Some twenty years ago, even in very large enterprises, employees’ salaries were calculated and paid manually, and this work involved several employees in the finance department. It sounds wild and like a story from the Middle Ages, but it was so. With scientific and technological progress development, new systems have appeared that simplify the work of financial departments and the lives of all company employees. In addition to comfort, innovative technologies also provide additional savings for businesses. One such favourable solution is salary cards.
Salary cards: what is the innovation?
In today’s reality, companies are not limited to the main staff but hire contractors, freelancers, and affiliates to perform certain tasks. After all, it is much more profitable to hire a worker only to perform a specific task rather than keep a specialist on staff. By creating a payroll project on the Wallester Business platform, companies can organise prompt salary payments to all staff, including temporary and freelance employees. It is an innovative payment solution that optimises the payroll process and significantly simplifies payment.
How to start a payroll project with Wallester Business?
To take advantage of all the benefits of a payroll project created on the Wallester Business platform, you need to follow a few simple steps:
- Create an account on the Wallester Business platform. To pass this procedure, you need to submit company documents and undergo the KYC procedure.
- Invite participants to the payroll project. When the account is fully set up, all employees who receive salaries in the company must install a special mobile application. This app will receive an invitation to participate in the payroll project. When they accept the offer, they can enjoy all the benefits of the payroll programme.
- Start of payroll payment. When all employees have joined the system, you can start paying salaries.
Own payroll project significantly speeds up salary payment and provides employees with a convenient means of payment.
Types of salary cards
Initially, salaries were paid in cash at the cash desk, and queueing up for your hard-earned money was the norm. Cash is losing relevance as online or contactless payment of goods and services is becoming more popular. All you need to do to make a transaction is provide your card number and other details, and the transaction will be completed. With these capabilities, there is no need to use physical cards.
The Wallester Business platform allows the issuance of both physical and virtual cards. Once they are created, it is very easy to transfer money to them. In a special application, the sender undergoes a small verification and transfers funds. This process takes only a few minutes. For verification, uploading a photo and a copy of the identity document to the application is necessary. This procedure is performed only once, and there will be no need to do it in the future to use the salary card.
In essence, a salary card is a prepaid debit card to which the employer transfers all payments due to the employee. Cards may have a classic VISA design or an individual design in corporate colours and with the employer’s logo. At the employer’s request, the cards can accept only salary or be opened to receive money from other sources.
How is the transaction carried out?
Each payroll project card has its own account. Each employee pays a certain fee every month to use the card. He can do this in several ways. Batch transactions can be carried out in CSV, Excel, or XML format. All data can be uploaded at the same time.
Companies do not need to change the existing software, as Wallester Business easily integrates with already installed software. There are no additional fees or commissions when using the platform.
Access to own funds
The company has transferred funds to employee cards. What’s next? Next, employees need to learn all the methods to access their finances. And there are several of them. As soon as the money is on the card balance, the holder can immediately use it through a mobile application. It can be installed on a smartphone with an iOS or Android operating system. Cards can be physical or virtual. They can be used to pay for purchases in retail outlets and online shops and to withdraw cash from ATMs.
Salary cards issued through the Wallester Business platform are serviced by the Visa payment system, which means that they have all the advantages of Visa cards and can be used worldwide. Visa is a convenient and reliable payment instrument that provides employees with easy and quick access to their salaries.
Rockies Ripple is the founder and lead writer behind the independent blog tvplutos.com