“Offering the SOLE Paycard will enrich First Community Bank’s suite of features while allowing our bank to remain competitive and progressive in a marketplace where employers are looking to raise direct deposit participation. Payroll cards allow employees who are un- and underbanked to participate in direct deposit without opening bank accounts,” said Tammy Poole, SVP retail banking.
In addition to direct deposit, payroll cards allow access to services typically only offered to the banked population, such as online bill pay, point-of-sale cashback and a mobile app to check account balances. The SOLE Paycard provides cardholders with their card’s routing and account numbers so direct deposit can be set up.
“By providing ACH services through our cash management feature, businesses are able to offer their employees all of the advantages of direct deposit while utilizing the cost and time saving payroll methods offered through ACH,” said Amber Bass, VP of business & electronic banking solutions. “We are excited to now be able to offer these same advantages to individuals who are un- and underbanked through the SOLE Paycard.”
Brick-and-mortar banks have seen an increased need to offer a paycard, but face an uphill battle when it comes to implementing the product in-house. SOLE solves this problem with the SOLE Financial Institution program. By partnering with SOLE, banks and credit unions are able to meet the need for a paycard by offering the standard SOLE product to their commercial accounts who are asking for a payroll card solution, while continuing to focus on the traditional banking services in which they specialize.
About SOLE Financial:
SOLE Financial aims to serve the underserved by providing a low-cost alternative to predatory check-cashing services for un- and underbanked employees. By partnering with employers to achieve 100% direct deposit, SOLE saves employers time, paper and money while providing the convenience and dignity of traditional banking services to the unbanked workforce. SOLE Paycard holders can access their hard-earned paycheck at no cost through point-of-sale and cashback transactions.
About First Community Bank:
First Community Bank, which is locally owned and managed, opened Aug. 4, 1997, in Batesville, Ark., and operates 17 full-service branches in Arkansas and Missouri and a stand-alone mortgage origination office in Craighead County, Ark. First Community employs more than 274 professional bankers and reports assets of more than $1 billion.