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Card Solutions

Card Solutions. Providing Hassle Free Paydays through 100% Direct Deposit!. Topics for Discussion. Characteristics of Unbanked and Underserved Populations Unbanked Workers and Their Impact on Corporate America Use of PayCard Programs to Address Unbanked Workers

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Card Solutions

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  1. Card Solutions

    Providing Hassle Free Paydays through 100% Direct Deposit!
  2. Topics for Discussion Characteristics of Unbanked and Underserved Populations Unbanked Workers and Their Impact on Corporate America Use of PayCard Programs to Address Unbanked Workers Selecting the “Right” PayCard Partner
  3. Underbanked Demographics US Unbanked Population: 9 Million Households (17 Million Adults) US Underbanked Population: 21 Million Households (43 Million Adults) Unbanked and Underbanked Households Nationwide: 25.6% Percentage Employed – Unbanked: 43.7% Underbanked: 64.5% Unbanked and Underbanked Paid via Payroll Card: 4.2% Unbanked and Underbanked Paid by Cash or Check: 95.8% Unbanked Households Unlikely to Open a Bank Account: 61.4% FDIC National Survey of Unbanked and Underbanked Households ■ December 2009
  4. Impact on Business Enterprises Increased Payroll Administration Cost: Paper payroll checks cost nearly $3 each Replacement/exception pay checks cost an average of $12.00 each Increased Fraud Risk: Over 4 million payroll checks lost or stolen annually 1 in 3 employers experience check fraud 1.2 million worthless checks enter the banking system daily 20x greater error rate with checks than electronic pay American Payroll Association; NACHA; Nilson Report
  5. Impact on Business Enterprises Increased Regulatory Burden “Sunset” and escheatment laws Decreased Employee Productivity Manager time spent distributing paychecks Employees time spent cashing paychecks Adverse Environmental Impact WalMart - 257,000 pounds of paper eliminated annually
  6. Impact on Employees Increased Cost: Pay 3%-5% for check cashing $1,000 per year and $40,000 over a lifetime Personal Risk: Risk personal safety and security Exclusion from Financial Mainstream: Must pay bills with cash or money orders Unable to buy a plane ticket, make a hotel reservation or rent a car “Cash on Delivery” services being discontinued Unable to receive pay by electronic means PAYROLL CARDS PROVIDE ACCESS TO THE FINANCIAL MAINSTREAM! Brookings Institution
  7. Payroll Card Basics Available to ALL Employees Called Payroll Cards, PayCards, Prepaid Debit Cards, Stored Value Cards Secure FDIC Insured Account for the Electronic Deposit of Payroll Funds Integrates Seamlessly into Any Existing Payroll Solution Employers Fund Through Normal ACH Direct Deposit Process Eliminates Employer Responsibility for Unclaimed Wages Portable Bank Account Alternative for Unbanked Employees
  8. Payroll Card Features Instant Issue Card Fulfillment Integrated Employee Enrollment Process Paperless PayStub Delivery Bi-Lingual Marketing and Collateral Materials Bi-Lingual Online Banking and Customer Service SMS Balance Alerts Full Bank Account Alternative at Nominal Cost
  9. Selecting a Payroll Card Partner Considerations Issuing Bank/Processor Data Security Program Design Cost Integration/Ease of Use
  10. Questions??
  11. Thank You! Espree® Card Solutions Cherie Fuzzell President & CEO 1899 Powers Ferry Road Suite 310 Atlanta, GA 30339 W: (404) 806-7244 cfuzzell@fvfn.com Please call to learn more about the Espree PayCard Solutions. www.fvfn.com
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