Twenty-six percent of US adults are un- or underbanked, according to a 2016-2017 survey conducted by the Federal Reserve. Being un- or underbanked means no access to modern convinces like paying bills online or over the phone, shopping on Amazon, renting a car, or binge-watching the latest season of Stranger Things on Netflix. Often, when a new cardholder receives their SOLE® Visa Payroll Card, it’s their first experience with a payment card. Most have dealt with cash their whole lives and are distrusting of financial institutions, which is why educating cardholders is SOLE’s first priority. At SOLE, we educate our cardholders with personalized phone calls, videos, blog posts, and dedicated, knowledgeable team members. We believe that with financial literacy comes financial inclusion, which is why we do what we do.
We’re All in This Together
SOLE’s dedication to education starts with employers. The Program Success team walks each new employer through implementing a successful paycard program with SOLE. After signing up to use the SOLE paycard, the Program Success team kicks things off with an enrollment call with the client. During this call, employers learn:
How to ensure the employee has immediate access to funds if their SOLE paycard is lost or stolen
SOLE’s process for verifying cardholder identities to remain compliant with federal law and protect employee identities
SOLE’s transparent fee structure
Our Program Success team and their clients form long-lasting relationships built on respect and trust for each other. The pair are together every step of the way, ensuring each cardholder’s success.
Activate Then Educate
Once a cardholder activates their card, they begin seeing short educational Facebook ads that demonstrate the best uses of the card, like how to get cash back instead of incurring ATM fees, how to use the card to shop online, and explaining that their paycard is theirs – not their employer’s. Additionally, all new cardholders are put through an email program that covers important educational topics.
Next, within a month of activating the paycard, the SOLE Outbound team directly reaches out to each cardholder to have an educational phone conversation. Each call is customized to that cardholder’s unique transaction history, but all calls mention that:
The card is compatible with vendors such as Redbox, Lyft, Venmo, Amazon, Spotify, and many more.
They can swipe the card as debit or credit for free.
They can use the card for any direct deposits.
They can manage their money on the website or mobile app.
Education is Ongoing
When a cardholder calls SOLE, they’ll speak to an Account Manager who is trained to ensure the cardholder understands the best ways to use their card by reviewing:
Transaction history to establish most relevant educational tips to share.
Account settings to confirm the cardholder is taking advantage of the benefits of our website and mobile app.
Additionally, the SOLE marketing team continuously creates new instructive blog posts, helpful videos with tips on getting the most out of your SOLE paycard, educational posts on social media, and informative emails.
At SOLE, education begins before a cardholder even receives their paycard and continues for the life of the card. When the goal is financial inclusion for everyone, education is key.