The Top Three Reasons Staffing Firms Should Embrace a Digital Banking Solution for Associates

 Blog share courtesy of Preferred Member Paysign

 

Staffing firms that invest in the well-being of their associates build a bridge of loyalty that can prove indispensable. Financial security solutions top the list of desirable benefits, with a 2020 MetLife study identifying that 52% of employees listed it as a primary concern in their day-to-day lives. Similar studies have found the same demographic cites that loyalty was directly influenced by perception of the company’s care for their financial health.

 

There are a variety of ways to accomplish this through loyalty programs but providing a digital banking option for your talent community is a modern benefit that increases loyalty while streamlining your processes at the same time. Here are the top three reasons that staffing firms should embrace digital banking as a perk for workers.

 

1. A Streamlined Process and Expedited Payments

A streamlined payments process ensures that funds are delivered where they need to go in an expedited way. That means less time is spent by payroll and accounts payable personnel on activities like printing and reviewing checks, getting approvals and signatures, verifying mailing addresses, dealing with lost or stolen mail, and countless other ongoing tedious tasks. Automation can also help increase the accuracy of your outgoing payments, reducing the research and time it takes to fix mistakes. Digital banking solutions also expedite payments, allowing workers to receive their pay up to two days faster¹ in some cases.

 

Paysign® Premier, an innovative digital banking solution, does just that. This modern digital bank account features a personalized Visa^® debit card and is designed to speed up processes, increase associate loyalty, and eliminate costs by delivering funds through a convenient and flexible account. There is no credit check² to open an account, and numerous money management tools are included to help users manage their financial well-being in real time. Because of our unique payment processing framework, we are able to deliver funds directly to the associate upon receiving the ACH request, unlike traditional banks that wait for the transaction to clear backend processing.

 

2. Cost Savings and Cash Back Rewards

Digital payments have an immediate impact on improving a business’s bottom line. Going digital reduces costs across the board, but some of the most notable savings are directly associated with eliminating paper checks. A short list of the expenses that can be reduced or eliminated include postage, stationery, paper and toner, shipping services like FedEx, theft, fraud, bank fees such as stop payments, and the salary paid for all the man-hours that go into these activities. By delivering payments electronically to a Premier account, the savings will add up.

 

Premier has many perks, but one of the most popular is the Paysign Pays Cashback Rewards program. The program is simple. Accountholders earn rewards when they use their Paysign Visa card on qualifying purchases³. The more the card is used, the more they earn with an average of 5% cash back at more than 61,000 popular merchant locations³ – no coupons or codes required. Rewards are deposited monthly into their account.

 

3. Access to Real-Time Information and Quick Implementation

The biggest roadblock to businesses adopting new technologies is often the time and expense of making the necessary hardware and software changes, training staff, and dealing with lost revenue if any downtime is experienced. Luckily, implementing a digital payout solution can be painless. Premier includes a turnkey referral program that can be launched immediately and has no startup fees. If you are looking for a more tailored program with your firm’s logo on the cards and forward-facing applications, Paysign can make customizations in weeks rather than months.

 

It is clear that financial health is dependent on access to straightforward, concise, and accurate information. But, just as important, is the ability to access that information regularly and with ease. Luckily, Paysign’s innovative mobile app and web portal provide accountholders with up-to-date, real-time account information with the tap of a finger. This bilingual interface allows users to manage their money wherever they go, with features like recent transaction history, account alerts⁴, and the ability to find nearby ATMs.

 

Implementation of a program such as Paysign Premier shows your talent community that maintaining a positive relationship with them is a long-term investment for your firm, and that management genuinely cares about their well-being. Such sentiments help build strong loyalty and ultimately benefit the health of your business.

 

Click here to learn more about how Paysign Premier can help you get started building associate loyalty today.

 

• Faster funding claim is based on a comparison of our policy of making funds available upon receipt of Payment instruction versus the typical banking practice of posting funds at settlement. Fraud prevention restrictions may delay availability of funds with or without notice. Early availability of funds requires payor’s support of direct deposit and is subject to the timing of payor’s payment instruction.
  
  
• Approval is contingent upon passing a mandatory identification confirmation, pursuant to The USA PATRIOT Act. Federal law requires financial institutions to obtain sufficient information to verify your identity. You may be asked several questions and to provide one or more forms of identification to fulfill this requirement. In some instances, we m.ay use outside sources to confirm this information. The information you provide is protected by our privacy policy and federal law.

• Participating merchants are subject to change and may not provide offers at all times. Terms and conditions apply.  Standard text message rates, fees and charges may apply.

 

This Card is issued by Patriot Bank N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc.