Choosing A Vendor

As a payroll professional, it is likely that you have developed professional and personal relationships with individuals working for your current payroll service provider. Some of these companies may have their own paycard program offering that can be incorporated into the existing services that you are currently using. Service providers can be an excellent starting point to explore the direction that you may want to go in concerning your future paycard program.

However, you should also explore other paycard program offerings in this expanding marketplace. For example, your company's funds management department may have a long-standing relationship with one or more financial institutions. Many financial institutions also offer paycard programs. If you already have sizable deposits in a bank holding your organization's payroll and other accounts, your bank's paycard program start-up and maintenance fees could be quite competitive.

In addition, there are very reputable third-party vendors in the marketplace whose core business is the development, deployment, and servicing of paycard programs for various types of organizations. And these paycard vendors often partner with various financial institutions and payroll service providers with which you may already have an ongoing relationship.