Intuit (Nasdaq: INTU), the leading provider of payroll services to small businesses, today announced that its PayCard debit cards are now accepted at more than 24 million MasterCard merchant locations worldwide. Intuit also announced that its PayCard debit cards can be used to obtain cash, surcharge-free, from more than 11,000 automated teller machines throughout the United States.
PayCard is another innovative way Intuit makes payroll "Right for Me" for small and medium-sized business employers. Intuit PayCards are issued by First Bank based in St. Louis, Missouri and offered to Intuit payroll services customers through an alliance with Genpass, a leading provider of payroll card services and operator of MoneyPass, the nation's fastest-growing surcharge-free ATM network.
Intuit's PayCards are stored-value debit cards that small businesses can issue to employees in place of paper paychecks. Known in the industry as payroll cards, they provide a safe and cost-efficient option for employers who either want to eliminate paychecks or offer an alternative method of payment to employees without a bank account.
Using payroll cards, employers can reduce the recurring costs of printing and processing paper checks. Workers can use their pay cards to withdraw wages from ATMs or purchase goods and services at point-of-sale terminals in stores. Companies using Intuit PayCards can also allow their employees to use them where MasterCard debit is accepted – expanding ease of use and convenience of the service for their workers.
"Both employers and employees have told us they want new and cost-effective alternatives to traditional paychecks," said Bill Hensler, vice president of Intuit's Outsourced Payroll division.
"Intuit PayCards are an appealing option because they are a win-win for the employer and the employee. The cards allow small business employers to reduce the cost and hassle associated with issuing paychecks. Employees find the convenience of the cards appealing and, with the relationship with MasterCard, have more options for where and how they spend their money," Hensler said.
Safe Alternative to Paper Paychecks
With more than 10 million workers in the United States who do not have a bank account, employers are increasingly searching for simpler payment solutions such as payroll cards. Celent Communications, a consulting and research firm, projects that 25 percent of households without bank accounts will be using payroll debit cards by 2006.
By offering Intuit PayCards small businesses can help these workers eliminate their dependence on check cashing institutions that charge substantial fees. Additionally, Intuit PayCards can help reduce the risk of crime for these workers and help them feel more secure by eliminating their need to carry their entire paycheck in cash.
Availability
PayCards are available immediately to Intuit Payroll Services Complete Payroll customers. The company plans to also offer it to its QuickBooks Assisted Payroll customers in the first half of 2005. To learn more about PayCard options and Intuit's full-service payroll products, visit www.payroll.com/paycardinfo.
