Company Payroll Cards
with Direct Deposit
Services and Complete Payroll Services.
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Company Payroll Cards Direct Deposit Payroll Services Questions Answered in FAQWhat exactly is a Payroll Card? How safe are Payroll Cards? What is UNBANKED? Where can my employee use his card? Do employees want Payroll Cards?
Is everyone approved?Credit is not an issue so all applicants will receive a payroll card as long as they meet the Federal ID requirements describe here below: * The USA PATRIOT Act is a Federal law that requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. Every recipient of a payroll card will be asked to provide their name, address, date of birth, and other information that will allow us to identify them. They may also be asked to provide documentation as proof of identification. Any reference to “100% Approval” and “No one is Turned Down” is contingent upon successfully passing this mandatory identification confirmation.
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Cost & Time Saver! Now, your company can focus on its real job, running operations, without expending the costs or energy required to payout commissions and salaries by check, or writing and mailing checks to your affiliates and distributors. Paper check costs can be greatly reduced or completely eliminated. TBS' direct deposit payroll card is an ideal way for companies to eliminate the costly and time consuming payroll check writing and reconciliation process. Employers can save an average of $1.71 per payment by using direct deposit payroll cards instead of paper checks. In addition, Administration Costs can be reduced by as much as 50% or more. Payroll cards also eliminates the cost of delivering checks to employees at different locations as well as the costs of printing, mailing and the cost of the paper itself. It eliminates the costs of lost or stolen checks and the resulting charges for stop payment and check replacement. The FBI estimates that over 4 million payroll checks
are stolen annually.
Generating replacement check costs
for employers an average of $12 per check or Increased Employee Productivity and Satisfaction As with direct deposit, trips to the bank or check cashing stores are eliminated and employees get their pay on payday, no matter where they are. Some employees spend an average of three workdays per year just going to the bank to deposit their paper payroll checks, frequently on the employer's time. Once the card is funded, employees can get cash from an ATM, cash back from certain POS merchants and make normal debit card purchases at over 21 million retail locations worldwide. They will be able to arrange for automatic bill payments, make purchases online, reserve a hotel room, make an airline reservation, and even rent a car. No more check cashing fees to pay or asking relatives to cash their checks for them. Employees Like Direct Deposit: Employee Benefits
Increased Loyalty and Moral Debit card utilization is the fastest growing financial instrument worldwide. Last year debit card transactions exceeded credit card transactions in both the United States and Canada. The number of Direct Deposits increased by 11.6 % in 2001 from 3.3 Billion to 3.7 Billion payments. Direct Deposit is used for payroll, expense and travel reimbursement, pension and annuity payments, interest payments, retirement and mutual fund distributions, Social Security, veterans and other government benefits and tax refunds. The value of these direct deposits exceeded $4 Trillion with an average of $1,195.00 per transaction. The cost for issuing payroll checks is significantly reduced- by more than 50%. Employers do not need any special equipment, hardware or software. Cards are loaded in the exact same manner as a direct deposit to a checking account with no need to change any of your existing payroll procedures. Market research found that nearly two-thirds of the employees without checking accounts would choose the payroll card over a paper check. Payroll cards can meet the needs of over 100 million unbanked citizens who live in a "cash-and carry" world. A large percentage of US banks are requiring credit bureau reports be pulled before a checking account can be opened with the bank, even when the initial deposits are in cash. Sixty-three percent (63%) of surveyed employees who do not have checking accounts indicated a strong inclination to obtain a payroll card. Among Hispanic employees, 72% indicated the same preference. Among the general workplace, all employees preferred payroll cards to direct deposit: 54% to 46% Reasons for Preferring Payroll Cards Over Direct Deposit Checking: More convenient - Easier to use - Saves time/faster - Can get money faster - Instant access to money Don't have to have checking account - Easily accessible TBS' program can deliver funds electronically to employees, commonly referred to as the "unbanked," who do not have a transactional bank account. Payrolls may be loaded onto these cards, which are then used to access payroll funds through ATM withdrawals and debit-card purchases. |
ATM Debit Cards Branded Payroll Cards Custom Payroll Cards Global World Cards Prepaid Visa Payroll Cards Payroll Card BenefitsIncreased Employee Productivity Increased Employee Satisfaction Increased Loyalty and Moral Employees Like Direct Deposit No More Lost Checks (Four million payroll checks are lost or stolen every year. Generating replacement check costs for employers an average of $12 per check or $48 million.) Is everyone approved?Credit is not an issue so all applicants will receive a payroll card as long as they meet the Federal ID requirements describe here below: * The USA PATRIOT Act is a Federal law that requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. Every recipient of a payroll card will be asked to provide their name, address, date of birth, and other information that will allow us to identify them. They may also be asked to provide documentation as proof of identification. Any reference to “100% Approval” and “No one is Turned Down” is contingent upon successfully passing this mandatory identification confirmation. Educating the consumer: Even for those with existing bank accounts, most people forget that the average cost of a checking account is $218.00 a year plus another $20.00 to have the checks printed. At $238.00 a year the average checking account costs $20.00 per month. Add to that, trips to the bank to make deposits, cash checks or get cash, plus finding a parking space and waiting in long lines, and you can immediately see the advantages of the Payroll Cards, even for those with bank accounts.
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