Offering your employees a reloadable card that you can instantly send funds to is great for simplifying payroll and paying people faster. It’s also a more inclusive option for unbanked employees who may not have access to a traditional bank account. (Did you know roughly 25% of American households are unbanked or underbanked?) However, traditional instant pay cards—which are what many companies turn to in these instances—have some serious drawbacks.
How many drawbacks, do you ask? Let us count a few of the ways: They're costly for both you and your team. They're a hassle to manage. And...they don't help your employees gain any financial security.
They’re costly for both you and your team.
They’re a hassle to manage.
And...they don’t help your employees gain any financial security.
That’s why we made sure our Branch Cards addressed these problems.
Need proof? Here are five reasons a Branch Card is better than a pay card.
1. No fees. Period.
Most instant pay cards are full of crazy fees, for both you and your employees. These include everything from management fees, monthly maintenance fees, minimum balance fees, ATM fees, and overdraft fees. (We’re exhausted just looking at that list.) Your company doesn’t need an added expense, and your employees don’t either.
That’s why Branch cards don’t come with ANY fees, for you or your employees. We are proud to be fee-free.
2. KYC is easy
The KYC or “Know Your Customer” process can be drawn out for many unbanked or underbanked Americans. It’s a mandatory process that involves verifying someone’s identity before they open an account. And while it’s necessary to help avoid fraud, many KYC processes include credit checks, which can present obstacles for people without a lengthy credit history or who are trying to establish themselves financially. With Branch, we make sure the KYC process is quick and fair.
3. Employees can load funds from multiple services.
Hey, we don’t get jealous. We don’t mind if your employees load funds to their Branch account through other bank accounts or sources. It’s helpful for them to have the convenience of keeping all of their money in one place. Surprisingly, this sets us apart from the competition, because pay cards usually have very stringent mechanisms for loading funds, only allowing people to add funds through their employer.
4. Simplifies payroll processes
Both traditional pay cards and paper checks add unnecessary management time on to your day. Most pay cards require management on the employer end, and paper checks require additional hassle (and incur additional cost to your company). But with Branch Cards, your employees manage the cards themselves. And if they ever have an issue, we’re always on standby to help them with our U.S. based customer service.
5. Employees can take it with them after they leave.
Most instant pay cards are specific to someone’s place of work—meaning employees can’t take them with them after they’re no longer working for you. They may be prepaid cards that aren’t even reloadable. With Branch Cards, you’re giving your employee a debit card that either you can add their wages, tips, or one-off payments to, or the employee themselves can add funds to via another bank account or source.
It’s free of fees, and they can take this card with them for life. This doesn’t incentivize people to leave; it motivates them to stay. Your employees want to keep working for a socially responsible company who can help them get a leg up financially. (In fact, 60% of workers said they would be more likely to stay at a job if their employer offered financial benefits that helped their day-to-day lives!) And, if this benefit is advertised, it could help you attract new employers, too.
Pay your people faster. Ditch pay card fees. Set up employees for financial success.
Now more than ever, it’s so important to pay your employees faster. But giving your employees a Branch Card does more than just give them access to their wages (and tips!) in a faster way. It also empowers them and helps bridge the gap between traditional banking services—which can be intimidating and full of fees—and their personal financial goals—which include building up an emergency fund, saving for the future, and avoiding the cycle of debt.
The key to financial success is in your hands as their employers. Ditch your existing pay card; order a stack of Branch Cards and empower your employees today.
Want to learn more about Branch Cards? Click below.