Why should I offer a payroll debit cards to my Employees? As an Employer, you can save significant costs for both your company as well as your Employee. For your company, payroll debit cards can eliminate all current paycheck costs, including reconciliation, fraud, escheatment, etc. You will gain productivity, as Employees do not have to go anywhere to cash or deposit their paychecks on payday.
Your Employee, with a PayCard, will get instant access to their pay first thing on payday, without having to stand in line. Employees will be able to save money, as they will not have to pay check cashing fees or even bank account charges – they can get cash at low or no cost through thousands of MoneyPass ATMs or Cash-Back at most large Discount Retailers and Grocery Stores. They can also use their PayCard to transfer funds and pay bills more safely and conveniently than they do currently. The PayCard is also far safer than carrying cash, and gives your Employee a record of each transaction. return to the top
Can I eliminate all my Paychecks? Depending upon the laws of your state and the opinion of your legal advisor, you may be able to eliminate all your Paychecks. Most states require that Employees be able to gain “free and clear” access to their payroll funds. The Elan Financial Services PayCard program provides several “free” alternatives for Employees. return to the top
How much will the payroll cards cost me? The PayCard program has a one time set up fee for Employers and low cost to Employees. There will be options for Employees to obtain their pay on the payroll cards no cost. There is no Employer charges for standard Direct Deposit. return to the top
How do I get my Employees to sign up? Elan Financial Services provides a simple “One-Step” Enrollment process that any Employer may use. We also provide additional customized approaches based upon your individual requirements. return to the top Won’t Employees be unhappy to be forced to change from checks? There will always be some resistance to change. Elan Financial Services believes that the most critical element of any PayCard program is Employee satisfaction. We have developed several approaches that can be tailored to individual Employer’s needs to help convince Employees of the value of the PayCard to them. Once Employees learn the advantages of PayCard (lower cost, the convenience of ATMs and POS terminal use, and safer access to their funds) it is really an easy sell! return to the top
How much work will I need to do to run the program? Elan Financial Services has designed the PayCard program to minimize the work required by the Employer. Depending upon your individual requirements, the program may need as little effort as is involved with traditional Direct Deposit. return to the top
How long will it take to get started? Depending upon your requirements, you may have pay on your Employees PayCards in as little as two weeks. return to the top
Why would employee want payroll cards? Your Employee, with a PayCard, will get instant access to their pay first thing on payday, without having to stand in line. Employees save money by using payroll cards, as they will not have to pay check cashing fees or even bank account charges – they can get cash at low or no cost through thousands of MoneyPass ATMs or Cash-Back at most large Discount Retailers and Grocery Stores. They can also use their PayCard to transfer funds more safely and conveniently than they do currently. The PayCard is also far safer than carrying cash, and gives your Employee a record of each transaction. return to the top
How many payroll debit cards can an Employee get? There is a 3 card limit placed by Elan Financial Services as far as how many PayCards an Employee may have. The Employee may get payroll cards for a spouse or other dependents. Many employees who today transfer funds to relatives outside the US obtain a second PayCard under their name and send the second card on that PayCard to their relative. In such cases the Employee decides and instructs Elan Financial Services as to how much of his or her net pay goes on each recipient’s card. return to the top
How much does it cost the Employee? Elan Financial Services has specifically designed the PayCard to be inexpensive for the Employee. We do not charge any monthly or annual fees, or for Internet Balance Inquiries, Statements, or for POS transactions, including Cash-Back. Therefore, the PayCard can be completely free for the Employee. If the Employee desires the convenience of ATM Withdrawals, Transfers, or other optional services, there is a modest fee associated with these services. For Employees who do desire to use ATMs for cash access, Elan Financial Services is pleased to provide Surcharge-Free access to thousands of convenient ATMs nationally through our MoneyPass Network (note that there will still be the Elan Financial Servicescharge for the PayCard ATM transaction, but there will not be an additional “surcharge” at MoneyPass ATMs). return to the top
Where can my Employees use their payroll cards? Employees may use their PayCard at over 800,000 ATMs and over 5 Million retailers in the US and around the world that display the MoneyPass, PULSE, Star, Cirrus, or Maestro logos. Also, Employees can use their payroll cards at over 18 Million locations worldwide that bear the MasterCard® logo.
In addition, Employees can transfer funds to other PayCards or Deposit Accounts at US Financial Institutions, or pay Bills with their PayCard. return to the top
What if the Employee loses their payroll card? If the Employee loses their PayCard, they must call PayCard Services to report the loss. Elan Financial Services will make sure that they get a replacement payroll card immediately. As long as the loss was reported promptly, and the Employee was not involved with any criminal activity that causes a loss, the Employee will also have their full balance from before the loss replaced immediately.
The employee must report their new card number to you to make sure that their next pay is deposited onto their new PayCard.
Does the Employee get a Statement? Yes, there is a Statement available to the Employee. This can be accessed either through PayCardConnect, a service offered by Elan Financial Services via the Internet, or a Statement may be mailed at the Employee’s request for a small fee. return to the top
How does Employees’ pay get on the payroll debit cards? PayCards use the Direct Deposit process for payroll. So all you need to do is sign your Employees up for the payroll debit cards the same way as you do your Direct Deposit Employees, and process them with your Direct Deposit payroll, using the PayCard card number in place of the Checking Account Number, and the PayCard Transit Routing Number in place of the Employees’ bank’s number.
To manage special situations, or for employers who do not have access to Direct Deposit, Elan Financial Services provides a Funding PayCard that allows you to put funds on your Employees PayCards real-time. In addition to managing everyday pay, the Funding PayCard can manage special situations (to handle errors and “last day pay” issues). Funding PayCards are subject to the same pricing as your employees’ PayCards.
A Funding PayCard is a PayCard owned by the employer. For a Funding PayCard, you sign up for the card in your company name. Then you transfer funds onto the Funding PayCard just as if it was an employees’ direct deposit. You then can transfer funds from the Funding PayCard into your employees’ PayCards, using either the Internet or Telephone via toll-free number. return to the top
How do I know that the money will be there? The PayCard works just like Direct Deposit, so that the PayCard funds will be on cards at the same time as Direct Deposit is in Employees’ bank accounts. return to the top
How do I handle pay errors? Generally, you will handle pay errors the same way as you would with Direct Deposit Employees. You also have the option of using the Funding PayCard for “Real-time” error correction when the Employee has been underpaid. return to the top
How do I handle emergencies or “last day” pay? Elan Financial Services provides the option of a Funding PayCard. This is a PayCard owned by the Employer, and pre-funded to handle special situations like emergencies and “last day pay”. The Employer can transfer money to the Employee “real-time” through the Funding PayCard over a secure Internet connection into PayCardConnect or via the telephone. return to the top
How do I know the funds are safe on the payroll card? Employees' payroll card funds are held and managed by Elan Financial Services. return to the top
Who handles Escheatment? Elan Financial Services has responsibility for Escheatment once the funds have been transferred onto the PayCard. return to the top
Who takes the risk of loss, fraud or theft? Once the funds are transferred onto the Employees PayCard, Elan Financial Services is responsible for any losses from lost cards, Fraud or Theft, as long as any such activity is reported on a timely basis and unless the Employee or Employer is implicated in the Fraud or Theft. Thus, a PayCard is far safer than a paycheck or cash for the Employee, as the funds will be replaced onto a new card. return to the top
The PayCard is issued by Elan Financial Services. MasterCard is a registered trademark of MasterCard International Incorporated. Used pursuant to license. Card is available to U.S. residents only. Prepaid debit cards approval is subject to identity verification.