With more than half of Americans either owning or working for a small business, helping these entities thrive is essential to a growing economy. During National Small Business Week this week, NBPCA joins entrepreneurs across the country to look for opportunities for growth, innovation and competitiveness in the 21stcentury. Through innovative payments offerings, like prepaid and payroll cards, the industry is empowering small businesses and their employees to streamline operations while maximizing convenience and security.
Payroll cards offer an alternative to traditional paper checks, allowing employees without bank accounts to access their wages immediately without going to the bank. It’s estimated that issuing and depositing paper checks costs businesses between $26 billion and $54 billion each year. Additionally, businesses that switch to payroll cards for their employees have reported reduced administrative costs through simplified payroll processes. That’s money entrepreneurs can better invest in their businesses to expand and grow.
For employees, especially those without a traditional checking account, the benefits of payroll cards are clear. Bypassing check-cashing offers employees greater convenience than a paper check. Payroll cards give employees the ability to immediately access their funds, giving them a financial asset that can be used just like a debit card. That flexibility extends to built-in features that give employees tools to budget and keep track of their purchases online. Additionally, with their wages safe on a payroll card, hard-earned money is better protected from theft or fraud.
As small businesses continue to innovate and drive our modern economy, the prepaid industry is doing the same to keep them on the right track. With a focus on providing safe, convenient and expeditious payments offerings prepaid aims to continue small business’ remarkable progress.
Check out our infographic to learn more about payroll cards: here.
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