09.23.15 |
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Paycards Receive High Marks In User Survey

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Americans may not agree on much, but among those who receive their wages via paycard, most concur that it has been a positive experience.  According to a recent Visa survey*, 86 percent of paycard holders say that they prefer to be paid with a paycard rather than a paper check.

One of the biggest advantages survey respondents reported is having instant access to their wages. Nearly nine out of 10 cardholders surveyed said their paycard saves them time versus having to cash a check or buy money orders to pay bills. Of those with a preference, 80 percent of respondents said they would want to continue using a payroll card to receive wages even if they changed jobs.

Ease of use is another major reason why employees find value in having access to a paycard. Eighty-five percent of cardholders agree that paycards are easy to use for their monthly purchases, and 90 percent use their paycard to pay for at least some purchases.

Furthermore, paycards can offer important tools that help enable workers to manage their money more effectively. Four out of five of survey respondents say their paycard helps them track their money more easily than cash. The ability to check a balance 24 hours a day, seven days a week, is a vital money management tool.

When you combine all of these benefits, it’s clear why a paycard can make so much sense for certain employees. It could mean less time waiting at the bank, more control over personal finance and less hassle paying for groceries and bills – all of which can help make for a happier, more satisfied and productive workforce.

 

Learn More About ADP SmartCompliance® Wage Payments

 


 

*Results based on an online survey by Ipsos, as a commissioned agent of Visa, among active cardholders of four Visa payroll partners; data weighted to each partner’s respective share of over half of Visa’s payroll card POS dollar volume from October 2013 – September 2014.

The information provided in this blog post is for informational purposes only and not for the purpose of providing accounting, legal, or tax advice.  The information and services ADP provides should not be deemed a substitute for the advice of any such professional.  Such information is by nature subject to revision and may not be the most current information available.



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