Leading Workday service partner, OneSource Virtual (OSV), announced the general availability of its payroll card as the newest addition to OSV’s myFlexPay digital payroll delivery service. The introduction of the payroll card is part of OSV’s strategy to offer an expansive portfolio of Workday payroll services, empowering companies with the flexible solutions they need to reduce turnover and enhance their recruiting advantage.
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Nearly half of all companies still issue paper paychecks to a percentage of their employees, and 20% of the American population is underbanked. OSV’s payroll card, enabled by Money Network®, a subsidiary of Fiserv, answers a real need by helping businesses achieve increased electronic pay and helping underbanked employees save time and avoid costs associated with cashing paper checks. Businesses can issue cards to their employees at no cost and leverage those cards to reduce or eliminate their reliance on paper checks and the costs associated with them. By doing so, they can also mitigate the risks associated with lost or stolen paychecks, resulting in greater protection from fraud and identity theft.
Meanwhile, employees will receive their wages on payday without any of the delays associated with paper checks. They will also enjoy all the benefits associated with a Mastercard debit card, including access to a wide network of 55,000 ATMs and 6,000 check cashing partners.
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For maximum flexibility, companies may choose OSV’s myFlexPay Plus solution, which combines the advantages of OSV’s new payroll card with its earned wage access solution. Employees with access to myFlexPay Plus enjoy all the benefits of both services, along with reduced transaction fees when using the payroll card to access their earned wages instantly.
“Because our payroll solutions reach nearly 2 million employees, we want everyone benefitting from our services to have the best experience possible,” says OSV CEO Trey Campbell. “With our flexible payroll solutions, companies can reduce their costs and streamline their processes, while giving their employees more control over how they access and use the wages they’ve earned. It’s a win-win.”
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