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Yes, Paycards are Worth it


Back in November 2016, the podcast Smallbiz Brainiac talked about paycards. Though the podcast gets some things right about payroll card state laws, his general assumption that paycards aren’t worth the hassle is a passing observation that’s just wrong. Sure if you run a really small business, it may not be worth it to setting up a paycard program just to get one or two employees on direct deposit, but for most of the companies in America it’s worth it.

What Smallbiz Brainiac gets right:

  • Their research on state Paycard laws and the fact that laws can be tricky to navigate sometimes

  • The details of rolling out a paycard program

  • That employees set up with a paycard can get paid via direct deposit

What Smallbiz Brainiac gets wrong:

  • The fees he describes don’t apply to all paycard programs

  • They did the research on Paycard laws, but did not do enough research on what unbanked employees get out of having a paycard.

  • Assuming paycards aren’t worth the hassle

  • Unbanked employees don’t want to banked

In the podcast he says that you as an employer shouldn’t get involved with your employee’s finances. Yes, you should get involved with your employee’s finances, because it benefits your employees and your business.

Why paycards are worth it for employees

  • No longer have to go to a check cashing location to get their paycheck

  • No longer have to go to locations to pay their bills, they can pay their bills online with their paycard

  • Can now purchase things online with their paycard

  • Can get their tax return direct deposited on their paycard

  • Can make everyday purchases with their paycard

  • Use the SOLE Paycard App to check their balance

  • Employees can get paid on holidays, long weekends, inclement weather and postal holidays

Why paycards are worth it for employers

  • Save time and money on distribution of payroll

  • Employees don’t have to spend their time off work, working to get their money by going to check cashing locations and running around paying their bills in person.

  • Issues with lost/stolen paper checks

  • Eliminate natural disaster paper-check deliverability issues

Really it’s not that much work rolling out a paycard program. If it seems like it’s too much work, give us a call and we’ll walk you through the steps to start a payroll card program.  No matter how you pay your employees you’ll still have to follow federal and state laws. Why not pay them in a way that saves them time and money. Yes, setting up a paycard program can take a bit of time, but in the long run it’ll save you and your employees time and money.

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