Payroll cards enable credit unions to expand relationships with their SEGs and meet the financial needs of unbanked employees of business members. They provide opportunities for credit unions to grow revenue and introduce their business members’ employees to a broader range of services. Reloadable prepaid payroll cards also help mitigate the expense of processing paper checks.
Prepaid payroll card programs generate incremental revenue for credit unions through account set-up, monthly management and interchange. They represent an option for greater spending power and more diverse purchase opportunities for people who may otherwise be limited in their ability to shop online, book airline travel or make hotel reservations. Payroll cards give employees a universally-accepted, Visa- or Mastercard-branded alternative to using debit or credit cards.
Prepaid payroll and incentive cards give credit unions the ability to profitability serve and deepen relationships with unbanked employees of their business members.