|
‘Tis the Season to Start Saving |
 |
 |
Monday, November 9, 2009
Halloween has just past and Thanksgiving is fast approaching, but I've already spotted my first Santa this season, and more sightings are sure to follow. Seemingly every merchant in America is gearing up for the holiday season – displacing deeply discounted Halloween candy in favor of candy canes and festive canisters of baked goodies. Gift sets abound. Are you prepared? (Or are you still paying for last year?)
Of course, budgeting for the holidays has always been a little harder for some – especially those just entering the workforce or starting to make their way up the pay scale. These individuals often avoid bank accounts – with their lofty minimums, monthly fees and overdraft charges – so these self-banked workers seldom have access to savings accounts. Many haven't established positive credit histories, so rather than relying on credit cards, they're putting cash aside in sock drawers or buying money orders to set aside. Obviously, that isn't the safest or most efficient way to save.
We are proud to post that this year our cardholders will find it easier to save for the holidays. They can now save money safely in a free savings account that actually pays a competitive interest rate! No more mattress stuffing! With the savings account, our customers now have access to a valuable financial management tool that provides a free, secure means to budget for emergencies, large expenses, longer-term needs and all their children's holiday dreams. We're proud to offer this great new feature, which will help our customers manage their finances. It's just another way we're helping our customers move toward financial prosperity.
Deneka Scott
Senior Vice President
|
|
FSV Receives Industry Recognition – From Those Who Matter the Most! |
|
|
Monday, November 2, 2009
Late last month, Aite Group, an independent research and advisory firm focused on the financial services industry, published a study of prepaid processors. FSV fared well in the study, earning Aite's recognition that, "While no one processor excelled at all the criteria in our evaluation, FSV Payment Systems is the most attractive option when looking at all considerations across the board, including management experience and flexibility, customer service, reliability of platform, etc." (See FSV's home page to a link to purchase the study.)
We're proud of the recognition - not because we fared well in a check-the-box ranking, but because Aite Group interviewed clients and placed a heavy emphasis on their feedback. And, the feedback from FSV's clients makes us proud to have such great partners. We consider the findings of the Aite report a call to action - an opportunity to address those areas that our clients reported we could improve upon, and to continue to put our clients first and foremost as we develop the strongest partnerships in the prepaid card industry.
Cathy Corby Parker
Executive Vice President
|
|
Facing Disaster with an Empty Wallet |
|
|
Saturday, September 12, 2009
As I sit here at home, writing today, on the one year anniversary of Hurricane Ike, I find I'm reflective but, also incredibly anxious. Right now with Hurricane Fred in the Atlantic and Tropical Storm Linda winding down in the Pacific, I'm wondering what's changed since Ike, besides higher insurance and deductibles for those of us in the Houston area. At least I have electricity today - not so one year ago today!
Certainly, awareness is heightened. Employers are reviewing their disaster plans - including payroll distribution during a disaster. And considering the impact of Hurricane Ike on employees who couldn't access their pay when they needed it most, this essential area could use some attention.
Last year, during Hurricane Ike, FSV had the privilege of ensuring that more than 1,800 workers received their pay on PaychekPLUS! Elite® Visa® payroll cards. Without their cards, these employees would not have received wages because they were still receiving their pay via paper check. As businesses, what have we learned about protecting our employees in a disaster? They need access to their pay more than ever if hurricanes are raging off the coast or wildfires have destroyed hundreds of acres (and maybe their homes) or flooding has cut off them off from their checks. If they come in every payday to cash their checks, what happens if the building is gone? What if overnight and regular mail just can't get through?
To protect employees adequately, any disaster plan must include a reliable means of distributing payroll. At FSV, our clients may offer their employees our payroll cards primarily for the cost savings, but their disaster plans benefit, as well. In the event of a disaster, their paycard employees aren't concerned or waiting around for their checks on payday. Their pay is loaded directly onto their PaycheckPLUS! paycards, so - when employees need it most - their money is already in their hands.
There's simply no better way to distribute pay in a disaster. What's your plan for payday when disaster strikes?
Deneka Scott
Senior Vice President
|
|
Many Summer Employees Are Returning to School – and the Hassle and Inconvenience of Paper Checks |
|
|
Friday, August 28, 2009
Back to school can mean the end of summer jobs and the return to college for teens and young adults - many of whom this summer received their pay on a payroll debit card. For three months these young workers enjoyed faster access to their wages and the convenience and prestige of making purchases with a payment card - let alone the savings of both time and money that resulted from their employers adopting paperless paydays. As these students settle into the school year and secure a work study or part-time job, they would not have to revert to the old way of getting paid by check if their summer employers gave them PaychekPLUS! Cards. With a PaychekPLUS! Payroll Card, FSV customers can take the paycard with them to their next employer - or employers, as FSV paycards allow payment of wages to their payroll card from multiple employers at once. The FSV PaychekPLUS! Payroll Card has a routing and transit number and account number associated with it, the same as any bank account. The PaychekPLUS! cardholder can simply take this number to his or her new employer and experience the benefits of paperless pay on a payroll debit card throughout the school year.
Many summer employers adopted payroll cards to eliminate the expense, productivity loss and environmental impact of paper paychecks. What they may not have known is that, throughout the school year, their summer employees will think fondly of them every payday as the benefit of their payroll debit card lasts throughout the year.
Cathy Corby Parker
Executive Vice President
|
|
Running on Empty – Literally … |
|
|
Monday, August 3, 2009
This past Saturday, during errands I stopped to gas up my vehicle and was approached by a man in need of extra money for gas...
The man was on his way home from work and ran out of gas - he pushed his truck into to the station. He had a gas can and asked me for enough money to get a gallon of gas so that he could get home. At first I was cautious, anyone would be in a city this size but, I listened. Feeling the need to justify why he needed money, he told me his name was Scott, that he worked as a cook (at a place I will just call "The Burger Joint"- it is a large QSR with about a 1000 store footprint) and that he made minimum wage and payday was not until next Friday. So he had no money, at all, for gas. I was quickly fumbling through my wallet to look for any cash I might have - a rare thing for me - and located $8, all I had in cash, and gave it to him. I never questioned him - just told him I was happy to help. While I could tell Scott was embarrassed to ask, he was extremely grateful, and told me to come see him at "The Burger Joint" and he would make me the best hamburger I would ever eat. Repeatedly he thanked me - as I drove away, he literally yelled "thank you" again.
I take it for granted - my access to credit. It is so easy for me to put my Visa credit card into a gas pump, fill up my tank and go. To Scott, that was not and may not ever be an option - it was obvious he was cash based and had no access to credit. However, with a PaychekPLUS! Payroll Card From FSV, Scott could have a micro line of credit available to him - if he needed $20 to fill up his tank, he could make a quick phone call and have the money within a matter of minutes - enough to get him what he needed until his next payday and quite frankly, maintain his pride.
Payroll cards from FSV Payment Systems are the best way for companies to save money, streamline payroll, improve efficiencies - I could go on and on. BUT for employees, the benefits are even greater when they have access to all the features of the card - including the line of credit. Some employers are afraid employees will get into debt if an option for credit is available. With Scott's story and hundreds of thousands of other stories, it's not about the "cycle of debt", it is about needs - and the ability to access a line of credit on a payroll card can fulfill that need.
I plan on having that "best burger I will ever eat" next week. A small way for me to say "thank you" to Scott for reminding me not to take things in my life for granted.
Deneka Scott
Senior Vice President
|
|
Avoiding the $42 hamburger: Unexpected Overdraft Fees vs. Short Term Advances |
|
|
|
Thursday, July 9, 2009
The front page story in the July 9th issue of USA Today is headlined "Banks' courtesy loans at soaring rates irk consumers." Back in May, we wrote here about the $42 hamburger - a cheap burger garnished with an unexpected overdraft fee. Today's story gives a good profile of how consumers can rack up big fees by not being aware in advance that a purchase would trigger an overdraft.
PaychekPLUS! does not allow employee paycard accounts to overdraft - hence, we don't have overdraft fees. But we recognize that there are times when an cardholder could use a little money to tide them over to payday - and they are willing to pay a fee for the convenience. The key is allowing the cardholder to make the choice before the purchase. Few consumers would buy a hamburger, knowing it will trigger an overdraft fee, but for someone facing a late fee on a utility bill or needing gas to get to work for the rest of the week, paying a fee for a short-term advance could be a good decision.
That's why FSV makes available a micro line of credit that employers can offer their employees. The advance is not automatic - cardholders must call to request an advance each time - and they select the exact amount to be advanced, so they are not paying fees for more money than they need. FSV believes this is a responsible approach to providing short-term advances to meet the urgent needs of our customers.
Cathy Corby Parker
Executive Vice President
|
|
|
Subscribe via RSS
Blog