Payroll Paycards: How To Save Costs and Maintain Compliance
Webinar: ID# 1000340
About This Course:
Payroll pay cards, which are debit cards to which employees' pay is deposited, are becoming more and more common. Essentially, payroll pay cards eliminate the need for employees to cash a paycheck in order to have access to their wages.
They are ideal for employees who do not have a bank account as they can be used at ATMs to withdraw cash or in retail environments to make purchases, basically eliminating the need to "cash" a paycheck.
However, there are rules and regulations for their use that must be followed - and benefits as well as drawbacks that should be addressed - when contemplating whether or not to go to a pay card system.
For instance, the majority of state labor laws allow employers to offer direct deposit, but they don't allow employers to mandate that their workers participate in their direct deposit programs, meaning that your company may have to offer several options for paying your employees, which could negate the positive affects of utilizing paycards.
So if your company is contemplating a move to a pay card system, you will want to make an informed decision regarding the why's, how's, and regulatory issues of using pay cards.
Since this is an interactive audio conference, your questions will be asked and answered as part of the presentation.What You'll Learn:
By attending, you will learn:
- The definition and benefits of utilizing paycards
- The different types of pay cards, pay card providers, and how they work
- The potential downside of using paycards
- The states that have enacted legislation either for or against the use of paycards - and what the legislation states
- Whether or not an employer can mandate the use of paycards for their workforce
- What you do if you are a multi-state employer and you want to launch a program for your entire worker population
- How to roll out a pay card system to your employees if you have decided to initiate a pay card program