SOLE® Financial, a leader in the prepaid payroll card market, has partnered with First Bank of Charleston, a West Virginia-based community bank, to offer the SOLE Visa® Payroll Card to its commercial client base.
Financial Institutions that partner with commercial clients who employ a large population of unbanked workers have seen an increased need to offer paycards. However, the logistical and compliance hurdles of implementing paycards make offering an in-house product challenging. To solve this problem, SOLE created SOLE FI – a program which allows banks to partner with SOLE and offer the standard SOLE Paycard program to their commercial clients.
Payroll cards allow employees who are un- and underbanked access to their money through direct deposit, without requiring them to open a bank account and subject themselves to the potential fees and balance requirements which may have prevented them from maintaining a bank account in the first place. The unbanked employees who work for First Bank of Charleston’s clients will now be able to access services that have historically been exclusive to the banked population, such as a mobile app, point-of-sale cashback and online bill pay. The SOLE Paycard is equipped with a routing and account number which can be used for any direct deposits, like secondary jobs and tax returns.
From SOLE Financial Director of Financial Institutions, Erik Farleigh: “We couldn’t be more excited to work with a financial institution that embraces new technology and exceptional customer service, while staying true to their core company values. First Bank of Charleston wanted to help their clients reach 100% direct deposit participation, but the reality is that many people can’t get or don’t want a traditional bank account. With the many inherent benefits of the SOLE Paycard at both the business and employee level and our likeminded organizational focus on personal service, they knew they’d found the right fit.”
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.
SOLE Financial is a rapidly growing company in the payroll card marketplace. Since 2010, SOLE’s topline revenue has increased by 346% while its active funded cardbase has increased by 394%. SOLE serves over 3000 employer clients nationally.
About First Bank of Charleston:
First Bank of Charleston is a financial services organization committed to providing businesses and consumers with individual attention and professional financial solutions. First Bank delivers superior personal service in a consolidating financial services environment which increasingly de-emphasizes service. First Bank also employs state-of-the-art technology to provide its customers with financial products equal to or superior than those offered by larger financial organizations. At First Bank, customers receive hands-on knowledge and hands-on professional assistance.