The card could allow employees to receive their check in advance and reduce paper-based payroll systems.
Paycom Software Inc., a leading provider of cloud-based human capital management software, recently announced the launch of the Vault Visa Payroll Card.
With the Vault card and mobile app, employees can get paid up to two days earlier every payroll cycle.
Offered to clients of Paycom, Vault aims to provide employees more control over their finances, including access to electronic deposit and 40,000 no-fee Allpoint ATMs, commonly found at retailers like CVS and Walgreens in the U.S. and Puerto Rico. Vault can also be used as an additional account for paying bills, shopping, vacations, entertainment spending and more.
Vault card-user benefits include:
- Employees can use the Vault card wherever Visa debit cards are accepted.
- The card is backed by Visa’s Zero Liability fraud protection.
- Employees can enroll through Paycom’s Employee Self-Service.
- Card also includes access to discounts for hotels, subscriptions, restaurants, retailers, services and more.
“This is another step to simplify payday and the way consumers spend their hard-earned money,” said Chad Richison, Paycom’s founder and CEO.
Upon successful Vault enrollment, employees receive a physical card as well as a digital Vault card to add to their mobile wallet, such as Apple Pay and Google Pay.
Vault card-employer benefits include:
- It reduces paper-based payroll.
- It provides an edge in hiring and retention by giving payday options for employees.
- It enhances benefits to combat turbulence in the labor market.
- It reduces check fraud with secure electronic funding.
This latest payroll offering further complements Beti, the self-service payroll solution from Paycom. Beti guides employees to find and fix payroll errors before submission. By correcting errors in Paycom’s easy-to-use app, Beti ensures accurate payroll and eliminates administrative hassles.