Key to making payroll cards work for you
Filed under: In this week's e-newsletter, Latest News & Views, Payroll software
So much attention goes to how payroll cards make things easier on employees, especially those without bank accounts. But how can you make the process easier on your company?
There’s a way, says Leslie Masonson, speaker at the recent American Management Association’s Corporate Cash Management seminar.
It’s on your company to pay the bank fees associated with card issuance and maintenance. And you’ll want to compare rates among banks.
But to ensure your organization isn’t paying too much no matter where your paycards come from, consider this policy:
Allow employees to make one free debit per pay period. Then, if they want to make additional debits, the fees are on them.
That way no one’s being penalized for using the cards (banked employees don’t get charged for direct deposit after all.) And your company isn’t shouldering too much of the financial burden to get away from paper paychecks.
