Here at rapid! PayCard® we do more than maintain adherence to state and federal regulations. We keep our clients well-informed of the ever-evolving payroll laws. A consistently updated, interactive map which serves to deliver current, state-by-state updates on legal requirements and how rapid! PayCard complies. Our goal is to provide employers with innovative and responsive payroll card programs. We observe industry-wide best practices for the delivery of high-quality payroll cards that maintain the objectives of choice, safety, affordability, transparency, and convenience. For example, here’s a look at some of the legal requirements in the state of Maine and how we conform: Cash Access Employees must be paid their full wages… Read More
Developing and Maintaining Payroll Controls
BY GRETCHEN INOUYE, CPP Payroll, which includes taxes and benefits, is frequently the largest operating expense of an organization. Then when you factor in the confidential payroll information to the financial aspects, developing and maintaining adequate controls within the payroll environment is essential. Controls generally fall within three areas: physical controls, staffing practices, and system controls. The size and complexity of an organization will determine the levels and types of controls to implement, although some controls are applicable in all environments. Physical controls involve restricting access to payroll by establishing actual physical barriers such as using locks on doors, desks, and filing cabinets. If access to the payroll department is… Read More
Washington State Pay Cards and Compliance
We provide our customers with a consistently updated, interactive map which serves to deliver current, state-by-state updates on legal requirements and how rapid! PayCard complies. Our goal is to provide employers with innovative and responsive payroll card programs. We observe industry-wide best practices for the delivery of high-quality payroll cards that maintain the objectives of choice, safety, affordability, transparency, and convenience. For example, here’s a look at some of the legal requirements in Washington State and how we conform: Cash Access Legal Requirement – State Statute of Washington State: Employers that pay employees by electronic means must ensure that wages are available to employees on the established payday. Wash. Admin…. Read More
The Rewards of No Overdraft Risks
Overdrafts. The bane of our bank accounts. This is just one of the financial expenses imposed on hard-working consumers; not to mention the costs of foreign Automated Teller Machines (ATM) fees when there’s not a branch in sight when you need one. It is of course clear that banks are a business. They provide a service and should be paid for it. But there’s compensation, and then there’s compensation. In May of 2015, CNN Money reported that America’s three biggest banks: JPMorgan Chase, Bank of America, and Wells Fargo earned over $1.1 billion on overdraft fees. And if they stay on pace and you extrapolate those numbers, from this fee stream alone,… Read More
Why rapid! PayCard® is Easy to Use
For those who don’t know, payroll cards, such as the rapid! PayCard, are prepaid cards that are loaded up by employers every pay period. The rapid! PayCard® lets you collect, manage, and spend your money with the convenience of a prepaid card, while providing greater security1 than carrying cash. Our rapid! PayCard requires no credit check2 and can be issued3, 4 instantly by your employer. Using the rapid! PayCard gives employees lots of benefits and an easy, hassle-free user experience. This means less stress, less aggravation and less worry when it comes to actually getting your hard earned pay check. With rapid! PayCard you can have all of your payments loaded directly… Read More
July Updates in PayCard Compliance
July has been a busy month for the PayCard industry, with the Department of Education and the State of New York Department of Labor both addressing rule making proposals! The Department of Education is addressing a rule change regarding the disbursement of Title IV Funds. These funds include all federal grants, loans and financial assistance for college students. Universities and colleges are tasked with the responsibility of applying the funds to tuition and fees for each student as well as disbursing any remaining or additional funds to said student. The debate currently being addressed is determining the most efficient and cost effective way to get the funds to the students…. Read More
5 Easy Saving Strategies
Saving isn’t always easy, and can sometimes feel like a necessary evil, but in order to secure your financial future, establishing healthy habits for saving is imperative. It’s never too late to start saving for your future, even if you start small. Set goals for your financial future, and then work towards those goals. If you don’t even know where to start, we’ve compiled a few saving strategies that, we think, will be a great place for you to start. Think Before you Buy The first tip is to think before you buy. When you are considering making a purchase, ask yourself if you really need it or if it… Read More
Benefits of rapid! PayCard® for College Students
These days, prepaid cards are more popular than ever. When sending a child off to college, a major concern on every parent’s mind is money. How will my child receive money? What if an emergency happens and their account balance is low? What if they need money for food? This is where rapid! PayCard can help ease your family’s worries. Prepaid cards are easy to obtain and widely accepted. These cards are easy to reload, especially online. With rapid! PayCard money is available as soon as it is transferred – no wait time. So if an emergency situation occurs, or your child is short on money for the month, the… Read More
Take a Vacation with rapid! PayCard®
Hard-working employees deserve a break every once in a while, but vacations always seem to leave the people still in the office in a bit of a crunch. That is where rapid! PayCard comes in. With rapid! PayCard your payroll department has the ability to auto schedule payroll while they are away on vacation. This saves your company from facing the expenses of hiring and training temporary staff while your payroll personnel is out of the office. Gone are the days of traditional payroll where checks were processed, printed and hand delivered by payroll. With the convenience of ePayroll and rapid! PayCard companies and payroll departments have many benefits including:… Read More
Update on State Payroll Card Legislation
In 2015, ten states have considered legislation addressing payroll cards. Several bills would make it easier for employers to implement electronic wage payment, others would impose restrictions on the use of payroll cards. To date, the bills more favorable to payroll cards have passed. FL and GA: Legislation in Florida and Georgia has been approved by both houses and awaits signature by their respective governors. The Florida bill applies only to labor pools, and would allow labor pools to pay day laborers using payroll cards if certain conditions are met. The Georgia bill applies to all employers and would statutorily authorize the use of payroll cards. Employers will be able… Read More