Employers are beginning to take a hard look at eliminating paychecks and pay stubs, and for many, the addition of Payroll Cards is a key element. This interest has accelerated since the Fed has “legitimized” the product and more states enact legislation governing their use. But many questions remain, compounded by the misinformation many early vendors supplied, and overall confusion in the market.
• Are PayCards right for you and your employees?
• Is promoting Direct Deposit better? If so, who is the right provider?
• Can the employer mandate Direct Deposit? PayCards?
• How should the cards be priced to the employee?
• What will it cost the employer?
• What is the best way to communicate the product to employees?
• Are there other benefits that PayCards can bring to the employer and / or employees?
Brooks’ consultants have been involved with Stored Value cards, and particularly Payroll cards, for most of their history. They have worked in all aspects of cards, provide expert solutions for employer clients – whether the issue be determining whether a Payroll Card is appropriate, developing and managing an RFP to select a vendor, or assisting the employer in implementing the program.