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The Payroll Card Advantage: Strategic Opportunities for Financial Institutions

The Payroll Card Advantage: Strategic Opportunities for Financial Institutions

The benefits of payroll cards for banks and credit unions include improved customer engagement, new revenues and the ability to compete more effectively.

Payroll cards can be used anywhere an employer needs to distribute funds but wants to avoid using checks or cash. Use cases for payroll cards range from paying contractors and temporary employees to providing payroll cards to the entire workforce as an option alongside direct deposit.

Offering a payroll card program can give a strategic advantage to financial institutions when competing for commercial accounts.

Being able to solve the payroll problem for a company that wants to eliminate checks could be the differentiator that allows an institution to win a larger commercial account. It could also be the foot in the door of a commercial account where a competitor is providing all the commercial services except for a payroll card. That payroll card can open the discussions for broader relationship

Download this Mercator research brief to learn how card holders, employers and financial institutions can benefit from a payroll program, and key things to consider when entering this market space.