Paycom Rolls Out Vault Card
Paycom Software (NYSE:PAYC) has launched the Vault Visa® Payroll Card, allowing employees to access their wages up to two days earlier. This initiative addresses financial concerns during high inflation and offers a competitive advantage for companies to attract talent. The Vault card provides access to electronic payments and 40,000 fee-free ATMs. With features like fraud protection and rewards for cardholders, it simplifies payday processes and enhances employee satisfaction. Paycom aims to streamline payroll management while supporting businesses in a challenging labor market.
- Launch of Vault Visa® Payroll Card enables early wage access for employees.
- Enhances employee financial control and reduces payroll check cashing fees.
- Provides businesses with competitive edge in hiring and retention.
- Reduces administrative burdens related to traditional payroll check processes.
- Offers fraud protection and exclusive perks for cardholders.
- None.
Paycom launches the Vault Visa® Payroll Card. (Photo: Business Wire)
Offered exclusively to clients of Paycom, Vault provides employees more control over their finances, including access to electronic deposit and 40,000 no-fee Allpoint® ATMs, commonly found at retailers like CVS® and Walgreens®, in the
Other advantages for employee Vault card users include:
-
easy access to spending power everywhere
Visa debit cards are accepted - Visa’s Zero Liability†† fraud protection
- simple enrollment through Paycom’s Employee Self-Service®
-
access to numerous exclusive offers and perks for
Visa cardholders, including discounts for hotels, subscriptions, restaurants, retailers, services and more
“This is another step to simplify payday and the way consumers spend their hard-earned money,” said
Enrolled employees can enjoy a fully electronic, secure funding experience using all of the security features Paycom and the Vault card have to offer.
Upon successful Vault enrollment, employees receive a physical card as well as a digital Vault card to add to their mobile wallet, like Apple Pay® and Google Pay®.
It also delivers big wins for employers by:
- reducing the inconvenience of paper-based payroll
- providing an edge in hiring and retention with attractive payday options for employees
- enhancing benefits to combat turbulence in the labor market
- reducing check fraud with secure electronic funding
This latest payroll offering further complements Beti®, the self-service payroll solution from Paycom. Beti guides employees to find and fix payroll errors before submission. By correcting errors in Paycom's easy-to-use app, Beti ensures accurate payroll and eliminates administrative hassles.
To learn more about the new Vault Visa® Payroll Card, visit https://paycom.com/vault/.
About Paycom
As a leader in payroll and HR technology,
The Vault Visa® Payroll Card is issued by
*Early direct deposit availability depends on timing of payer’s payment instructions, and fraud prevention restrictions may apply. We generally make these funds available on the day the payment file is received, which may be up to two days earlier than the scheduled payment date. As such, the availability or timing of early direct deposit may vary from pay period to pay period.
†See app or visit myvaultcard.com or allpointnetwork.com for surcharge-free ATM locations. Fees apply for out-of-network withdrawals. See Cardholder Agreement for full list of applicable fees. ATM limits apply.
††Subject to its terms, under Visa’s Zero Liability Policy, a cardholder’s liability for unauthorized
Offers are made by participating merchants.
Apple and Apple Pay are trademarks of Apple Inc., registered in the
View source version on businesswire.com: https://www.businesswire.com/news/home/20221129005272/en/
media@paycom.com
Source:
FAQ
What is the Vault Visa® Payroll Card from Paycom (NYSE:PAYC)?
How does the Vault card benefit employees and employers?
When was the Vault Visa® Payroll Card launched by Paycom?
Where can Vault card users access their money without fees?