My Merchant Account Blog

Payroll Card

Tuesday, June 14, 2011

A reloadable, network-branded prepaid card on which is deposited an employee's salary (usually through a bank transfer). Used as an alternative to cash or check where the employee does not have a bank account or prefers this method of payment. Payroll cards are financial cards that make it possible to access wages and other earnings issued to the cardholder by an employer. The use of a payroll card service makes it possible to eliminate the need for a direct deposit into a checking account as well as the necessity to manually deposit a paycheck into a bank account. With a payroll card, the employee can withdraw money from any automatic teller machine, or use the card in the same manner as any debit card.

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