GE Launches New Payroll Solution

Thursday 17 June 2004 13:36 CET | News

GE Corporate Payment Services is launching the Payroll Card, a cost-saving and convenient alternative to payroll checks.

The debit-based MasterCard product provides companies with a simple solution to pay employees, contractors and temporary workers. The payroll card is the latest in Corporate Payment Services suite of stored value products, which are pre-funded for a variety of purposes, including corporate incentives, gifts, relocation expenses and project budgets. Using the Payroll Card is easy. Instead of issuing a paper check, companies can deposit an employees pay into a personal card account, using Automated Clearing House (ACH) direct deposit. Employees still receive a pay statement from the company for their records. Once the pay amount is deposited, employees have immediate access to cash via ATMs or bank teller windows, or they can use the card to pay for purchases at grocery stores, gas stations, restaurants, hardware stores and other retailers. Each payday, the card can be reloaded with the employees net pay. As an added convenience, the employee also can use the card for Personal Identification Number (PIN) or signature-based transactions. The payroll card is supported by phone- and Web-based customer service, making it easier to track available funds and manage budgets. Employers cant view employee transaction activity, ensuring account privacy. Payroll cards are also well suited for businesses in industries that employ a large number of temporary or contract workers. An instant issue version of the payroll card, designed for short-term employment, is also available.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce