Money Manager Card Payroll Card

FDIC: Survey's of the Unbanked Market

Payroll Cards

What is a Payroll Card?

Payroll Cards Defined

A payroll card is a debit card and is sometimes refered to as paycard or prepaid card. Prepaid cards are "pre-funded". Money has to be deposited to the cards before they can be used. This makes them ideal for individuals who have trouble spending more money then they have.

Money Manager Card Image

"The best payroll card in the market today..."

-Judy Shaefer, Partner eDirectPayroll

Inequality

Are All Payroll Cards the Same?

The Always Free Difference

Other paycards LIMIT your employees free transactions on a per deposit basis. No one likes to be LIMITED. These limitations reflect on you the employer and worse they may cost your employees more money.?

You can compare our features and pricing with other payroll card programs. You can find our pricing here.

What's the Problem?

Unbanked or underbanked are employees who do not have access to traditional banking services or use these services infrequently. Many have had a bank account but because they did not manage their money well they ended up owing large fees to the bank.

As a result, some of your employees are forced to use check cashing and payday loan establishments in order to receive their wages.

Some Numbers

  • Over 28 million people in the United States are unbanked
  • Over 45 million people are considered underbanked
  • Minority families are more likely to be unbanked
  • In the United States over $13 billion a year is spent on check cashing, money wiring and payday loan services

Employer Savings.

Reducing checks also saves your company money by eliminating the cost of printing and handling checks, replacing lost checks and reducing check fraud.

How much savings depends on how you distribute checks, the frequency of your payroll payments, and of course, how many checks you print. Studies have pegged the savings between $2.00 - $4.00 per payroll check.

This savings is derived from the physical cost of checks as well as the elimination of bank services fees and cost associated with lost and stolen checks.