be rejected and returned to the IRS.  No more than three electronic refunds can be deposited into a single financial account or prepaid card. If you exceed this limit you will receive notice from the IRS and a paper check refund.The paycard can hold up to $9,999. If your tax return will put your balance above this number, you should opt for a paper check.  

**There is a $1 fee for the Bill Pay service associated with each Bill Pay transaction.

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