For most companies, issuing paper paychecks to a certain number of employees continues to be a way of life. But with MasterCard Prepaid Payroll Cards®, that time-consuming and expensive activity can now be truly a thing of the past.

Safe, convenient and reloadable, MasterCard Prepaid Payroll Cards^® offer a much more efficient and cost-effective method of paying your employees, not to mention a wide range of other benefits they’ll appreciate as well.

All of the advantages of direct deposit for those who don’t have it

Even with today’s banking advances, many employees are still not set up for direct deposit. In particular, those who don’t have checking accounts, are based in remote locations, or are temporary, seasonal or contract workers may still require a paper paycheck. The same may be true for those who are paid separately for bonuses, commissions or per-diems.

Switching these employees to MasterCard Prepaid Payroll Cards^® can save employers on your payroll processing expenses because the cost of reloading the cards with their wages is essentially identical to conducting direct-deposit transactions. Meanwhile, your employees will enjoy a variety of advantages, such as:

• Instant access to their net pay, meaning no more having to visit a check-cashing facility and then pay a service fee if they don’t have an account there.
• Increased convenience because they can use the cards to get money 24 hours a day at ATMs and make purchases at any location that accepts MasterCard cards.
• Additional flexibility and control since they can check their balances online or over the phone, and pay bills instead of having to purchase a money order.
• Greater security because if a card has been registered and then is lost or stolen, an employee can recover the remaining balance.

Additional employer benefits

MasterCard Prepaid Payroll Cards^® work much like personal debit cards, not credit cards, so as an employer, you needn’t worry that issuing them to your employees will expose you to any liability for their misuse. Rather, you will receive benefits that go beyond the obvious efficiencies, including the following:

• Reduction of the costs associated with replacing lost or stolen paychecks, which the National Automated Clearing House Association (NACHA) estimates at $10-$12 a check.
• Enhanced productivity since your employees won’t have any reason to leave their jobs during normal working hours to cash or deposit their paychecks.
• Recognition of your environmental sensitivity by saving paper.

You also don’t need to be concerned that explaining the program to your employees will be in any way difficult. MasterCard has a full set of communication and educational materials available to ensure a smooth implementation process.

Please click here to submit your inquiry if you would like to learn more about MasterCard prepaid card solutions.