Within any business, there are bound to be employees who are
considered “underbanked,” meaning they don’t have adequate banking services or
completely “unbanked,” meaning they don’t have a banking institution at all,
either because they simply don’t want to, are uninformed about the benefits of
banking, or are unable to have a bank account for various reasons. How do
companies handle payroll processing for these employees? While there are a
variety of ways in which payroll matters can
be handled for the underbanked and unbanked, the vast majority of employers are
turning to prepaid payroll cards.
In fact, in 2012 alone, employers in the United States placed more than $3.4 billion on 4.6 million prepaid payroll cards, and those numbers are increasing steadily. In fact, by 2017, the number of payroll cards being used is expected to double (at least), based on reports from Aite Group.
In fact, in 2012 alone, employers in the United States placed more than $3.4 billion on 4.6 million prepaid payroll cards, and those numbers are increasing steadily. In fact, by 2017, the number of payroll cards being used is expected to double (at least), based on reports from Aite Group.
While some employees may look at these prepaid banking cards
as a nice option, there are better choices out there, choices that can help
employees to manage their money more effectively and to get more out of their
money. If you are currently being paid via a prepaid payroll card and would
like to look into other options, contact Susan S. Lewis, Ltd. of Naperville.
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