Pay cards as a Way to Eliminate Paper, Reduce Payroll Costs and Provide an Employee Benefit
At least 25.6% of U.S. households – close to 30 million – are either unbanked or under-banked. Approximately 60 million adults reside in these households. This pool of underserved individuals continues to increase as certain parts of the population reject traditional banking – by choice, or because they cannot obtain a bank account. Recent fees by the banking establishment, and the gradual elimination of free checking accounts has added to the situation.
Employers in the healthcare space have come to realize that switching to e-payroll could save their institution money. In addition, it provides a new employee benefit. PayCards work as a debit-card, and provide more security than carrying cash. Further, they require no credit check and offer features such as online banking and automatic bill pay.
PayCards At Work in Healthcare
Einstein Healthcare is a major healthcare provider. With more than 7,500 employees across 75 locations, Einstein Healthcare Network needed to boost its employee e-pay enrollment to contain payroll costs. They did their homework, and chose the rapid! Paycard Visa payroll card solution.
At 93%, Einstein already had a high direct deposit employee enrollment rate. But the company’s size meant it still needed to issue more than 650 paper checks each pay period. Not only are paper checks slow to mail and susceptible to theft, but printing and mailing costs add up over hundreds of checks. Einstein’s Corporate Payroll Manager, Bruce Phipps CPP, became increasingly concerned about this inefficiency, and began searching for a smarter pay delivery method. The case study included in this feature includes more details on the process, and how other employers can leverage these learnings to save.