Transcript The Espree® 2 in 1 Prepaid Account

Card Solutions
Providing Hassle Free Paydays through 100% Direct Deposit!
www.fvfn.com
Cherie Fuzzell
404-806-7244 xt 165
Topics for Discussion
Characteristics of Unbanked and Underserved Populations
Unbanked Workers and Their Impact on Corporate America
Use of PayCard Programs to Address Unbanked Workers
Selecting the “Right” PayCard Partner
www.fvfn.com
Cherie Fuzzell
404-806-7244 xt 165
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Underbanked Demographics
US Unbanked Population: 9 Million Households (17 Million Adults)
US Underbanked Population: 21 Million Households (43 Million Adults)
Unbanked and Underbanked Households Nationwide: 25.6%
Percentage Employed – Unbanked: 43.7% Underbanked: 64.5%
Unbanked and Underbanked Paid via Payroll Card: 4.2%
Unbanked and Underbanked Paid by Cash or Check: 95.8%
Unbanked Households Unlikely to Open a Bank Account: 61.4%
www.fvfn.com
Cherie Fuzzell
404-806-7244 xt 165
FDIC National Survey of Unbanked and Underbanked Households ■ December 2009
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Impact on Business Enterprises
Increased Payroll Administration Cost:
Paper payroll checks cost nearly $3 each
Replacement/exception pay checks cost an average of $12.00 each
Increased Fraud Risk:
Over 4 million payroll checks lost or stolen annually
1 in 3 employers experience check fraud
1.2 million worthless checks enter the banking system daily
20x greater error rate with checks than electronic pay
www.fvfn.com
Cherie Fuzzell
404-806-7244 xt 165
American Payroll Association; NACHA; Nilson Report
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Impact on Business Enterprises
Increased Regulatory Burden
“Sunset” and escheatment laws
Decreased Employee Productivity
Manager time spent distributing paychecks
Employees time spent cashing paychecks
Adverse Environmental Impact
WalMart - 257,000 pounds of paper eliminated annually
www.fvfn.com
Cherie Fuzzell
404-806-7244 xt 165
5
Impact on Employees
 Increased Cost:
 Pay
3%-5% for check cashing
 $1,000
per year and $40,000 over a lifetime
 Personal Risk:
 Risk
personal safety and security
 Exclusion from
 Must pay
 Unable
bills with cash or money orders
to buy a plane ticket, make a hotel reservation or rent a car
 “Cash on
 Unable
Financial Mainstream:
Delivery” services being discontinued
to receive pay by electronic means
PAYROLL CARDS PROVIDE ACCESS TO THE FINANCIAL MAINSTREAM!
www.fvfn.com
Cherie Fuzzell
404-806-7244 xt 165
Brookings Institution
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Payroll Card Basics
Available to ALL Employees
Called Payroll Cards, PayCards, Prepaid Debit Cards, Stored Value Cards
Secure FDIC Insured Account for the Electronic Deposit of Payroll Funds
Integrates Seamlessly into Any Existing Payroll Solution
Employers Fund Through Normal ACH Direct Deposit Process
Eliminates Employer Responsibility for Unclaimed Wages
Portable Bank Account Alternative for Unbanked Employees
www.fvfn.com
Cherie Fuzzell
404-806-7244 xt 165
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Payroll Card Features
Instant Issue Card Fulfillment
Integrated Employee Enrollment Process
Paperless PayStub Delivery
Bi-Lingual Marketing and Collateral Materials
Bi-Lingual Online Banking and Customer Service
SMS Balance Alerts
Full Bank Account Alternative at Nominal Cost
www.fvfn.com
Cherie Fuzzell
404-806-7244 xt 165
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Selecting a Payroll Card Partner
Considerations
Issuing Bank/Processor
Data Security
Program Design
Cost
Integration/Ease of Use
www.fvfn.com
Cherie Fuzzell
404-806-7244 xt 165
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Questions??
www.fvfn.com
Cherie Fuzzell
404-806-7244 xt 165
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Thank You!
Espree® Card Solutions
Cherie Fuzzell
President & CEO
1899 Powers Ferry Road
Suite 310
Atlanta, GA 30339
W: (404) 806-7244
[email protected]
Please call to learn more about the
Espree PayCard Solutions.
www.fvfn.com
www.fvfn.com
Cherie Fuzzell
404-806-7244 xt 165
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