Could prepaid payroll change the way you do business?
The UK’s prepaid market is changing and its evolution is set to continue at a keen pace with the launch of Accor Services’ Premium prepaid card.
Premium is one of the first business–to–business prepaid card solutions. It offers companies the opportunity to save time and money and ensure their employees can access funds and resources in the most convenient and straightforward manner.
“A prepaid card is a payment card that is loaded with your own funds. You can only spend the funds that are available on the card and when these have been spent you simply top them up. Until now prepaid solutions have generally been focused on the consumer, but employers are realising the potential for them to help them and their business, particularly in the current economic environment,” says Robert Moody, head of corporate sales at PrePay Technologies, part of the Accor Services group.
“Prepaid payroll solutions offer a convenient and flexible way for employers to harmonise their payroll with a safe and secure, electronic card–based solution. It enables employers to service ‘unbanked’ employees – i.e. those without access to personal bank account facilities – as well as those on short–term temporary contracts. And alongside helping to reduce payroll processing when it comes to, for example, expense management and one–off and final salary payments, the technology can be used to pay expenses for relocated employees or those who regularly travel on business,” he says.
Prepaid can make a positive difference to your organisation in a number of ways. It offers cost reduction and process efficiency, as well as the opportunity to support employee and stakeholder communication. The contribution this can make to engagement is truly valuable, particularly in the current business and economic climate.
Essentially prepaid can have an impact wherever paper and administration is an organisational burden, including…
- Payroll cost reductions – Prepaid is a direct replacement for cheque and cash payments because employers can load payroll cards with employee’s wages quickly. Not only does this save time and money, but it also minimises the security risk for companies that need to hold and distribute significant sums of cash.
- Managing expenses – Prepaid can help you reimburse employees for fuel, travel costs, dry cleaning or general expenses.
- Incentives and rewards – Prepaid can help to increase the motivational impact of the reward process. A payroll card can be integrated with existing employee benefits to enable people to access rewards and benefits, for example, from one source.
Managing money within an organisation is a critical business function. Because of this, prepaid solutions can be a positive and proactive solution for employers to ensure all stakeholders receive a similar, high standard of service and care. After all, employers have a key role to play when it comes to making their peoples’ lives work better; solutions such as prepaid technology are just one way that they can do this.
