If you’re an employer looking to retain your best employees by giving them direct and convenient access to wages, you can do this with payout cards. Read on to discover how payout cards work and how they benefit your employees and your business.
What are payout cards, and how do they work?
Payout cards are a new technology employers can use to pay employees. Businesses used direct deposit and paychecks more often in the past, but many employers now order these prepaid cards and load employees’ salaries or wages directly onto them. Payout cards work similar to a traditional debit card, and they’re also reloadable, meaning they’re convenient to use.
The employer arranges the payout cards from a payout card provider, so employees can have more flexible and convenient alternatives when getting paid. Payout cards are also suitable for paying contractors and temporary workers.
How do payout cards benefit employees?
It’s not hard to see why employees want payout cards given the following reasons:
- Instant pay - Once you load an employee’s wage on their payout card, they can access the money instantly. Paying employees on time enables them to also make timely payments.
- Extreme convenience - As mentioned, payout cards work like debit cards. That means employees can use payout cards to shop and make payments online or get cash at ATMs.
- Early access to earned wages - With early payroll, employees can access wages they have already worked for on-demand. Same-day pay is a considerably better option than waiting for a payday that’s always around the corner. It improves employees’ financial wellness since workers always have money to cover emergencies and unexpected expenses without borrowing.
- No need for bank accounts - Unbanked employees can still manage their money with payout cards. They can receive their dues as quickly as employees who use direct deposit instead of waiting to cash their checks. In addition, there are no worries about losing paychecks or walking around with large sums of cash.
- Avoid fees - When using payout cards, workers can avoid bank fees or check-cashing fees. This often makes payout cards a better payment method than pay by check and direct deposit.
- Fewer hassles - Payout cards make life easier for employees looking to get paid quickly and conveniently. Payout cards don’t require employees to have a good credit score, and they work at any place that accepts debit card payments. With payout cards, any day can be payday and an efficient and hassle-free payday at that.
How do payout cards benefit your business?
Payout cards have enough benefits to go around, so employers can also enjoy the following benefits:
- Save money and time - Employees can save time and money since there’s no need to issue paychecks. Paychecks eat up staff time while requiring the company to spend constantly on paper supplies, printing, and sometimes mailing. Going paperless also helps shrink your carbon footprint.
- Convenient for out-of-cycle payments - For employees that want to give their employees early access to earned wages, payout cards are a much more convenient option for paychecks. Employers can load wages onto the card quickly and easily, and employees will receive the money instantly and conveniently.
- Customization - Some payout cards like Juice Payout Cards allow for a higher level of customization should you choose to. That means you can order payout cards that align with and showcase your brand.
- Easy integration - Switching to managing payroll wages via payroll cards is not complicated. Instead, businesses have fewer hassles to deal with when paying employees.
- Employee satisfaction and retention - Perhaps the biggest employer benefit of payout cards is that they are good for employees’ overall well-being, helping transform employee retention and satisfaction. For instance, payout cards improve financial wellness, resulting in happy employees who are more productive and loyal to the company. Ultimately, happy employees result in happy employers and businesses with a better bottom line.
Try Juice Payout Cards to experience the benefits
As you can see, payout cards are mutually beneficial to businesses and their employees. Payout cards are an essential component of a prosperous work culture that provides financial wellness and flexibility for employees.
A business that offers its employees the convenience and flexibility of payout cards can reap many benefits. In today’s world, where automated payment solutions are the order of the day, agile businesses can capitalize on payout cards to drive employee retention and satisfaction.
At Juice Banking, we are here to help you experience all these benefits with our easy to sign-up for Juice Payout Cards. So if you want the best in payout cards, get started with Juice Banking and improve your Employee Retention & Satisfaction.