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National City Corporation has launched a Visa stored-value debit card that employers can use to fund a variety of employee programmes, such as incentive programme payments, loyalty bonuses, payroll payments, expense reimbursements, and even insurance claims.
The card is funded through deposits made by the employer, and provides the employee with the ability to make purchases at retail outlets and ATMs anywhere Visa debit cards are accepted.
Apart from using the National City Stored-Value Debit Card to pay employees, reimburse expenses, and pay incentives, employers can also use the card to recognise and reward deserving employees for their achievements and loyalty.
Usage monitoring
For example, Indiana-based Kimball International recently began using the card to pay its employees sales incentive bonuses. The company was already using a third party supplier for a stored value product, but found the method to be expensive to operate. Karen Norris, cash manager for Kimball International, explained: "We wanted to expand our usage with a more cost effective product, and the National City stored-value debit card offered a flexible solution that addressed our needs and also allows us to monitor card usage."
"The National City Visa Stored-Value Debit Card is a flexible payment option for employers, and it is a great service for employees as well," said Mary Ann Francis, senior vice president and manager of National City's Global Trade and Treasury Product Management.
No bank account
"The card is ideal for employees who do not already participate in direct-deposit programmes, providing them with immediate access to funds without the hassle of cashing payroll cheques, and they don't need to have a bank account to use the card," added Francis.
The card is issued through National City to each client company's employees, and may feature the company's name and logo on the card. Employees may then use the card for purchases and to retrieve funds through cash withdrawals at ATMs or at bank branches across the USA. Cardholders can also view account information online and request balance information either by using an ATM or by calling the customer service number on the back of the card.
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