How To Implement A Successful Paycard Program Presenter: Lisa Knisely Vice President of Field Support Global Cash Card
Benefits of a Paycard Benefits to the Company: Environmentally friendly Cost effective saves money Provide real-time pay when necessary Reduce lost and fraudulent checks Benefits to Employees: No monthly, annual or low balance fee No overdraft fees No standing in line or check cashing fees Money immediately available on pay day No more lost or stolen paychecks Pay bills on-line Expense manager and budgeting tool Purchase items in store or on internet with Visa/MasterCard paycard Family cards Add cash or checks to paycard Visa & MasterCard Sweepstakes programs
Different Paycard Methods Payroll Cards are more cost-effective for consumers than other payment methods, including checking account, some prepaid GPR cards and cash-based options. *Results based on a study conducted in August 2011 by Bretton Woods, a management advisory firm specializing in financial institutions. Source: Paybefore.com.
Paycards Lead A Payment Revolution Over 5 million Millennials do not have a checking account. Paycards have become the trusted payment source for Millennials and increasingly every generation. This is incredibly important, as Millennials are now the largest generation in the U.S. workforce.
Choosing the Best Paycard Program Brand Visibility Visa or MasterCard Mandate vs. Non-Mandate of Electronic Pay Paycard Access Alerts, Mobile, Online, Customer Implementation Meeting Determine Best Practices Training and Education to Managers, Supervisors, Onboarding Personnel Paycard Training to Cardholders Continued Education and Refresher Training Measuring the Success of the Program
Methods of Payment Visa or MasterCard Payroll Debit Cards There are two preferred methods of payment: Direct Deposit: Pay is deposited directly into your bank account Paycard: Initially receive pay on an instant issue Visa/MasterCard paycard Automatic upgrade to a personalized Visa/MasterCard paycard
Mandate vs. Non Mandate of Electronic Pay
Paycard Access and Information As the smart device/tablet market continues to evolve paycard providers must be proactive to engineer simple and easy integration processes Cardholders require real time, on demand access to their most critical information Balance Transaction history Paystub content Ways to access account information Phone (live agent or IVR) Two-Texting Alerts Mobile banking Email Fax
Implementation Meeting Best Practices Determine Best Practices Mandate electronic pay where possible Eliminate overnight deliver of paychecks send in mail Use for termination pay and office cycle pay Easy transition from another paycard program to more efficient paycard program Communication to employees direct mail, newsletters, company portal, email, bulletin board, on-site TV screens, information sessions, etc. Conduct pilot program 100% paperless solutions electronic pay, electronic paystubs, electronic W-2 s
Training and Education Train the Trainer for Managers, Supervisors and anyone involved in the Onboarding Process Benefits of Paycard Program Efficient Ways to Use the Paycard How to Get Employees Excited about Paycard In-Person or Webinar Training
Cardholder Training and Education Training for Cardholders and Potential Cardholders In Person Meetings, Conference Calls or Company Meetings/Communication Paycard Training Benefits of a Paycard How to Efficiently Use the Paycard Cardholders will LOVE the paycard program if they understand how to efficiently use the paycard with No or Few fees!!!
Continued Education and Refresher Training Company Turnover / Employee Turnover Refresher Trainings Monthly, Quarterly, Annually New Enhancements to Roll Out
Measuring the Success of the Program
Global Cash Card Contacts Ken Koesters, Regional Sales Manager Cell: 513-313-5947 Email: kenkoesters@globalcashcard.com Lisa (Poncsak) Knisely, Vice President of Field Support Cell: 419-575-5261 Email: lisa@globalcashcard.com