![]() ![]() “Administering payroll can be costly for any company,” said Money Network President, Mark Herrington. In addition, employees can access funds immediately every payday, track their payroll information and pay bills online via a secure Web site, as well as use their cards to make purchases everywhere Discover Network cards are accepted. While it can cost anywhere from 2 percent to 10 percent of the check's value for an employee without access to a bank account to cash a payroll check, Discover Network's payroll card only carries a nominal fee. Eliminating paper checks minimizes employers' exposure to check fraud and removes bank-processing fees for stop payments on lost or stolen checks.Įmployees see significant financial benefits as well. The Discover Network payroll card program helps significantly reduce these costs by automatically loading funds onto cards issued to each employee which can then be used anywhere Discover Network cards are accepted. Additional expenses often include postage or courier fees to distribute paychecks, as well as the cost of tracking and accounting for paychecks once they're issued. We also are strengthening our relationship with First Data, which already offers Discover Network card acceptance as part of its integrated service to small- and medium-sized merchants.”Īccording to the American Payroll Association, it costs between $1 and $2 to process, print and deliver a single paycheck and about $9 to replace it. “Through our agreement with Money Network, Discover Network can further extend its reach into the rapidly growing payroll card market. “Companies are quickly realizing that payroll card programs are a safe, convenient and cost-effective way for both employers and employees to significantly reduce the costs associated with the payroll process,” said Tom Crowder, director of strategic development and general manager of prepaid products for Discover Financial Services. In addition to the convenience of immediate access to funds, Discover Network payroll cardholders can check account balances in the authorization messages on their sales receipts after every signature-based purchase. ![]() Discover Network payroll cards provide a 100 percent authorization requirement, which further reduces fraud risks and costs for issuers. This feature also is beneficial when delivering bonuses, commissions and special incentives. With instant-issuing capabilities, employers can issue Discover Network branded cards to employees who may not have traditional banking relationships. The payroll cards offer underbanked consumers diverse financial management tools including instant-issue prepaid debit card use, check writing capabilities via Money Network™ Checks, access to a large network of ATMs, direct deposit and pay-to-the-penny payroll services, and money transfers from the United States to Mexico and Latin America. The Discover Network payroll card by Money Network program provides a smart alternative to paper paychecks including card applications typically not offered by other prepaid card brands. Money Network will issue Discover Network branded payroll cards and handle card administration. ![]() (NYSE: FDC), to issue Discover Network payroll cards provided by Money Network Financial, LLC, a First Data Company. Riverwoods, Ill., - J- Discover Financial Services, a business unit of Morgan Stanley (NYSE: MS), announced an agreement with First Data Corp.
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