Paychex Partners with Visa to Offer Payroll Card; Paychex Access Visa Card Offers Low Cost Alternative to Paper Paychecks

With the Paychex Access Visa Card, an employer is able to electronically deposit an employee's pay onto a Visa Payroll card each payday. The card is issued in the name of the employee. This payroll option is designed for employees who don't have a checking or savings account, although it is available to any employee of a Paychex client who offers the product.

The cards, issued by Bank One Corporation, are aimed at helping employers reduce costs associated with producing, handling, and distributing paper paychecks as well as those related to replacement of lost or stolen checks. Visa estimates the potential savings for replacing lost, stolen or damaged paychecks is approximately $50 million annually.

"When an employee uses the Paychex Access Visa Card, it eliminates the need to create a paper payroll check, which is much more efficient for our clients - the employers," said Diane Rambo, vice president of Human Resource Services for Paychex. "The Visa Payroll card also helps increase employee productivity because employees don't have to spend time standing in line to cash their checks. The savings to employers, benefits to employees, and strength of the Visa brand make this payroll card the right choice for Paychex."

"The Visa Payroll card is the latest example of how we continue to provide innovative payment solutions and illustrates the ability of our new prepaid product category to meet the needs of both businesses and consumers," said Bill Dobbins, Visa U.S.A. vice president. "Visa is providing Paychex clients with a valuable business tool that can positively impact their bottom lines while at the same time providing a significant benefit to their employees."

Visa estimates that 12 million U.S. households do not have a banking relationship. This group spends approximately $8 billion yearly in check cashing and other financial service fees. The Visa Payroll card eliminates the need for workers to wait in lines at check-cashing centers or carry large amounts of cash. Cardholders can withdraw cash as needed from ATMs or use their card to make purchases wherever Visa is accepted.

Individuals who use the Paychex Access Visa Card can access account information 24 hours a day via the telephone. The account holder also receives a monthly statement showing all transactions for the period.

"We are pleased to continue our six-year partnership with Paychex," said Andrew Crowe, Bank One Prepaid Card product manager and first vice president. "The payroll card is the lead product in our prepaid segment, offering convenience and cost savings for both employers and their employees."

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