As the employees get hired in any company, they have two options to receive the paycheck. It is through the direct deposit in the account or a form of a cheque. Well, due to the updated technology, a third way has come into existence, and that is pay cards. It works well for the employer and the employees to pay through pay cards.
An easy to way to receive compensation never get enough which is why you can learn more about pay cards here. If you are not sure what to do in such situation, you can always consult with an accountant to get proper advice. A professional person never guides you wrong so you will know that what option you should avail. Here you will learn how to pay cards work and whether you should avail them or not.
What are pay cards?
Pay cards are like debit cards, but there are some limitations to it. It is the money from your paycheque which comes in the form of a debit card. You can withdraw the money out of ATM or use it in any store for the purchase. The only thing which you cannot do out of this card is to deposit money into it.
There is no account linkage necessary for this card as it is given to you by the company. When it is the time of your pay cheque, the amount gets deposited in the card through the company. Even if you do not have any bank account, you would need to open an account. It is free of charge and easy for the company to follow this option.
There is no fee associated with the card as for the debit card which you get from the bank account. When you use the debit cards given to you from the banks, there is an annual fee which gets deducted. There is no such thing for the payment cards.
Advantages of Pay Cards
The best advantage of pay cards is that it is completely free for the employees and the company. There is no hassle in using this card and simple to operate. Cash or cheque may get lost but when it is the matter of pay cards, no one losses it. You can use it on any portal which accepts the card without any obstacle.
Employees do not have to wait like the cheque being deposited and then it will be available after a day. The cash in the account is insured so you can be sure that it is the exact amount on the invoice and the card. For sure, it is secure because nothing is linked with it but only the company.
Know that wherever debit cards are accepted, pay cards are also accepted. If you face any problem with the pay card, you can always contact the assistance through email, phone or text. The number would be mentioned at the back of the card
where you can contact the representative.
The employers can receive the cars through the BenefitMall to have such pay options in their HR departments. You can always get in touch with the representative on the BenefitMall to inquire about it. It is authentic, and the cards are only provided to the business which is running in the market.
It eliminated the cost of printing and distribution of the cheque. Once the employee chooses the option to get a pay card, it gets issued to him/her. The rest of the period he/she stays with the organization, the payment goes directly to the card. The number of the cards works as their identification, and it has their name as well. It adds more security for the employee and the employer end which is why most of the people have started to prefer it over the direct deposit as well.
The concept of paying by cheque has been old since direct deposit came into being. Well, now pay cards are in trend so it is better that you follow the updated versions rather than sticking with one option which may get obsolete as the time passes. These cards are convenient to use and easy to carry anywhere you want.
