SOLE® Financial has partnered with international accounting, HR and payroll giant Sage Payroll Services, to offer the SOLE Visa® Payroll Card to Sage’s U.S. commercial client base. Sage, which prides itself on providing full-service payroll software solutions, has over 6 million commercial clients who will now be able to offer the SOLE Paycard as a payroll option for their unbanked employees.
Payroll cards allow employees who are un- and underbanked to participate in direct deposit without bank accounts. The unbanked employees who work for Sage’s clients will now have access to services which have historically been exclusive to the banked population, such the ability to pay bills online, no-cost cashback at point-of-sale transactions and a mobile app that allows cardholders to check their account balances. The SOLE Paycard is also equipped with a routing and account number, which gives the cardholder the ability to use the card for any direct deposits, such as tax refunds, a paycheck from another job, or government benefits. The SOLE paycard allows these employees to maintain all of their funds electronically, in a secure FDIC-insured account.
Regarding the partnership, SOLE Financial President Tom Secor said, “Since 2008, Sage and SOLE have learned and evolved together in the emerging paycard marketplace. From education, to acceptance, to process, we share the common goal of providing the best-in-class experience to our shared clientele. ‘Partnership is not a posture but a process - a continuous process that grows stronger each year as we devote ourselves to common tasks.’ These words by John F. Kennedy personify the spirit in which our organizations have worked together in the past. With this renewed agreement, we’re excited to continue our shared passion of empowering our clients and their employees through service-oriented and forward-thinking practices.”
Regarding its newly improved suite of payroll services, Sage's message was: "In partnering with Sage Payroll, you’ll find many advantages for both you and your customers, whether your business is banking, accounting or insurance. We take these relationships very seriously, and we provide the best in partner program management."
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 Sage Payroll Services:
After over 30 years in business, Sage has $2 billion in revenue, operates in 24 countries, and helps more than 6 million small and medium-sized business customers succeed. Sage’s software manages accounting, ERP, HR, payroll, payments, assets, construction, and real estate. Sage’s solutions function in the cloud, on-premises, or both. Products are available for specific industries and small or medium-sized businesses. Sage supports companies out of the home, small businesses with just a few employees, and larger enterprises that distribute across North America.