A modern person can hardly imagine their existence without such a financial instrument as a salary card. What advantages does it give? This is the question that workers who are going to issue the card ask. Experts from the financial company WestStein are sure that the payroll card will allow you to forget about the long queues in front of the doors of the accounting department, and will not actually limit your freedom of action in terms of money.
So, why do you need a payroll card? This is not just a card tied to a specific account, it is a tool through which the organization transfers funds to its employees. First of all, the management of the enterprise must sign an appropriate agreement with the banking structure, and in the future, employees will be able to receive non-cash payment. This is a fairly common procedure in our time, which definitely does not take much time.
Individual salary card: which one is better?
Since payroll cards are often debit cards, their functionality does not actually differ from those cards that you can get yourself from the bank. But there are some nuances. There are several criteria by which it is possible to determine how a salary card differs from a regular one, among them are the following:
- not the holder, but his employer pays for the maintenance of the account and “plastic”;
- even the best payroll cards may have less functionality than regular debit cards;
- if an employee leaves, he can refuse the card or continue using it, but pay the bank on his own;
- if the validity period has expired and the person no longer works in the company, the card will not be reissued.
But each case is individual, so we recommend to get qualified advice from the employees of the selected financial institution before ordering a salary card.
How to apply for a salary card?
This procedure primarily lies not only on the shoulders of the hired employee, but also on his management, since it is the authorities who conclude the relevant contracts for salary payments in the bank. The organization sends its employees to the appropriate financial institutions, where they receive the card. It is enough for you, as a future holder, to provide your passport data and within a short time a bank employee will provide the card.
The positive side of issuing such a card is the presence of an overdraft part. What is it? It is a credit share on your debit card. This feature allows you to spend more money and return them to the bank on favorable terms, sometimes even without interest, if a grace period is provided.
WestStein Prepaid Salary Card: Benefits
Among the main advantages of such card:
- Unlimited actions – using the card, you can make purchases online and offline, transfer funds to other accounts and carry out literally any financial transactions;
- convenience and comfort — since all payments come immediately to the account, there is no need to stand in queues for salary;
- data confidentiality – no one at work will know how much you get, which will save you from unnecessary curiosity and gossip;
- security of finances – it is extremely difficult to lose non-cash, in addition, in the event of a robbery or loss of a wallet, it is possible to quickly block the card, then the attackers will definitely not get your savings;
- control thanks to the gadget – all modern banks provide an Internet banking service, thanks to which it is possible to track all monetary manipulations;
- free service — you do not pay fees to the bank for optimizing and maintaining the functionality of the account;
- additional services — cashback, overdraft and many other things are becoming more and more available for salary card holders;
- a more loyal attitude on the part of the bank – the account holder has a certain authority in front of the financial institution, on this basis he can get a loan on favorable terms, for example.
Also, modern workers start such a tool as a virtual debit card. This is the same card, only it does not have a physical analogue. Thanks to Google Pay and Apple Pay systems, you can pay with them even in real banks, for this you need only access to the Internet and a POS terminal in the shop.
If you want to order a prepaid Mastercard to receive payments today, feel free to contact WestStein experts. Our employees guarantee high-quality consulting and the most favorable conditions for account holders. Get paid, make international transfers and pay for purchases with us – it’s profitable and easy!