How Money Earned Works
Payroll cards are getting more and more popular these days. According to Aite Group, there are an estimated 6.4 million active cards in the U.S. markets in 2019, with a total of approximately $46 billion loaded on them. Those numbers are expected to rise in the coming years, with estimates of 8.4 million cards and $60 billion in loaded money by 2022.
Employees are embracing these cards for the financial flexibility they provide, but what separates one card from the next? Let’s take a closer look at one of the best options out there: the Spentra Visa® Payroll Card and its Money Earned® feature.
What Makes Spentra Different?
A patented feature of the Spentra Solution is Money Earned. This feature allows employees to access up to 50% of their net wages at the time of request at no cost to the employer. For just a small transaction fee (less than the cost of most ATM transactions), employees can gain financial security by having access to money earlier in the pay period. This lets you avoid burdens like bank fees, late bills and payday lenders.
How Does It Work?
One of the great aspects of the Spentra Solution with Money Earned is that it’s so easy to set up. Here are the steps involved in implementing Spentra’s Visa payroll card with Money Earned at your company:
- Spentra interfaces with your company’s time and attendance and payroll system.
- You download the Spentra App and request your card.
- You use transactions to access up to 50% of your net pay earned during the pay period.
Money Earned Benefits
Money Earned helps you manage the funds you know you have. But that’s not the only benefit. Here are some of the other advantages Spentra’s Money Earned feature offers:
- Convenience: The easy-to-use app makes accessing your earned wages easier and more convenient than ever. Simply determine the amount of money you’ll need for the next few days and access it with a simple transaction. Spentra pre-funds all transactions and settles on payday.
- Ease of use: Setup often takes less than 10 minutes and you can be issued a card either on-site or via the app. Since Spentra integrates with your company’s payroll system, you don’t have to worry about logging financial data or anything like that. It’s all on the app.
To learn more about the Spentra Solution and how Money Earned® can help you manage your money better, contact us today.