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Paperless Payroll and Direct Deposit
Many employers are looking for a practical way to pay unbanked workers electronically. That's why card networks, financial institutions, and third-party vendors throughout the country have developed payroll debit card products and services as a cost-effective solution.
CardFlex™ Financial Services presents a no-hassle, no-risk payment option to employers throughout the nation. CardFlex™ pre-paid line of products is fast becoming the safest and most convenient way for employers to issue payroll and other recurring funds without the hassle and cost of traditional checks.
CardFlex Prepaid is not only a money-saving payroll alternative for your company. It's good for your employees—especially those struggling outside mainstream banking.
- Approximately 60 million Americans—or 24
million households—have no bank account.
- The "unbanked" are reported to spend $8
billion per year to cash paychecks. That's a huge hit to their income.
- Only 55 percent of working Americans have access to direct deposit.
How Does it Work?
If you had the opportunity to provide your employees a real financial benefit at the same time saving your company time and money, would you offer it? The United States Treasury Department estimates that employers pay between $2 and $4 to issue a paper check. Moreover, employees without a bank account typically wait in line and pay a 3 percent fee to turn their paycheck into cash. The CardFlex Prepaid MasterCard Financial Services allows every legal U.S. resident the ability to get paid via direct deposit and avoid the high fees associated with check cashing; saving them and you valuable time and money!
CardFlex™ Financial Services provides reloadable prepaid MasterCard cards that allow the employer to place their employee's wages on to the card each pay period. The employees in turn can use the cards anywhere you see the MasterCard®, Maestro®, Cirrus® or Star® Networks for PIN and ATM transactions, and also use their card to make point of sale purchases anywhere MasterCard® Debit Cards are accepted. It's like having a bank account in your wallet.
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