With an estimated 68 million1 underbanked consumers in the U.S., employers must find high-quality, flexible payroll solutions that give employees access to the omnichannel payments ecosystem. And, banked consumers want access to a multitude of financial tools to help them manage their everyday finances, too.2 Banked or unbanked, employees look to employers to provide game-changing payroll solutions – like Paycards – that are invaluable for building a financial system that works for their unique lives.
Major retailers like JCPenney and Goodwill have implemented Netspend’s Paycard program because of the many benefits it offers their companies and employees. And, with the U.S. payroll card market estimated to reach more than $46 billion in card loads in 2019 alone3, other companies are clearly taking note of this tool’s many advantages. Here are just a few:
Employer Benefits
- Fewer checks, more savings. Paycards allow companies to mail fewer checks, which equals less money spent on postage and a drastic reduction in check resubmissions, all of which positively affect the bottom line.
- Boost employee morale. Companies who adopt Netspend’s payroll programs report an uptick in employee morale because of their employees’ positive experiences with the Online Account Center, Mobile App and dedicated customer service center.4
- A great pay solution for peak hiring season. By leveraging innovative Paycard solutions, companies can more seamlessly accommodate new or temporary employees’ payroll needs during peak hiring seasons, like the retail holiday season.
- Employers get full support. Netspend provides dedicated, custom support for each client, along with year-round guidance to ensure their Paycard program continues to meet client needs.
Employee Benefits
- Stay on top of everyday finances. Paycards offer text alerts that inform employees of their primary account activity, so they can manage their everyday finances. And, employees can use the card to make everyday purchases conveniently. Employees and clients can use their cards anywhere Visa® debit or Debit Mastercard® is accepted, in-person, online or over the phone.
- Access ATMs nationwide. Cardholders can withdraw cash at surcharge-free ATMs nationwide and take advantage of no check-cashing fees at participating banks once their cards are activated.
- Netspend is here to help. The Skylight PayOptions™ Program offers cardholders online account access, a mobile app and a dedicated customer service team to make it easy for employees to manage their funds and resolve payroll issues quickly.
Learn about all the benefits Paycards can deliver here.
1 http://www.saxongilmore.com/approximately-68-million-american-adults-are-unbanked-or-underbanked/
2 https://s3.amazonaws.com/cfsi-innovation-files-2018/wp-content/uploads/2018/07/12015209/Making-Payroll-Cards-Work-for-Employees-Report-July-2018.pdf
3 https://www.aitegroup.com/report/us-payroll-card-market-overview-state-pay
4 https://www.netspend.com/content/dam/netspend/business/resources/Skylight-Goodwill-CaseStudy.pdf
