Payroll cards touted in TMG white paper

While marketing reloadable prepaid cards to consumers is one strategy, banks may find targeting businesses with prepaid cards a more effective one. That is the finding of Getting Down to Business: How Financial Institutions Can Attract and Retain Business Clients with Reloadable Cards, a white paper written by Konrad Christensen, The Members Group Retail Payments Product Manager.

According to Christensen, businesses make inviting targets for prepaid cards because they are "linked to hundreds of customers, employees, partner firms and suppliers – each representing a group of prospective reloadable card users… Rather than expend the resources it would take to market to these prospects as individuals, FIs can reach out to them more efficiently through business clients."

Christensen highlighted payroll cards as one product banks could provide businesses because they offer greater efficiency and cost savings in comparison to paper check issuing. "By issuing reloadable cards for an employer, FIs become an indispensable partner to the business," Christensen wrote. "Not only do they ease some of the administrative time and hard-cost issues inherent to payroll management, they give the business a way to endear itself to its employees."

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