Paysign Inc.

03/29/2021 | News release | Distributed by Public on 03/29/2021 12:29

The Top Six Reasons Paysign’s Digital Banking Solutions Increase Payee Loy…

Paysign® Premier Provides Accountholders With a Suite of Tools Designed to Help With
Money Management

Even amid a worldwide pandemic, financial security is at the forefront of concerns for your payees - people your business depends on to operate - including employees, temps, gig workers, contractors, and vendors. In fact, a 2020 MetLife study found 52% of payees listed this as a primary concern. Similar studies have found the same demographic cite that payee loyalty was directly influenced by perception of the company's care for their financial well-being.

It's no secret that businesses who invest in their payees build a bridge of loyalty that can prove indispensable. There are a variety of ways to accomplish this through loyalty programs, but none so fruitful as Paysign's digital banking solution, Paysign Premier.

Paysign Premier is a modern solution designed for businesses like yours. This digital bank account features a Visa® debit card and is designed to speed up processes, increase payee loyalty, and eliminate costs by delivering payee funds through a convenient and flexible account. This solution also features numerous money management tools designed to help payees manage their financial well-being in real time.

With that idea in mind, we've created a list of the top six reasons Paysign Premier can help business owners build the bridge of loyalty.

A New Option for the Underbanked and Unbanked Population
A 2019 report by the Federal Reserve indicated that 22% of Americans, approximately 63M, can be described as either unbanked or underbanked. The 6% of the population who have no bank account at all are forced to rely on costly (and occasionally seedy) financial alternatives like payday loans, check cashing services, money orders and pawnshop loans. The remaining 16%, those who are underbanked, have a bank account but also regularly rely on these alternate services. Offering payees the benefit of a digital bank account that provides additional money-management tools not only boosts their overall confidence in the upward mobility of their financial well-being but can instantly increase loyalty and satisfaction. Premier offers these features and more, complete with a debit card that can be used wherever Visa is accepted.

Expedited Payments
Paysign Premier features a number of incentives that benefit even those payees who are not included in the underserved banking populations. Premier offers accountholders access to their pay up to 2 days early1. Because of our unique payment processing framework, we are able to deliver funds directly to the payee upon receiving the ACH request, unlike traditional banks that wait for the transaction to clear backend processing.

Cash Back Rewards
It's easy for accountholders to earn rewards with their Paysign Visa card both in-store and online with purchases from participating merchants and earn on every qualifying purchase. The more the card is used, the more they earn with an average of 5% cash back at more than 61,000 popular merchant locations2, and no required coupons or codes. Rewards are deposited monthly on the card.

Access to Real-Time Information
Financial health is dependent on access to clear, concise, and accurate information. But, just as important, is the ability to access that information regularly and with ease. Luckily, Paysign Premier's innovative mobile app and web portal provide accountholders with up-to-date, real-time account information with the tap of a finger. This bilingual interface allows users to manage their money wherever they go, with features like recent transaction history, account alerts, and the ability to find nearby ATMs. ‎

No Credit Check, No Monthly Minimum
Many traditional banks require a credit check to open an account. Most require a monthly account minimum. For payees in various stages of their financial journey, specifically, those who live paycheck to paycheck, this is a stipulation that can prevent them from maintaining such an account. Paysign Premier does not have these requirements. Payees are able to apply for an account3 when they receive a simple referral code from the payer, and no minimum balance is required to maintain the account.

World-Class Customer Care

Premier accountholders have access to 24/7/365 bilingual customer care, making it easy to address issues and concerns that may arise, even on holidays and weekends. With clear escalation policies and an in-house dispute resolution department, we strive to resolve issues quickly and efficiently.

Implementation of a program such as Paysign Premier shows payees that maintaining a relationship with your business is a long-term investment, and that management genuinely cares about their well-being. Such sentiments help build strong loyalty and ultimately benefit the health of your business.

Click here to learn more about how Paysign Premier can help you get started building payee loyalty today.

1. Faster funding claim is based on a comparison of our policy of making funds available upon receipt of Payment instruction versus the typical banking practice of posting funds at settlement. Fraud prevention restrictions may delay availability of funds with or without notice. Early availability of funds requires payor's support of direct deposit and is subject to the timing of payor's payment instruction.
2. Participating merchants are subject to change and may not provide offers at all times. Terms and conditions apply.
3. Approval is contingent upon passing a mandatory identification confirmation, pursuant to The USA PATRIOT Act. Federal law requires financial institutions to obtain sufficient information to verify your identity. You may be asked several questions and to provide one or more forms of identification to fulfill this requirement. In some instances, we may use outside sources to confirm this information. The information you provide is protected by our privacy policy and federal law.

This Card is issued by Patriot Bank N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc.