The payroll process needs to catch up to the rest of the payments world by becoming real time, according to Safwan Shah, the founder and CEO of Payactiv, an IPA member.
The company wants to help workers get money as they need it by providing access to wages they have earned sooner than a traditional two-week or monthly pay cycle would allow. The company does this by working with employers to track how much employees earn and offer the ability to get a percentage of those wages on as needed basis.
Workers can use PayActiv’s card to receive earned wages, have those wages deposited into an account, or even pay bills directly through PayActiv’s app.
In this episode we cover how the process works, and how earned wage access is different than other forms of early wage access.
In this episode, the NBPCA examines “The 2016 and 2017 Surveys of Consumer Payment Choice: Summary Results” and considers the results from the perspective of cardholders. We also think about how prepaid providers can improve their business to increase cardholder confidence and thus portfolio profitability.
The survey found that “of all the payment instruments that consumers owned, prepaid cards were used the least frequently.”
The reasons for the low be hinted at by the attitudinal questions the survey asked.
The survey asked users to assess the different payments types on:
Respondents rated these aspects on a 1 to 8 scale, with 1 being the best and 8 being the worst.
Prepaid cards did not score a 1 in any of the categories, which means that the industry has some work to do. In this episode, NBPCA relates the experience of another prepaid card user to show where some of the troubles might come from and try to suggest some ways prepaid card providers can stack up favorably against other payment types.
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In episode eight of the Power of prepaid Podcast, we talk with Amy DeBerg, president of the R&P Group, a recruiting firm that focuses on the payments industry.
Since 2000, R&P has been helping companies in the cards and payments industry find good employees and help payments executives take the next step in their careers. NBPCA COO Ben Jackson spoke with Amy about the best practices for companies seeking employees and for individuals seeking the next step for their careers.
In the podcast Amy describes how both hiring managers and job seekers need to have similar traits. Both need to be honest about what they are looking for, flexible about what kinds of attributes they will consider, whether in a candidate or role, and open to new opportunities.
In the podcast Amy gives tips for both sides of the hiring desk and talks about when and how a company should work with a recruiter to find the people they need.
You can listen here, or down the show from wherever you get your podcasts. Please give us a like and a review and share it with your friends.
On the latest episode of the Power of Prepaid Podcast, host and NBPCA COO Ben Jackson is joined by Brian Tate, the CEO of the NBPCA to talk about the midterm elections and what is happening at the Consumer Financial Protection Bureau.
In the show, they take a non-partisan look at the possible outcomes of the midterm elections.
The results of the election will have a strong influence on the payments industry, and Ben and Brian take a look at what might happen if there are changes in one or both houses of Congress. In considering that possibility, it seems that the de-regulatory trends in the market could be reversed by a change in control. Even with new laws of regulations, the financial services industry could face renewed scrutiny if a different part is in charge.
You can listen to the Power of Prepaid Podcast here—or wherever you listen to your podcasts, including iTunes, Soundcloud, and Google Play.
On the latest episode of the Power of Prepaid Podcast, host and NBPCA COO Ben Jackson is joined by the Sarah Grotta, the Director of the Debit Advisory Service at Mercator Advisory Group.
In the show, they discuss how people have been using apps in place of cash and checks to pay one another. They also discuss how the market is different for users of apps that are offers by banks and those offered by Fintech companies.
The P-to-P market will have a strong influence on the payments industry, and Sarah and Ben discuss the importance of this emerging payment. They also touch on the way that regulations have affected the development of the market. You can listen to the Power of Prepaid Podcast here—or wherever you listen to your podcasts, including iTunes, Soundcloud, and Google Play.
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