2015 Paybefore Awards: Outstanding Pay Solution – Platform
Best use of a network branded prepaid card platform for distribution of payroll.
Oustanding Pay Solution-Platform – OceanPay Visa Prepaid Card: Tony Hylland, The Bancorp, and Ken Goins, Brightwell Payments
Best-in-Category: OceanPay Visa Prepaid Card
Brightwell Payments
The Bancorp
Prepaid payroll card specifically developed for employees working in the maritime industry with simple money transfer capabilities built in.
Partners: The Bancorp, issuer; Visa, network; FIS, processor; Brightwell Payments Inc., program manager
Secret Sauce:
- Replaces cash payments for cruise ship employees—which created logistical and security challenges for employers and employees.
- Many ships are certified to personalize cards onboard through a proprietary thermal printing process, so employees don’t have to wait until they are in port to receive a card.
- Secondary cards are available and can be loaded through card-to-card transfers—so a family member at home has spending capability while the cruise employee is away.
Bottom Line: Accepted at more than 20 million global merchants, this card gives cruise ship employees a way to receive and spend wages—no matter where in the world they are. With a companion card and Western Union money transfer features available online, cardholders at sea are able to share funds with family back home.
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Winner: Comdata Payroll MasterCard Program
Comdata Inc.
MasterCard Worldwide
Offers banked and unbanked employees a way to replace expensive check cashing services or low-tier bank accounts with a full-feature payroll card at little or no cost.
Partners: Regions Bank, issuer; MasterCard, network; Comdata Inc., processor and program manager
Secret Sauce:
- Combines powerful employer-facing features, low-cost cardholder fees and strong cardholder training and education.
- Three options: (a) instant-issue with real-time funding; (b) personalized card; (c) instant-issue with follow-up personalized card.
- Linked merchant and health care discounts.
- No monthly fees, no inactivity fees, no overdraft fees, no fees for purchases, free convenience check cashout at Walmart locations.
Bottom Line: Superior solution incorporates four-prong approach: (a) cardholder features to provide maximum value for employees; (b) cardholder pricing structure designed to offer true cost saving; (c) unique corporate-facing features designed to enhance efficiency; (d) dedicated professionals focused on maximizing positive employee impact.
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Winner: Skylight PayOptions Program
Skylight Financial
MasterCard Worldwide
PayChex Inc.
Small and midsize businesses can offer a payroll card to their banked and unbanked employees that competes with similar programs provided to large companies.
Partners: BofI Federal Bank, issuer; MasterCard, network; Skylight Financial (a subsidiary of NetSpend, a TSYS company), processor and program manager; PayChex, Inc., payroll manager
Secret Sauce:
- Stand-out features: (a) 43,000 surcharge-free ATMs, (b) “pay anyone” bill pay; (c) cash back rewards; (d) convenience checks; (e) budgeting “scorecard;” (f) virtual card; (g) design-your-own-card design; (h) mobile app; (i) pharmacy discounts.
- Two options: (a) instant issue; (b) non-instant issue with mail fulfillment.
- Reload: government benefits, tax refunds, bank transfer, NetSpend network.
Bottom Line: Program provides a cost-effective and feature-rich payroll card program to the more than 570,000 business that utilize Paychex services. On their own, these small companies would not be able to obtain such a cost-effective and functional solution.
