When it comes to the world of banking and financial solutions, it may seem as though there are endless money management possibilities for companies such as staffing agencies. There are pros and cons to these various programs, but for a company that has specific needs and attends to not only its own employees but those who seek their services, a paycard program could essentially be that flexible solution that gives you better control. A paycard program provides staffing agencies with several benefits that traditional banks or other programs may not be able to offer.
Paycard Basics
To begin, what exactly is an employer-sponsored paycard program, and what does that mean for your employees? In short, it is a direct deposit solution for both your internal payroll team, and your unbanked or underbanked employees. For employees currently receiving a paper paycheck for their wages, a paycard now opens them up to financial flexibility and freedom. They now have various fee-friendly options that they didn’t have before. For employers, this direct deposit solution will help you get closer to 100% electronic pay to save both time and money each pay period.
Convenience
With that being said, convenience is the greatest perk to adopting a paycard program. Signing up for a paycard system can help your company avoid the hassle of lost or stolen checks which can take a toll on your business. Paycards allow you to move away from paper checks and your staffing agency can benefit from a streamlined and seamless process which in turn can save you time and extra work. Between high turnover, short term assignments, and occasional travel associated with staffing companies, having a paycard program reduces time and headache associated with paying contractors or employees each pay day. Saving you time is valuable but imagine being able to save your employees the trip of having to deposit a check all while providing them with access to their wages anywhere and anytime. Additionally, you can rest easy knowing that paycards provide a secure distribution of funds which can ease any stress associated with paper checks.
Instant-Issue Cards
Another great benefit to enrolling in a paycard program is that it is a cost-effective solution for both the employer, and the employee, versus issuing paper checks. Paycards are instant-issue, meaning HR personnel can hand over an active card to a new employee as soon as they complete onboarding. These cards are easily portable and can be taken and used anywhere. For staffing companies with client contracts nationwide, this can be a game changer. New employees can start working at contracted locations faster, saving those clients money, and staffing agencies can build reputations for offering faster and more reliable staffing solutions than the competition.
Instant-Enrollment and Portability
As we see online banking continuing to evolve, you want to ensure that your payroll card program gives your employees insight into their accounts wherever they are. Whether employees want to see their pay stubs or review their transactions, they should be a part of an effortless paycard program. Convenience isn’t just a benefit in terms of seeing the paycards in use. When you sign up for a paycard, you can also save time when you need to issue one for an employee. Paycards are instant-issue, meaning HR personnel can hand over an active card to a new employee as soon as they complete onboarding. These cards are easily portable and can be taken and used anywhere. For staffing companies with client contracts nationwide, this can be a game changer. New employees can start working at contracted locations faster, saving those clients money, and staffing agencies can build reputations for offering faster and more reliable staffing solutions than the competition.
A valuable feature you may not have been aware of is being able to communicate directly from an Applicant Tracking System (ATS). By integrating your paycard program with an ATS, you can communicate directly from your ATS and get real-time updates on enrollment instead of having to create a separate website to issue paycards. This makes the process streamlined and seamless, saving you extra work.
Conclusion
Paycards and direct deposit solutions are the future of wage pay, especially for Staffing Companies. By implementing this program, not only are you reducing costs and improving efficiencies for your company, but you are also opening new doors financially for your underbanked or unbanked contractors or employees. A cutting-edge paycard program could also be the ticket to retaining your top talent versus your competitors. When considering paycard providers, it’s important to partner with someone you trust. ISSA member, Automated Business Designs, developers of Ultra-Staff EDGE staffing software, has partnered with Brink’s Money Paycards to offer that trust. Brink’s has a 160+ year reputation of trust and security, which is important when it comes to pay. That, in addition to a feature-rich program, and the ability to sync their Applicant Tracking System to the paycard portal for seamless card enrollment, were all factors leading to the decision to partner together.
