Advantages of Using Prepaid and Payroll Cards for Touchless Money Disbursement and Management

The beginning of the COVID-19 pandemic drastically changed workspaces all over the world. For over a year now, physical offices have been shut, and a large part of the workforce has been working from home. In these unprecedented times, employers are also shifting towards prepaid payroll cards to facilitate their employees' endeavour to work from home. It is a highly effective method and an efficient tool to reward employees and customers.

 

Through a prepaid payroll cards, employees can access their paychecks without having to set up a bank account. The functionality of a payroll card is very similar to that of a debit card. It can be preloaded with the amount equivalent to the employee's salary or paycheck, and the process can be repeated for every cycle of the payment. Employees can use this payroll card to withdraw cash or make direct purchases using the card.

With functions similar to a debit card, payroll cards can be loaded with a paycheck for every pay period and be used to withdraw cash or make purchases. It's a valuable tool for small businesses, especially if they have employees who may not have many banking options at their location. This article will discuss the advantages of using prepaid and payroll cards for touchless money disbursement and management.

Prepaid cards provide a flexible and convenient way to ensure that employees have access to their funds safely and manageably. It is also a great way to help the unbanked workforce mitigate their financial problems efficiently. In this pandemic, prepaid cards also provide an elegant solution for a touchless and contactless payment distribution system.

It eliminates the need to deposit checks after every payment cycle and, hence, saves your finance and human resource department's time and energy. Like MasterCard, many payments solution providers have partnered with companies to promote prepaid payroll cards and distribute them to the employees.

The payroll cards offer a straightforward and effective solution for the workforce that does not have a bank account. It requires record keeping and data management at the initial levels, but it works very smoothly once the plan is set in motion. Once the cards are distributed, the employer only needs to credit the money in the menu after every payment cycle, and the employees will be able to access the funds from their homes.

Employees can also check their account balance and get notified when a new payment is added to their cards. There is absolutely no scope for delays in this process, and hence, you can always pay your hard-working employees on time using payroll cards.

Businesses have been severely affected by this pandemic and are keen on retaining their loyal customers. You can use these payroll cards effectively to push discounts and credit schemes.

You can customize these cards to add your brand value to them and let the world know about you. It is a freeway of marketing through your employees.

Prepaid payroll cards have some fantastic advantages that, if put to fair use, can help retain your employees and help them manage their funds well from remote locations.

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