Ecount News & Press Releases
Payroll Debit Cards Score Big with Banked Employees
Ecount Reveals that 54% of Payroll Cards Used by Banked Employees
Conshohocken, PA, March 1, 2006 - Ecount (www.ecount.com), the stored value experts, announced today that payroll debit cards are as popular with banked employees as unbanked employees. The survey information was gathered from a random sample of more than 2,000 Ecount cardholders. This is great news for companies considering the implementation of a payroll card program, because it clearly establishes payroll cards as a desired benefit for employees within all demographics.
Traditionally, payroll cards have been touted as a benefit for unbanked employees and this remains true. However, Ecount data revealed that nearly 54% of employees utilizing payroll cards were banked and using direct deposit, and use the program for savings or discretionary usage.
"We have found that for every unbanked employee who signs up for the Ecount Program, one banked employee requests a payroll card as well," stated Matt Gillin, CEO of Ecount. "The fact that Ecount payroll cards are desired by both unbanked and banked employees is great news for our clients. Now they are able to implement a program that allows them to achieve 100% direct deposit, eliminating 50 to 75% of payroll costs and have the added advantage of providing a valuable employee benefit."
Ecount offers their Paycard (a branded Visa® Prepaid Card) as part of the 100%™ Payroll Solution, the only program available that guarantees 100% direct deposit for companies. Ecount cardholders are not charged monthly or annual fees for using the cards and employees at participating companies can sign-up through their employer.
For unbanked employees, the Ecount 100% Payroll Solution eliminates check cashing fees and provides a major convenience factor. The 100% Payroll Solution ensures that every employee receives their pay on time, every time, their funds are easily accessible and there is no need to rely on costly check cashing services. Also, all cardholders are protected with Visa's 'Zero Liability' Policy. Past Ecount surveys have revealed that more than 90% of unbanked employees prefer to get paid with the Ecount Paycard as compared to paper check, citing convenience as the number one benefit.
The most recent survey also revealed that the majority of banked employees use the Ecount Paycard as both a savings tool and for daily expenses. "Many of our banked cardholders place around 10 to 20% of their check on their Paycard. Some use it to save for big-ticket items like a TV or vacation, and many use it as "mad money" or discretionary income - to buy lunch or household items," continued Gillin.
About the 100% Payroll Solution
The Ecount 100% Payroll Solution provides electronic pay destinations for all employees who do not have bank accounts or would like an additional account. This enables companies to electronically deposit funds to 100% of their employee base, while providing the requisite access to funds for employees through the Ecount Paycard and Ecount Pre-Check™ products.
The 100% Solution also provides electronic pay stub delivery to the entire employee base, eliminating any need for paper delivery. The program provides increased employee satisfaction, eliminating the frustration, hassle and inconvenience of traditional checks.
The Ecount Paycard can be used everywhere Visa debit cards are accepted and at more than 800,000 Plus® ATMs. The Ecount Pre-Check can be cashed at the employee's regular check cashing destination.
To speak with Ecount's Payroll Specialists or learn about our programs, please contact 877-ECOUNT-1 or email sales@ecount.com.
About Ecount
Ecount provides customized prepaid programs for corporations looking for a simple and convenient way to deliver or receive electronic payments. With products ranging from incentives to compensation to specialized rewards, Ecount offers comprehensive programs to corporations looking to influence and motivate consumers, employees and customers. Ecount's proprietary technology enables complete communication and brand extension coupled with a secure payment vehicle. More than 1000 leading corporations, including more than one third of the Fortune 100, rely on Ecount's prepaid solutions to gain a strategic advantage in their market. For more information, please visit www.ecount.com.
Note to the Media:
Extensive resources are available for this article, including clients, cardholders, executive interviews, card images and more. For information and interviews, please contact Theresa Wabler of Ecount at 610.941.4600x169 or twabler@ecount.com.