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Saving money while operating more efficiently is the Holy Grail of any business - especially during times of economic uncertainty. And like the Holy Grail, cost saving/efficiency solutions can be elusive. Unless you know where to look. One method that is paying off for businesses across multiple industries involves taking advantage of the global shift from paper (currency, checks) to plastic (credit, debit and corporate promotional, award or loyalty cards). These innovative employers are taking the paper out of their payroll processes by paying employees via reloadable pay cards. The payroll transition not only saves time and money (the American Payroll Association estimates the paper paycheck process can cost up to $250 a year for each employee) it offers convenience and safety to employees.
Instead of issuing paper payroll checks, employees are issued reloadable branded pay cards that are customizable with the employer's logo and brand. Each payday, earnings are directly deposited onto the cards and funds are immediately available for withdrawals at ATMs and financial institutions or for purchases wherever debit cards are accepted. Pay cards provide the power of a checking account to those without one. Employees without banking relationships no longer have to pay check cashing fees, and can enjoy the security of not carrying large sums of cash. In addition, pay cards are typically covered by a card brand's zero liability protection if lost or stolen. A special bilingual Web site and toll-free customer service line offers employees the ability to securely check their payroll deposits and card balances, track purchases, and update personal information. For employers, there is no longer a need to print, distribute, reconcile and file paper paychecks. Tracking and reissuing lost checks is a thing of the past. A Web tool gives employers the ability to enroll new employees, check deposit history and update employee information. The pay card process plugs into existing direct deposit payroll operations and there is no software or hardware to purchase. TSYS Merchant Solutions' dedicated pay card representatives are available to guide employers through initial start up, implementation and ongoing operations. Training is included to help employers squeeze every bit of efficiency out of the system they can. Marketing materials to help increase employee enrollment are also available. From temporary staffing agencies and fast food franchises to sales and transportation companies, employers are benefiting from the efficiencies pay cards offer. Their employees are enjoying the convenience and prestige of carrying a branded prepaid card – along with the safety and protection it provides. Both employers and employees are helping eliminate paper and waste, while promoting environmental responsibility. For more information about implementing a pay card payroll system, contact TSYS Merchant Solutions. This contains a compilation of information received from various sources. This information is presented solely for the convenience of the reader and should not be used as a substitute for your own research and reference to actual regulations and/or other official documents or as a substitute for consulting your legal advisor. TSYS Merchant Solutions, LLC and its affiliates shall not be responsible for any inaccurate, outdated or incomplete information. The information contained in this document is CONFIDENTIAL to the business and operations of TSYS Merchant Solutions and shall not be duplicated or disclosed in whole or in part without the prior written permission of TSYS Merchant Solutions.
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