A payroll card is a "type" of prepaid card and is sometimes referred to as paycard or prepaid payroll card. The Money Manager Visa® Prepaid Card was specifically designed to be a product employers can offer their employees to receive wages instead of receiving physical paychecks.
Prepaid cards are "pre-funded" and you cannot spend more than the amount deposited to the card. This makes them ideal for individuals who have trouble spending more money then they have.
Inequality
Not all cards are created equal especially when it comes to fees. If you read further you will see the Money Manager Card has a great fee structure and offer great features. In short, The Money Manager Card is a great benefit for your employees. You can view our pricing here.
What's the problem?
Unbanked or underbanked are employees who do not have access to traditional banking services or use these services infrequently. Many have had a bank account but because they did not manage their money well they ended up owing fees.
As a result, some of your employees have not choice and have to use check cashing and payday loan establishments in order to receive their wages.
8.2 percent of US households are unbanked
20.1 percent of US households are underbanked
In the United States over $13 billion a year is spent on check cashing, money wiring and payday loan services
Offering your employees The Money Manager Visa® Prepaid Card is a great solution. The Money Manager Card works great. It is easy to set up and and easy to manage. See the Getting Started tab above for details
The Money Manager Card is great for your employees. The Money Manager Card provides employees a "real" benefit.
What are the benefits?
There are many benefits of adding payroll cards for both the employer and the employee.
Employer Benefits
Reduce paper paychecks
Reduce cost of lost checks
Reduce check fraud
Reduce staff time managing check process
Eliminate escheatment process
Provide termination pay faster
Employee Benefits
Reduce the need for check cashing
Eliminate time waiting for check or traveling to cash a check
Enjoy the convenience of a Visa card
Build good Money Management habits
Enjoy the many features of the Money Manager Card
How to get started
Getting started with a The Money Manager Visa® Prepaid Card program is an easy process with three basic steps:
Awareness
Card Order
Payroll Data
Awareness
The first step is making employees and management aware of the Money Manager Card program through internal communications We provide you with the material (posters, flyers) to generate awareness of the program.
Card Order
The employee fills out a card order form. A card is ordered through our secure Online Card Order Application. Employees can expect to receive their card in 5-7 days.
Payroll Data
Payroll Data (Account Number and Routing Number) is provided to the payroll administrator. The administrator enters the data into the payroll system. There is no change to your payroll system.
Manage your money with the Money Manager Card online account where you can view your transactions, print monthly statements and much more.
Bill Pay
Got bills due? We all do. Use the Money Manager Bill Pay to send a payment anywhere in the United States to practically anyone. Set up recurring payments and keep track of your payments in one place
Card to Bank Account Transfers
Sometimes you need to move money to other banks or financial institutions - with Money Manager Card's Account transfers you can send money to your bank account. Note: it take two business days for the transfer to post to the receiving account.
We have a mission to help ease the financial pain of millions of Americans during this current economic downturn. All of us at TAC Financial are united in the belief that by providing affordable, easily accessible financial and benefit services, we can do our part in providing an environment that reduces financial stress, makes your living expenses more affordable, and provides a safe and healthy environment for you and your family.
