PayCard 101
These two ATM Networks create the largest footprint for surcharge Free ATM's, and who is the only payroll card to offer both?
Allpoint
MoneyPass
rapid!Paycard
Who in the legal department do you send redlined contracts to?
Alana and CC: Alex and Chrissy
What pay out choices does an employee have?
The employee can choose to get their OnDemand pay to a rapid! PayCard, any US Debit Card, ACH to a bank account or Cash Pickup at any Walmart
What is the rapid! PayCard?
It is a prepaid card that does not require a credit check; therefore, only an identity check is needed and most people qualify. It allows you to collect and spend your pay without hassle or inconvenience. A rapid! PayCard can be used at millions of ATMs and merchant locations worldwide, anywhere Visa debit cards are accepted. This card provides you with added safety and security over carrying cash.
What are (3) benefits to the Employer if they offer rapid! OnDemand?
1) Promote financial wellness
2) Attract talent
3) Retention
4) Improve attendance
5) Improve productivity
6) Improve employee engagement
Name (4) value added cardholder features
1) Interest-bearing savings account
2) Cash-back merchant rewards
3) Mobile check deposit
4) Reload @ the Register
How many agreements do you send an Employer offering OnDemand & Disbursements?
6
Will the employee's paystub look different?
yes, rapid! OnDemand pay transactions are uploaded to payroll as an after tax deduction line item, the OnDemand transaction fee is also deducted as a separate line item providing full reconciliation and an accurate paystub.
Is OnDemand a payday loan?
No, this is not a loan. By using OnDemand, you are simply transferring your own earned income into your bank account or card. You can only transfer money that you have already earned, but that has not yet been paid to you.
PayCard: Benefits for Employers
Provide your employees a benefit at NO cost to your company. A rapid! PayCard Visa Prepaid card, - with increased convenience for all!
Our clients tell us our customer service, provided by our employer enrollment team and cardholder services, is our biggest differentiator.
Reduce costs by eliminating paper checks
Time savings each pay period More streamlined payroll delivery Zero employer fees
Automated card inventory for multiple location inventory control
Works with any payroll platform, we support API and file based data transmission
Name (3) ways a cardholder can obtain pay to the penny at no cost.
1) Pin POS with Cash Back
2) OTC/Teller Assisted Bank Withdrawal
3) ACH to Bank Account
4)Convenience Check Cashed at WalMart
What is the Bi-Weekly Fee for companies that have over 5,000 employees offering 2+ transactions?
$1.50 with a fee cap of $6.00
rapid! PayCard - Free *Still incurs the $1.50 OnDemand access fee*
Direct to Debit - Free
ACH - Free
Cash Pick Up - $5.00
How much of their pay can an employee access?
100% of the net earned wages after company policies are in place.
Is this payroll direct deposit different from other types of direct deposit?
Not at all. The funds are deposited on your card immediately.
What is the difference between Disbursements and OnDemand?
OnDemand allows employees access to accrued wages with convenient delivery options while Disbursements allows an employer to push funds instantly to an employee for off cycle payments, termination pay, travel expenses, bonuses, corrections or tips.
Name (5) functions of the rapid!Pay App
•View card balance and activity
•View available accrued wages
•Access accrued wages
•Transfer funds to another card
•Enroll & manage text alerts
•Locate an ATM
•Direct Dial – Connect with customer service
•View savings balance and activity
•View transaction details
•Transfer funds to/from Savings
•Transfer funds to bank account
•View FAQ’s
•Load a check
How much does it cost Employers to offer OnDemand?
There is no cost for the employer to offer OnDemand to their employees.
What happens if an employee forgets to clock-out?
If an employee does not clock out the system will not send over that day's data to rapid!. We also get the full pay period at a time, so that if there are any corrections to the timecard for past days that have been sent to rapid, the available wages can be adjusted.
Can I add additional funds to my rapid! PayCard?
The rapid! PayCard is fully portable. This means that you can take the card to any other employer (second or part-time job), regardless of who gave the card to you and sign up for a direct deposit payment. In addition, you can direct deposit your income tax refund, social security benefit, military pension, or any other payment that can be direct-deposited.
Please login to www.rapidfs.com to access your direct deposit account number or ask one of our Customer Service Representatives.
What is rapid! OnDemand?
rapid! OnDemand is a new financial wellness feature enabling employees to better manage their cash flow by accessing a portion of their earned wages prior to payday. This reduces financial stress and promotes financial wellness by providing a low-cost, no interest solution. Rapid! OnDemand improves employee engagement and retention. This will decrease recruiting and training costs due to lower turnover.
What is the rapid! Mission Statement?
Our mission is to help our clients achieve a legally compliant 100% ePayroll program, by providing cutting edge payment and financial services, that enable significant cost savings, better recruiting and retention of employees and creates a more sustainable environmental model for wage delivery.
What is the monthly subscription fee for an Employer offering only Disbursements that has 700 employees?
$500
What happens if I terminate an employee?
Since the OnDemand system works based on wages earned rapid! would no longer receive hours and data for that employee but the employer does have access to mark an employee not eligible for OnDemand in admin portal.
rapid! OnDemand: How do I sign up?
You will opt in thorough your employer. Once you are opted in, you will receive an email walking you through setting up your recipient profile.
BONUS ROUND: What is our 10-year target
-Be the #1 PayCard provider in the us with $250 million in revenue, 2.2 million in cardholders and 20,000 customers
-Be the #1 OnDemand provider in the US, with 10,000 clients with 1 million employees enrolled in our Early Wage Access platform.