CardOne Plus - Flexible Payment Solutions

Markets

Payroll Solutions

Employers need to reduce the cost of paper check distribution. Millions of checks are issued to agents and independent contractors for commissions and work completed. The same huge check issuing process exists for expense reports, bonuses and vacation pay. CardOne Plus provides a powerful solution to reduce the cost and streamline the process of distributing employee paycheques, virtually anywhere in the world.

Case Study

Client Profile: Temporary staffing company with international employees.

Existing Process: Temporary employees with bank accounts would receive paycheques and deposit funds into their account, while experiencing a 3 week delay on access to funds. Employees without bank accounts were forced to use expensive cheque cashing services.

CardOne Plus Solution: CardOne Plus developed a customized debit card platform where the staffing company would issue cards to each employee, regardless of their current employer.

Result: Temporary staff now have access to funds in real-time, instantly and globally. Funds can be withdrawn through ATM, POS and through the Internet, without cheque cashing fees and time delays.

History of Payroll Cards

The prepaid debit card, also known as the stored value debit card, was first recognized by the FDIC in 1996 in a ruling that distinguished between conventional bank accounts and stored-value accounts associated with prepaid debit cards. The first such stored-value cards (SVC) were issued in 1998 to provide instant emergency payment of insurance claim advances. The first fully-branded Visa and MasterCard SVC started appearing in 1999.

The first widely-distributed use for SVC was as payroll cards. Employers found that many of their employees did not have bank accounts and could not receive electronic direct deposit of salary. Ford Motors stated that 40,000 of their union workers in the Detroit area were unbanked. The payroll cards saved money for the employer and provided convenience for the employee. In June, 2005, MasterCard stated “The US prepaid card market is worth a potential $ 2.5 trillion with the total employee benefits card market reaching $400 billion. During 2004, US Employers put $2.1 billion on benefit debit cards.”

Save Time, Save Money

Increasingly, people are relying on electronic payment solutions instead of using cash. Debit cards are a financial instrument that simplifies and secures the payment and money receiving processes. Many consumers do not have the option of using traditional banks.

There is a significant population that is labeled either unbankable or underbanked. These people are not able to have bank accounts. CardOne Plus gives people without bank accounts the power to receive their paycheques without having a bank account.

Distribute Payroll Instantly & Globally

With the Payroll Solution you save money by reducing check processing and distribution costs. Eliminate the costs of "stop payments" for lost or stolen checks. CardOne Plus helps put an end to check fraud. Employees find the cards simple and easy to use. Cards save time by providing instant access to money.

Company Benefits

Distribute funds regardless of location
One-time load or re-loadable
Dramatically reduce administrative costs
Eliminate stop payments and lost checks
Powerful marketing opportunity - extend your visibility
Close claims quickly and efficiently
Multiple cards control different payments types on a singular system
Control different claim payment types in multiple accounts
Powerful tracking of all card activity

Benefits of Payroll Cards

Pay employees instantly, globally and economically without checks, envelopes or high postage costs
Offer instant and global withdrawal options powered by the international payment networks
Employees can access cash from over 1,000,000 ATM machines, over 6,000,000 point-of-sale terminals worldwide, and on the Internet
Seamlessly integrate with payroll and management software for enhanced functionality
Full program control from the Merchant Interface
Customize fees, transaction frequency and cardholder interface options
View and report all employee and cardholder activity, transactions, activations and referrals
Put your logo on your cards and extend visibility and brand awareness while increasing customer loyalty
Fully integrated IDV (identity verification) and security back-checks
24/7/365 Customer Support options
All funds are held in a secure and trusted bank account in your name