Payroll cards are a convenient solution not only for employees who receive their salaries but also for employers. Such cards are prepaid; they can be used only within the amount credited to the balance.
Before launching their payroll project, business representatives had to apply to a banking institution. With the multifunctional Business Wallester platform, any company, regardless of its field of activity or size, can set up corporate card issuing. Suppose your staff still waits in line at the company’s accounting or cashier’s office to receive their honestly earned money. In that case, please familiarize yourself with the benefits of payroll cards. After that, your business will use this cost-effective and convenient solution.
Benefits of payroll cards for staff
First and foremost, payroll cards are convenient. Employees have quick, direct access to their earned paychecks. Funds are credited to their account directly on payday, and there is no need to stand in line, spend time waiting and carry cash. This method of payroll payment eliminates personal contact with the finance department and even the need to be personally present in the office. Salary comes to the card electronically, and the employee at this time can be anywhere in the world. Payroll cards issued by Wallester Business have other benefits for employees:
- Payroll cards are a convenient means of payment that can be used to pay at retail outlets and online. They can be used to make transfers, pay for services and withdraw money from ATMs. They are ready to use 24/7;
- You can control the movement of funds on the payroll card through a convenient application, which has a history of all transactions;
- To know about all activities on the payroll card, you can set up alerts;
- The card can be used in any country and can be used to pay for purchases in any currency, and the conversion will take place at the most favorable exchange rate for the user;
- All salary receipts and transaction information is displayed in the mobile application in real-time. It is convenient for quick budget adjustments and building more accurate expenditure forecasts.
Another important point for the staff is that receiving a salary on the card is safer than the cash option. There is no need to carry a large sum of money; even if lost, the card can be blocked and reissued at any time.
Advantages of payroll cards for employers
Launching a payroll card project and its further maintenance requires significantly less capital investment than the payment of wages by the traditional method through the cash desk. With such a project, the turnover of paper documentation is reduced, and the payroll calculation and issuance time is significantly reduced. Payroll cards have other advantages for employers:
- the implementation of a payroll card project reduces administrative costs associated with printing and storing paper checks and increases the efficiency of both the finance department and the company as a whole;
- the time of payroll calculation is reduced and the accuracy of calculations is improved. When payroll was done traditionally, there were a lot of manual calculations and manual data entry. It is very labor intensive work that could often have errors. The card program works automatically and is devoid of these disadvantages;
- expense management is simplified. To manage the card program, a multifunctional platform is used to get detailed information about all company expenses, set any limits on any cards and track any transactions. This platform has an integrated service for financial accounting and many useful analytical tools;
- cards can be issued in unlimited quantities in just a few seconds. It is convenient for both employer and employees;
- modern platforms for issuing payroll cards can be easily integrated into a company’s existing financial system;
- all information about card transactions is displayed on the platform in real-time.
Before launching a payroll card project, employers need to train their employees. They need to explain the main functions and advantages of such a program. If this is done, employees who have not dealt with payroll cards before may experience clarity at the initial stages of use. But this is the only nuance; otherwise, payroll cards are a convenient payment tool that gives staff free and safe access to their earnings and allows the employer to reduce the administrative burden and increase the efficiency of the financial department and the business.
