This post is an updated version of a similar one we did last year entitled: Why Your Unbanked Employees Need Paycards. All of the points brought up in that blog post are still very much relevant, but due to the ever increasing digital payment space, the SOLE Paycard is a stepping stone for cardholders into the digital financial inclusion of today.
How many online purchases do you make in a year? Odds are it’s a sizeable number and that number is probably only going to increase in the coming years. Though, buying things online isn’t a necessity, it’s something that everyone today should be able to do. Your unbanked employees can finally make online purchases by utilizing paycards that enable online purchasing, which can save some them money and time.
Paycards are a bridge to mobile payments
Though the SOLE Paycard doesn’t work with Apple & Android wallets yet, but it works with mobile payment apps like Venmo. These mobile payment apps are an easy way for cardholders to pay their friends and family members back with their phones. They can even use the SOLE Paycard App to pay another SOLE Pay Cardholder back with a card to card transfer.
Your unbanked employees are cut off from this digital world even if they wanted to join in, how could they? A paycard is a great intro into this world of “fintech”. It’ll allow them to make purchases online. The payroll card will also bring them into a world in which they’re currently not a part of.
Paycards are the stepping stones that your employees need to achieve financial inclusion. Sure, they could go out and buy a GRP themselves, but those cards end up costing them a lot of money. Many of those off-the-shelf cards charge for everyday purchases. The SOLE Paycard has no cost for the employer and no cost for the employees. There are fees, but if used correctly cardholders can use their card without any fees. Learn how much your company can save by switching away from paper checks.