Here are the most common questions asked about Visa Payroll cards. Contact a Solution Provider to get more specific answers to any of your queries.
- What is a Visa Payroll card?
- How do they work?
- How do I sign up for Visa Payroll cards?
- How does it benefit my company?
- How do my employees benefit?
- Many of my employees already have their pay direct deposited to a bank account. Which employees would be interested in the Visa Payroll card?
- Where can my employees use the Visa Payroll card?
- What is Visa ReadyLink?
What is a Visa Payroll card?
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.
How do they work?
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.
How do I sign up for Visa Payroll cards?
How does it benefit my company?
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.
How do my employees benefit?
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.
Many of my employees already have their pay direct deposited to a bank account. Which employees would be interested in the Visa Payroll card?
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.
Where can my employees use the Visa Payroll card?
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.
What is Visa ReadyLink?
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.
National Casual Dining Company
Since 2008, this national, Fortune 500 company has grown electronic pay from 29% to 75%, reduced paper checks by almost 65% each payday, and issued 14,000 payroll cards.
Chicago Public Schools (CPS)
Since 2010, CPS has nearly 100% electronic payroll distribution, serving more than 5,000 district employees and student workers through Visa Payroll. Read on