As we do each month, we take several of the payroll card requirement categories to compare the legal requirements with the detail into how rapid! PayCard® complies, state by state. While some mandates governing their use are similar or the same, we take our obligation about adherence and providing information as seriously as we do customer service. Here’s a look at the current payroll requirements in Texas; a state in which paperless pay is permitted: Cash Access Legal Requirements The Texas wage payment statutes do not expressly address pay cards. rapid! PayCard Program The rapid! PayCard provides numerous ways for employees to access their pay each pay period, including: Over… Read More
UniRush Appoints Ron Hynes as New CEO
UniRush LLC, a provider of consumer financial services, including the Visa RushCard prepaid debit card and the rapid! PayCard, announced today that industry veteran Ron Hynes has been appointed CEO. Hynes previously served as executive vice president of global prepaid solutions at MasterCard Worldwide and, most recently, as president of global markets at Mozido. “Ron Hynes is one of the most qualified and respected leaders in the prepaid payments industry. It was a once-in-a-lifetime opportunity to hire him to lead our company,” said RushCard Co-Founder Russell Simmons. “Ron shares the same values and beliefs as me—that too many American families are left without real access to financial services and therefore… Read More
The 10 Basic Money Questions You Should Ask Yourself
When you are just starting out, keeping track of your money requires some work and planning, but it will pay off (literally and figuratively!) in the long run. Do you know as much about your finances as you think you do? How about a quiz based on these foundational questions offered up by Rock Star Finance: How much money do you have? When you are young and still living with your parents, it isn’t as big of a deal as when you’re living on your own or with a spouse. You need to be aware of how much money you have in order to know how much you can realistically… Read More
Misunderstandings About Unclaimed Property
Heather Steffans, VP of Strategic Compliance Solutions with unclaimed property specialists MarketSphere, penned an informative piece for the American Payroll Association about the misinterpretations regarding unclaimed property. The primary caveat being that “the biggest reason companies fail to report unclaimed property correctly is that legislation is different in all 54 jurisdictions and the laws change frequently”. Common Misconceptions Only large companies are being audited for noncompliance. Because auditors are paid on a contingency basis and much of the income potential of large companies has been sapped, smaller companies have become the new prime target. An uncashed check becomes income. The standard protocol in cases like these may be to simply… Read More
What’s Costing Americans Money
Is cash still king? It may advantage a home buyer in a bidding war, but the question is: Is cash cost-effective? And is the study released by Tuft’s University in 2013, a trend? According to their The Cost of Cash in the United States, “using cash as opposed to a debit or credit card is costing consumers and businesses both time and money. Specifically, Tufts estimates that using cash increased businesses costs by $55 billion in 2013, with retail theft being the largest single factor. It also lent to $101 billion in missed tax revenue because of off-the-books transactions. Ultimately, using cash over credit cost U.S. households $43 billion, with… Read More
Wyoming State Pay Cards and Compliance
Our goal is to provide employers with innovative and responsive payroll card programs. We observe industry-wide best practices for the delivery of high-quality payroll cards that maintain the objectives of choice, safety, affordability, transparency, and convenience. For example, here’s a look at some of the legal requirements in Wyoming and how we conform: Cash Access Legal Requirement – State Statute of Wyoming: The Wyoming wage payment statutes do not expressly address pay cards. The Wyoming Department of Workforce Services has advised informally that employees must have at least one opportunity each pay period to withdraw their wages without penalty or fee. rapid! Program: The rapid! PayCard provides numerous ways for… Read More
How To Find the Right Financial Partner
When hiring a financial consultant there are myriad ways to assess his or her experience and ability to help achieve your goals. In this type affiliation it is possible to meet with a prospective advisor to obtain the tent poles of their strategy that support the means to the desired end. You can even talk to other clients to get feedback about their experience with them! However, when it comes to the financial partnership you forge with your significant other, the scenario is completely different. Whether you meet that special person through a mutual friend or at an industry event, you determine your compatibility by common likes and dislikes and… Read More
Utah Pay Card Compliance
Besides being a service-based business, we are compelled to uphold the state-imposed mandates governing their use. As we do each month, we take several of the requirement categories and compare the legal requirements governing them and insight into how rapid! PayCard® complies. Our online, interactive map offers a state-by-state update on legal requirements. Here’s a look at the current payroll requirements in Utah; a state in which paperless pay is permitted: Employer Costs and Incentives Legal Requirements: No provision expressly addressing employer costs or incentives. However, an employee may not be required to refund or rebate any part of the employee’s wages except in accordance with the rules regarding wage… Read More
The Top Ten Crazy State Payroll Laws
If you’re not an industry insider, you may not believe the nuances of the laws which govern us are quite as interesting as they are. We love the recent infographic created by the American Payroll Association. It’s a great addition to the “Did You Know” category about America’s payroll rules and regulations. Pay Cards Even though it comes in as Number Eight – let’s start with pay cards in Hawaii. A scenically glorious place to live – but if you want to pay your clients using them – there exists a list of twelve requirements with which you must comply – including one that allows employees to make at least… Read More
How To Track Your Spending
Socrates certainly got right to the point when he opined that “The unexamined life is not worth living”. Philosophically makes a lot of sense actually, especially when it comes to finances. Do you pay attention to what you spend? Really pay attention? Here at rapid! PayCard® we are advocates of knowing your limits and not spending beyond your means. You can more easily rein yourself in when you are working from an infrastructure that operates on the premise that understands: the funds you have are the funds you have. Consider for a moment there exists a comfortable cushion of cash in your prepaid account. Perhaps you are not scrambling to… Read More