The Visa Payroll card is a reloadable prepaid card that offers employers a cost-effective way to distribute employee wages and other compensation (e.g. bonuses, awards, termination pay, etc.). It can be used to pay W2 employees and 1099 workers. Employees would choose a Visa Payroll card if they do not have a traditional bank account for direct deposit or, if they have a bank account, they could use the card to split their net pay as a way to manage funds and save. A credit check or bank account is not required for an employee to receive a Visa Payroll card.
Employees receive a Visa Payroll card and their pay is automatically deposited onto their card each pay period. Employees can use their cards to make purchases, pay bills, and get cash. They can also check their balance at any time by calling a toll-free number, checking online, or receiving text alerts to their cell phone.
The Visa Payroll card enables businesses to reduce costs associated with paper-based payroll processes including: producing and handling checks, postage or overnight delivery expenses, and fraud costs related to lost/stolen or duplicated checks. As this product is funded electronically (similar to direct deposit), employers can provide uninterrupted payments during storms or natural disasters. The elimination of paper checks can also be an important element of your corporate sustainability or "going green" initiatives.
The Visa Payroll card gives employees immediate access to their payroll funds, eliminates check-cashing fees, and provides greater security and convenience. Cardholders can make purchases and pay bills anywhere Visa debit cards are accepted and can access cash at ATMs, or get cash back with purchases at many grocery and convenience stores. Employees will perceive the Visa Payroll card as a benefit from the employer, as the product delivers the convenience and prestige of a personal Visa-branded card.
Visa recently commissioned a survey of active payroll cardholders and found that 86% prefer their payroll cards to cash. Additionally, 85% said it was easy to use for all their monthly purchases. 87% said it saves them money vs. having to cash a check or buy money orders to pay bills and 81% said it helps them track their money more easily.1
The Visa Payroll card is designed to meet the needs of a large, underserved population in the United States. It is estimated that there are over 80 million consumers in the United States who are ideal candidates for this type of payroll solution, particularly consumers who do not use traditional bank accounts.
Employees can use their Visa Payroll card online, over the phone, and at the millions of places that accept Visa debit cards — including restaurants, supermarkets, pharmacies, clothing stores, drug stores, gas stations, and more.
Visa ReadyLink is a convenient service that provides cardholders with a simple and cost-effective way to add funds to their eligible and participating Visa Payroll card. Essentially, it makes the card even more useful by letting the cardholder load it with funds in addition to their pay.
11Results based on an online survey by Ipsos as a commissioned agent of Visa, among active cardholders of four Visa payroll partners; data weighted to each partner’s respective share of over half of Visa’s payroll card POS dollar volume from October 2013 - September 2014.