Payroll PayCard Program
Note: PayCards are prepaid debit cards. This service allows payroll to directly deposit an employee’s salary to their debit card. This is good for employees who would otherwise always need a check and go to check cashing stores.
Employee Payroll Services utilizes a Payroll PayCard Program to assist employees that opt to use the service. This requested award replaces the PayCard services that are currently provided by Chase PayCard.
Dr. Michael Bell (Chief Financial Officer)
This is PayCard … not a P-Card.
We 12,000 employees and 800-900 employees will be paid on a PayCard, an electronic debit card. Their salary goes onto their card.
Our current provider has posed some problems, so we put out an RFP for a new provider. The RFP committee is advising we award the business to WEX, Inc. They are the least expensive and they have multiple ATM locations in the metro area.
We don’t pay any service fees. The user pays all fees. Local fees are roughly 50 cents. International fees are more expensive.
Thad Mayfield – Do we save money doing this opposed to issuing a check.
Wanda Bugs (spelling?) (Payroll Manager) – We have PayCards for employees that can’t have and maintain a bank account, so we don’t have to always issue them checks. We have a mandatory direct deposit policy.