The SOLE Visa® Payroll Card, a direct deposit debit card that allows employers to pay their employees with efficiency, save money and achieve paperless payroll, is one of the newest offerings in the Payroll Medics Resource Center. The Payroll Medics Resource Center is an online, single source of products and services available to channel partners and clients. SOLE Financial offers tools and individual empowerment for the underserved, unbanked workforce.
The SOLE Paycard allows employers to pay their employees quickly. Funds are loaded via ACH onto the card, which employees can use as a debit card at any retailer that accepts Visa. Benefits to employers include the ability to go paperless in payroll processing, money saved on printing paper checks, and the elimination time previously spent sorting, signing, printing, distributing and shipping paper checks. On average, employers save $3.15 per employee, per payday on every conversion from paper check to paycard.
In addition, SOLE Paycard users will have access to a full suite of convenient mobile account services through a no cost mobile platform. Users can view balances and transaction detail, , transfer funds and reload money; all from inside the app. Users will also have the ability to access their deposits within minutes with an “instant good funds” feature. The app will also offer location-based technology that can pinpoint nearby reload locations and ATMs.
The SOLE Paycard allows un- and underbanked paycard holders quick and no-cost access to their hard-earned pay, while eliminating the expensive and time-consuming shackles of a paper payroll check for employees and employers alike. According to a recent study by a commissioned agent of Visa, 86 percent of payroll cardholders prefer being paid via paycard over a paper check. This option can also help employees track spending better than cash, encouraging better financial management.
SOLE Payroll cards offer numerous benefits to both employers and employees. Both clients and channel partners can take advantage of this new offering through the Payroll Medics Resource Center and make sure that they have a tool to pay employees efficiently.