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Streamlining payroll with prepaid cards


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How UPside Visa Prepaid Cards can be used by employers for free to streamline payroll payments for under-banked employees

Published in: Business, Economy & Finance
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Streamlining payroll with prepaid cards

  1. 1. UPside Visa Prepaid Cards Empower un-banked employees to receive wages via Direct Deposits
  2. 2. A huge problem: paying the under-banked <ul><li>80 million U.S. consumers * do not have a traditional bank account or have only limited access to credit. </li></ul><ul><li>These employees receive $1 trillion in annual income, pay more than $1.5 billion in check cashing fees and rely heavily on cash for everyday transactions. </li></ul><ul><li>If your company is in the hotel/hospitality, retail store, quick service restaurant or transportation sector, it is likely that your employees will benefit from a Visa payroll card. </li></ul>* Visa analysis based on data from the Federal Reserve Bank; U.S. Census, Transunion, SEC filings; and the Urban Institute.
  3. 3. How do Cards work for Payroll? <ul><li>A Visa card used for payroll is a re-loadable Prepaid Visa card, not a credit card. Each card as an ACH number like a checking account. </li></ul><ul><li>Everyone qualifies: no credit check or bank account required. </li></ul><ul><li>Each pay period, employee's earned funds can be loaded onto the card via ACH and made available on payday, similar to direct deposit. </li></ul>
  4. 4. Employee Benefits <ul><li>Immediate access to funds without waiting for a check to arrive </li></ul><ul><li>No check cashing fees and hassles </li></ul><ul><li>Ability to make purchases and pay bills wherever Visa debit cards are accepted </li></ul><ul><li>Increased safety without having to carry large sums of cash </li></ul><ul><li>Ability to withdraw cash at ATMs </li></ul><ul><li>Added protection should the card be lost or stolen, as they will not be responsible for purchases they do not make </li></ul>
  5. 5. Employer Benefits <ul><li>Reduce payroll processing costs by eliminating check printing and processing </li></ul><ul><li>Expand direct deposit program to all employees to eliminate paper checks </li></ul><ul><li>Eliminate costly out-of-cycle checks and charges for reissuing lost or stolen checks </li></ul><ul><li>Provide employees with immediate access to their funds </li></ul><ul><li>Save employees check-cashing and money order fees </li></ul><ul><li>Give employees the flexibility to shop or pay bills by phone, online or mail anywhere Visa debit cards are accepted </li></ul>
  6. 6. UPside Visa Cards are… <ul><li>Simple </li></ul><ul><ul><li>Paperless & branchless </li></ul></ul><ul><ul><li>Email & phone support </li></ul></ul><ul><ul><li>Real-time balance, 24x7 online statements </li></ul></ul><ul><li>Universal and Convenient </li></ul><ul><ul><li>Pay anywhere Visa debit cards are accepted </li></ul></ul><ul><ul><li>Withdraw cash at any ATM with a Visa, Cirrus or Interlink logo </li></ul></ul><ul><li>Fair </li></ul><ul><ul><li>No credit record required </li></ul></ul><ul><ul><li>No debt, no overdraft fees </li></ul></ul><ul><ul><li>Automated alerts for savings & deals </li></ul></ul>
  7. 7. The best prepaid cards for employees <ul><li>On-demand paper checks </li></ul><ul><li>Cash-back rewards </li></ul><ul><li>Direct refills of prepaid cell phones </li></ul><ul><li>Companion cards with separate statements </li></ul><ul><li>Full mobile access from any cell phone with a browser </li></ul><ul><li>At the lowest cost to cardholders: $0.99/month if the salary deposited is more than $500 ($2.99/month otherwise) </li></ul>UPside Visa Cards are the ONLY prepaid cards with:
  8. 8. Compliance with payroll cards rules <ul><li>Full access to the entirety of the wages once a month </li></ul><ul><li>Initial disclosures of the terms and conditions of EFT services </li></ul><ul><li>Liability of consumer for unauthorized transfers </li></ul><ul><li>Change-in-terms notices </li></ul><ul><li>Error resolution notices </li></ul><ul><li>Mandatory receipts at electronic terminals </li></ul><ul><li>Mandatory periodic statements </li></ul><ul><li>Procedures for resolving EFT errors </li></ul><ul><li>Free monthly check can be written to anyone </li></ul><ul><li>At enrollment + sent in paper form with the card </li></ul><ul><li>Visa’s zero-liability on all signature based purchases </li></ul><ul><li>Monthly newsletter </li></ul><ul><li>Via email </li></ul><ul><li>Yes at all POS and ATMs </li></ul><ul><li>24x7 via PC and phone </li></ul><ul><li>24x7 customer service </li></ul>
  9. 9. What do you need to do? <ul><li>Send your employees to to sign up for free </li></ul><ul><li>Ask them to give you the Direct Deposit Account number of their card (provided in the confirmation screen of the enrollment site & available at any time from the online card statement) </li></ul><ul><li>Use the DDA number for direct deposits at pay time </li></ul>
  10. 10. Roles and Responsibilities <ul><li>Advise un-banked employees to sign up for an UPside card </li></ul><ul><li>Gather Direct Deposit Account numbers from employees having signed up for the card </li></ul><ul><li>The payroll department or service provider uses the DDA numbers for direct deposits, just like with regular checking accounts </li></ul><ul><li>Operate the enrollment website </li></ul><ul><li>Provide the DDA numbers for each new cardholder </li></ul><ul><li>Ship cards to employees at their home address </li></ul><ul><li>Operate and support the cards </li></ul><ul><li>Add funds to cards each time Direct Deposits are received </li></ul>Employer UPside
  11. 11. Costs <ul><li>Employers pay: $0 </li></ul><ul><li>Employees pay: </li></ul><ul><ul><li>$0 to sign up for the card, receive it and activate it </li></ul></ul><ul><ul><li>$0 to receive direct deposits </li></ul></ul><ul><ul><li>$0 to issue a monthly paper check (e.g. to pay their rent) </li></ul></ul><ul><ul><li>$0 to use the card for purchases at stores, offline and online </li></ul></ul><ul><ul><li>$0 to obtain cash back at grocery stores ($1.70 for ATM withdrawals) </li></ul></ul><ul><ul><li>$0.99/month maintenance fee (or $2.99 if deposits <$500) </li></ul></ul>
  12. 12. Learn More <ul><li>UPside Cards enrollment portal http:// </li></ul><ul><li>Implementing payroll with prepaid Visa cards </li></ul><ul><li>Savings calculator for employers: </li></ul><ul><li>Contact us: 646-485-5267 </li></ul>
  13. 13. Add-on options available to Employers <ul><li>Enroll employees into cards themselves: </li></ul><ul><ul><li>Payroll or HR Administrator gathers employees’ personal info and fills out the card enrollment forms on their behalf, from a designated secure computer </li></ul></ul><ul><li>For large payrolls (>100 employees), use aggregated funds transfer rather than individual transfers to save ACH costs and time </li></ul><ul><ul><li>Administrator organizes aggregated funds transfers and uploads Mass Load Instruction files from secure computer </li></ul></ul><ul><li>Request a Tracking Code and Control Panel access to obtain a 24x7 status of all employee card enrollments </li></ul>Contact us for any implementation of any of the above options