How reloadable cards are a silver bullet for HR
A business runs on its people: without a strong, motivated and organised team, it’s impossible to carry out the work that will guarantee its success. Managing people – especially a large team spread over several locations – is a challenge. Not only do salaries need to be paid, staff need to be incentivised and taken care of to avoid the high turnover rates that can impact the profitability of the business. Finding an affordable solution to lessen the pressure on HR departments – be it a whole team or the owner of a small business themselves – is another challenge. This is where reloadable cards come to the rescue.
Reloadable cards are linked to a mobile phone number and function almost identically to a standard Visa card
Reloadable prepaid cards function almost exactly like a standard Visa debit or credit card. The only difference being that reloadable cards are linked to a mobile money account, as opposed to a bank account. A mobile phone number and South African ID number are used to activate the card, after which the user can begin transacting. Money can be deposited onto the card via EFT, by cash deposit at a bank branch or by transfer between two mobile wallets. The reloadable cards can be used to draw money from ATMs and swipe in-store. You can even earn interest on funds in the mobile money account and receive cash back from selected stores. All transaction history is viewable online too. What’s more, reloadable cards offer extremely competitive banking rates.
Paying workers with prepaid cards is safer than paying them in cash
So how can reloadable prepaid cards help in an HR context? Reloadable cards can be used in lieu of paying workers in cash. Not only are paying wages onto prepaid cards more secure than your employees having to carry cash, you can pay wages with a click of a button rather than making the weekly journey to the bank to withdraw cash. Supplying workers with prepaid cards will also financially empower those employees who previously did not have bank accounts.
Company gifts and incentives can be given using reloadable cards
Interns or casual workers can be paid with reloadable prepaid cards, which saves them either being paid in cash or having to add them to the payroll. The cards can also be used for company gifts or as monetary incentives for staff. The beauty of reloadable cards is that you can manage payments to multiple mobile wallets from a master account.
Using reloadable cards will save you the time spent on processing expenses claims
Reloadable cards can be used for expenses such as travel, petrol and food allowances. The admin involved in sifting through receipts and then reimbursing employees who paid for petrol using their own money can be avoided by simply giving them a prepaid card with a balance already on it. The same can be applied to paying bonuses and commissions.
The right provider will adhere to the highest data security standards
Choosing the right provider is important for ensuring that your reloadable card scheme lightens the load on your HR department. Payment security is a concern for all consumers; make sure you choose a provider with a long standing track record and understanding of the payment industry, who adheres to the most stringent data security standards. Your card scheme should also be Visa certified and offer a comprehensive range of after sales support services. Partnerships with key brands is another indication of a provider of a reputable reloadable prepaid card scheme.