With millions of Americans falling into the category of being “unbanked” or “underbanked,” meaning they either have no bank account, or if they do, they still rely on alternative financial providers to meet some of their needs, it’s no surprise that nearly 10 million households used prepaid cards from 2012 to 2013. That number is continuing to increase and data is showing that the demographics are shifting as well. From millennials to their parents, more people are starting to use prepaid cards for a variety of reasons. Prepaid cards have long had the reputation of being a financial tool for the economically less fortunate, or disadvantaged, but times have changed… Read More
The Next Generation of Paycards and What You Need to Know
In January of this year, the Center for Financial Services Innovation released its Compass Guide to Payroll Cards which defines industry-wide best practices for the design and delivery of high-quality payroll cards and promotes choice, safety, affordability, transparency and convenience. In this post, we’ll outline the three levels that compose the structure of the guide; core practices, stretch practices and next generation practices. Level 1: Core Practices Choice “There is no one-size-fits-all approach to a high-quality payroll card and there is inherent value to choice, diversity and innovation in the marketplace.” Employees are offered a choice about how they would like to receive their wages. Employees are provided clear information… Read More
Go Green for Earth Day with EPayroll
Earth day is right around the corner, and if you’re looking for ways your company can get in on the green movement, look no further than EPayroll! Improving your company’s direct deposit participation is a simple, safe and smart way to have a positive impact on the environment. If the 22 million American’s who still don’t have direct deposit for their pay, used direct deposit, annually, we would save 8.7 million pounds of paper and avoid releasing 25 million pounds of greenhouse gases into the environment. That’s quite the impact! PayItGreen Alliance and NACHA study: If a company with 10,000 employees converted from traditional payroll to epayroll, the environmental impact… Read More