Www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165 Card Solutions Providing Hassle Free Paydays through...
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www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165 Card Solutions Providing Hassle Free Paydays through 100% Direct Deposit!
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Transcript of Www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165 Card Solutions Providing Hassle Free Paydays through...
www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165
Card Solutions
Providing Hassle Free Paydays through 100% Direct Deposit!
www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165
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Topics for Discussion
Characteristics of Unbanked and Underserved Populations
Unbanked Workers and Their Impact on Corporate America
Use of PayCard Programs to Address Unbanked Workers
Selecting the “Right” PayCard Partner
www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165
Underbanked Demographics
US Unbanked Population: 9 Million Households (17 Million Adults)
US Underbanked Population: 21 Million Households (43 Million Adults)
Unbanked and Underbanked Households Nationwide: 25.6% Percentage Employed – Unbanked: 43.7% Underbanked: 64.5%
Unbanked and Underbanked Paid via Payroll Card: 4.2%
Unbanked and Underbanked Paid by Cash or Check: 95.8%
Unbanked Households Unlikely to Open a Bank Account: 61.4%
FDIC National Survey of Unbanked and Underbanked Households ■ December 2009 3
www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165
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Impact on Business Enterprises
Increased Payroll Administration Cost:
Paper payroll checks cost nearly $3 eachReplacement/exception pay checks cost an average of $12.00 each
Increased Fraud Risk:
Over 4 million payroll checks lost or stolen annually1 in 3 employers experience check fraud1.2 million worthless checks enter the banking system daily20x greater error rate with checks than electronic pay
American Payroll Association; NACHA; Nilson Report
www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165
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Impact on Business Enterprises
Increased Regulatory Burden
“Sunset” and escheatment laws
Decreased Employee Productivity
Manager time spent distributing paychecksEmployees time spent cashing paychecks
Adverse Environmental Impact
WalMart - 257,000 pounds of paper eliminated annually
www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165
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Increased Cost: Pay 3%-5% for check cashing $1,000 per year and $40,000 over a lifetime
Personal Risk: Risk personal safety and security
Exclusion from Financial Mainstream: Must pay bills with cash or money orders Unable to buy a plane ticket, make a hotel reservation or rent a car “Cash on Delivery” services being discontinued Unable to receive pay by electronic means
PAYROLL CARDS PROVIDE ACCESS TO THE FINANCIAL MAINSTREAM!
Brookings Institution
Impact on Employees
www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165
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Payroll Card Basics
Available to ALL Employees
Called Payroll Cards, PayCards, Prepaid Debit Cards, Stored Value Cards
Secure FDIC Insured Account for the Electronic Deposit of Payroll Funds
Integrates Seamlessly into Any Existing Payroll Solution
Employers Fund Through Normal ACH Direct Deposit Process
Eliminates Employer Responsibility for Unclaimed Wages
Portable Bank Account Alternative for Unbanked Employees
www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165
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Payroll Card Features
Instant Issue Card Fulfillment
Integrated Employee Enrollment Process
Paperless PayStub Delivery
Bi-Lingual Marketing and Collateral Materials
Bi-Lingual Online Banking and Customer Service
SMS Balance Alerts
Full Bank Account Alternative at Nominal Cost
www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165
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Selecting a Payroll Card Partner
Considerations
Issuing Bank/Processor
Data Security
Program Design
Cost
Integration/Ease of Use
www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165
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Questions??
www.fvfn.com Cherie Fuzzell 404-806-7244 xt 165
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Espree® Card SolutionsCherie Fuzzell
President & CEO1899 Powers Ferry Road
Suite 310Atlanta, GA 30339W: (404) [email protected]
Please call to learn more about the Espree PayCard Solutions.
www.fvfn.com
Thank You!
