Tired of the confusion over payroll cards? Well, good forces are at work for you.
To help you navigate among the payroll card land mines, as an employee or as an employer, the Washington, DC-based Network Branded Prepaid Card Association (NBPCA) and San Francisco-based Consumer Action have teamed to assemble a guide to educate Americans about payroll cards.
With funding, technical feedback and industry expertise from NBPCA members ADP, Commerce Bank, First Data, MasterCard and Visa, An Employee’s Guide to Payroll Cards was produced and is now available as a free download in English on the Web (bit.ly/employee_payroll) and via mobile device (bit.ly/1h4Y58P). Spanish and Chinese versions will be available soon.
Payroll cards offer significant advantages over paper paychecks for both employees and employers. According to a 2013 Aite Group report, payroll cards are expected to grow from $34.1 billion to $68.9 billion in “card loads” (wages paid) between 2012 and 2017. That growth represents millions of additional employees who will have the choice of receiving their earnings on a card that provides fee-free options to obtain their pay, instead of paper paychecks, which unbanked employees often take to check cashing firms and convert to cash for a substantial fee.
The NBPCA-Consumer Action partnership produced a second publication, An Employer’s Guide to Payroll Cards, which was also sponsored by ADP, Commerce Bank, First Data, MasterCard and Visa. Written in question-and-answer format, the booklet covers what to look for when choosing a payroll card program, recognizing employee-friendly terms, and more.
Both publications are also available on the NBPCA website.