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Living on Cold, Hard Cash – Literally! |
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Friday, March 12, 2010
"Cash or credit?" This simple phrase is one we're certainly accustomed to. Actually, we're probably asked "Credit or debit?" even more often. What would it be like to have no choice but to answer, "Cash," each time you were asked either question?
I can't count on all of my fingers and toes how many times I've stressed the benefits of paycards to clients, including relieving the "cash-based lifestyle burden," as I like to call it. It's funny, though. Having given some thought to the words I speak so often, and with such conviction, I realized that I have no real clue what I'm talking about. And I'd bet neither does my audience. I mean, how many of us actually have any idea what it's like to live a cash-based lifestyle?
So, my friends, I'm finding out the hard way. For the entire month of March I'm living a cash-only existence. Sounds simple, right? I can tell you it is not. Just temporarily cutting off my auto-draft from my checking account was exhausting. It gave me pause, as well. I'm not even two weeks in, and I'm beginning to wonder exactly what I've gotten myself into here!
I'm still figuring out how some of the nuances of a cash existence. (Why doesn't my cable bill come with a return envelope when they aren't local?) You'll hear back from me with more updates along the way and some overall results at the conclusion of my little experiment. Check back for progress reports and some stories regarding my experiences sans debit card. This should be interesting, folks. Wish me luck!
Chris Pigg
VP Client Development
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Launching Our New “Living on Cold, Hard Cash” Blog Series |
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Monday, March 1, 2010
An animated discussion broke out during a meeting last week in which several members of our ePayroll team talked about the employee experience with paycards and the positive impact that getting their pay directly on their cards every payday has on their lives. One thing led to another, and talk turned to employees who have to get by in life using only cash. The discussion was lively, with the team sharing many different perspectives on the cash-only lifestyle and its impacts.
Assuming that anything we find so absorbing is worth sharing, over the next few weeks, our ePayroll experts will be blogging their thoughts on the topic here. In addition to sharing their perspectives, this series will serve to introduce some of our key electronic payroll experts. This should be fun!
Debbie Grant
Chief Employer Solutions Executive
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Join FSV at the 2010 APA Congress and Get a New Perspective on Paycards! |
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Friday, February 12, 2010
Preparations are already underway, and I'm excited to participate in this year's APA Congress in May – not as an attendee, but as a panelist! FSV is partnering with Visa and a couple of our payroll clients to present a different perspective on electronic payroll. Our thought leadership workshop will take a practical approach to implementing a successful paycard program, based on the experiences of people who have "been there and done that."
Chris Pigg, for example will share his experience managing the RFP process and implementation of the paycard program at Walmart. Beyond the ins and outs of finding the right provider, he can speak to what it takes to get an organization to act, including how to involve the right people from the top down. Jill Goebel, Payroll Card Product Manager with Visa U.S.A., will share significant research on the value of network branded cards. She'll also discuss the employee experience with paycards and the benefits they can expect from the right program.
Lori Arnold, payroll supervisor at Del Taco, will join our panel, as well. Having managed their tremendously successful paycard re-launch, Lori knows firsthand what it takes to implement a successful electronic payroll program. By ensuring Del Taco's more than 6,000 employees understand the benefits of direct deposit and the value proposition offered by paycards, Lori has achieved and maintained an impressive 95% participation in electronic payroll, and adoption is still climbing. Lori offers extensive insight and practical understanding of paycards - from partner selection through program implementation and maintenance, and in her 10 years at Del Taco, she has developed a strong familiarity with the wants and needs of "unbanked" employees.
While we're well on our way, our panel is still growing. We'll keep you updated as our workshop plans progress, and we look forward to seeing you at the APA Congress in May.
Deneka Scott
Senior Vice President
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It's Award Season... |
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Friday, January 22, 2010
The Golden Globes, the SAG awards, the Oscars, the Paybefore Awards... Yep, the Paybefore Awards - recognizing the best of the best in prepaid debit card programs.
Congratulations to our partners at Central Bank (Missouri) on being named one of three winners in the Best Government Funded Program category of the 2010 Paybefore Awards for the Missouri Access MasterCard. This distinguished program is now up for "Best in Category" for Government Funded Programs with the overall winner being announced on February 22 at the 2010 Paybefore Awards Ceremony in Las Vegas.
While I could I wish I could wear my best red carpet gown, my tailored business suit will have to do. We will be blogging live and you can catch all the action at www.fsvps.com.
Congratulations again Central Bank - we will be rooting for you!
Deneka Scott
Senior Vice President
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New Goals for the New Year |
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Tuesday, January 12, 2010
The holidays are over. We ate too much. We spent too much. But we've resolved to do better. The top three New Year's resolutions are invariably losing weight, sticking to a budget and decreasing personal debt. Unfortunately, network branded prepaid cards won't help consumers shed unwanted pounds, but they can help them get back on the right track, financially.
As consumers focus more on their finances, many are turning to prepaid cards as a convenient and economical solution for their financial management and payment needs. While credit cards tempt cardholders to overspend and slide into debt, prepaid cards don't allow consumers to spend money they don't have or incur debt that they can't afford. Debit cards can be useful, but they're essentially restricted to those who can afford to maintain the hefty bank account balance minimums, and even they have to be very careful not to overdraft and trigger costly spiraling fees. Prepaid cards offer the advantages of debit cards; plus they decline attempts to overspend.
Of course, consumers who plan to pay off their debt need to start saving. Prepaid cards help there, too - offering free, interest-bearing savings accounts. Automatic transfers are available to make it easier to move money into savings. Cardholders can put a little bit away each pay period, watch their spending and eventually reach their goals.
Then, they can start working on those abs!
Happy New Year,
Debbie Grant
Chief Employer Solutions Executive
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Keep Safe This Holiday Season |
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Friday, December 18, 2009
The music, the lights, the shopping.... While it may be "the most wonderful time of the year," it's also a dangerous time for shoppers, because many criminals see the holidays as a great time to pick up some extra cash.
Countless crime prevention lists are published this time of year, and I'm sure that every last one warns of the dangers of carrying cash. Yet many people drive directly to the nearest mall after cashing their paychecks or carry their entire holiday budget in their pockets. While we all know it's dangerous to take out a big wad of bills to make a purchase, how comfortable are we with the alternatives?
Credit cards can be a scary option, even for those who have the available credit to use them. It's just too easy to charge more than you can afford. Many people are cutting up their credit cards or leaving them in a drawer this season, rather than having to face a leaner New Year. Debit cards offer their own worries to those who've been burned by outlandish overdraft fees, when careless errors have led to spiraling fees.
That's why consumers are embracing network branded prepaid cards this season, as a safe, economical, convenient solution to their holiday payment needs. With prepaid cards, it's much easier to budget, since you can load a set amount on your card. You can't overspend! Prepaid cards offer all the safety, purchase power and convenience of debit cards – without running the risk of extreme overdraft fees.
That's guaranteed to bring you a merrier Christmas and even happier New Year!
Deneka Scott
Senior Vice President
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