Payment service providers are in the midst of a new era of developing ways for businesses to pay each other. What hasn’t gotten as much attention lately, however, is how these businesses pay their own employees — an area that can pose a significant challenge, especially to small companies.
Payment service provider EPS Financial has developed an array of financial tools aimed at saving SMEs money. Now, the company has included that cost-saving goal in its newest SME product, a small business Payroll Card.
According to an announcement made Tuesday (June 9), EPS Financial’s new Payroll Card integrates into web-based tools and applications and boosts payroll efficiency for companies. Employers can offer direct deposit as well as services for employees that do not have a bank account. The platform on which the new card runs will reportedly reduce administrative costs thanks to the elimination of paper checks and manual processes, ESP said.
Employees can gain access to their own Payroll Card account to eliminate fees associated with cashing checks and money orders. The platform also links with thousands of ATMs that will dispense cash without fees.
“We are already the low-cost leader in the refund transfer industry, and we continue to add innovative financial transaction services to our portfolio to help support our customers,” said EPS President Clark Gill, adding that in addition to its existing merchant services credit card tool, SMEs can now obtain support for payroll and bookkeeping through the Payroll Card.
The new product operates on the E1 Visa Payroll Card system, EPS said. Visa has launched its own initiatives to educate small businesses on the benefits of using Payroll Cards, including a previous partnership with the American Payroll Association.
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