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The CashConnectTM (www.cashconnectcard.com) payroll card program gives employers more control over their payroll distribution and significantly reduces administrative costs by allowing employers to make payroll 100% electronic. The employer reduces the payroll expenses by an average of $1.25 per employee per payroll cycle (NACHA.org) for each paycheck that is replaced with a debit card.
Benefits for Employers
- Decreased time and cost of check processing and handling
- Reduction in stop-payment, replacement costs, and check fraud
- Easy delivery of payroll to employees in varied geographic locations
- Elimination of the time-critical payroll check delivery process for managers and supervisors
- Seamless integration with existing payroll systems
- Instant issuance of cards to employees with state-ofthe-art security
- Complete set of payroll tools for successful administration
- No solicitation of additional banking services to employees
- No employer cost, except the purchase of bulk card inventory
Benefits for Employees
- Eliminates high check-cashing fees
- Eliminates expensive International Money Transfer (IMT) fees
- Eliminates lost or stolen cash
- Immediate access to funds 24/7 via ATMs and retail merchants worldwide
- Check balance, activity, and transfer money by phone 24/7
- No credit check, no overdraft, no minimum balance requirements
- After free transactions, utilization costs average between $9 and $11 per month
Features Overview
- Funding the Card: payroll direct deposit (ACH), payroll shortage transfers, cash loads, card-to-card transfers, batch payroll loads
- Common Activity for Free: no monthly maintenance fee, no minimum balance requirement, free payroll loads, one free transaction after each payroll load (ATM not eligible)
- Debit Transactions: POS purchases, domestic and international ATM withdrawals, USPS money orders, courtesy booth money orders
- Cardholder Services Transactions: convenience checks, Coinstar cash vouchers, bill pay, ACH to bank account
- Money Transfers: international card-to-cash to over 13,000 destinations, card-to-card, card-to-bank account
- Account Access: 24/7/365 IVR, live operator, web portal
- Optional Convenience Packages: unlimited POS, text messaging, line of credit
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