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For example, a payroll card program targeting fast food establishments will have both a high rate of churn and a low average annual load per account, thus challenging profitability. Programs targeting military personnel or merchant marine seamen, however, will see significantly lower churn and a much higher annual load per account which drives more consistent profitability.
The non-traditional approach of offering payroll cards up-market requires payroll solution providers to rethink how the cards factor in the business process and address the needs of the cardholder.
An added benefit to the cards is the ability of participants to add a Family TrustCard for spouses or family members – significantly simplifying the process of sharing payroll funds during deployments.
Military personnel, particularly those in deployment situations, do not always have access to the same conveniences as the average consumer,” said Frank D’Angelo, executive vice president, FIS Payment Solutions Group. “As a technology leader, we are pleased to see our solutions being utilized for assisting our military personnel. Through the TrustCard, they will have a secure way to manage their money, including receiving alerts through their mobile phone, managing funds online and the ability to add funds when needed, providing them with the peace of mind to know their loved ones have access to funds while they are away.”
In 2009, $19.7 billion dollars was loaded onto payroll cards, based on findings from The Mercator Advisory Group 2010 Prepaid Benchmark.
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Read the full press release: http://fis.mediaroom.com/index.php?s=43&item=782.