Employer Funding Paycard Accounts
The employer "funding paycard account" is not actually a card like most people think. This account is simply an escrow or holding account in the name of the employer set up in the PayCard system. These accounts have several important uses for the employer.
The funding paycard account serves as a means to correct payroll
related errors. For example, in the event that an employee is overpaid on their last payroll, your designated payroll card manager can contact customer service and explain the problem. The overpayment can be transferred off of the card in real time and placed into the employer's funding paycard account. This type of correction is much faster that a direct deposit reversal or waiting until the next payroll to correct the error. We do not allow direct deposit reversals to protect the cardholders. All employer's are set up with the funding paycard account to correct any overpayments that may occur. Then the employer can request a refund of these dollars.
Some employers will actually load or keep a balance on these funding paycard accounts. They in turn use these funds to make real-time money transfers directly to any payroll card account under their program. This is particularily useful for per-diem, expense, termination, shortages and emergency situations inside and outside of traditional payroll uses.
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