Paycom Rolls Out Vault Card
Paycom Software Inc. (NYSE:PAYC), a leading provider of comprehensive, cloud-based human capital management software, has announced the launch of the Vault Visa Payroll Card. With the Vault card and mobile app, employees can get paid up to two days earlier* every payroll cycle. It is a financial lifeline for families in a time of high inflation and eliminates the need to spend money on fees for cashing a payroll check. For organizations, offering this convenient option provides a competitive edge to attract and retain employees while helping reduce the administrative burdens related to traditional checks.
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Paycom launches the Vault Visa Payroll Card. (Photo: Business Wire)
Offered exclusively to clients of Paycom, Vault provides employees more control over their finances, including access to electronic deposit and 40,000 no-fee Allpoint ATMs, commonly found at retailers like CVS and Walgreens, in the U.S. and Puerto Rico.† Vault can also be used as an additional account for paying bills, shopping, vacations, entertainment spending and more.
Other advantages for employee Vault card users include:
- easy access to spending power everywhere Visa debit cards are accepted
- Visa’s Zero Liability†† fraud protection
- simple enrollment through Paycom’s Employee Self-Service
- access to numerous exclusive offers and perks¶ for Visa cardholders, including discounts for hotels, subscriptions, restaurants, retailers, services and more
“This is another step to simplify payday and the way consumers spend their hard-earned money,” said Chad Richison, Paycom’s founder and CEO.
Enrolled employees can enjoy a fully electronic, secure funding experience using all of the security features Paycom and the Vault card have to offer.
Upon successful Vault enrollment, employees receive a physical card as well as a digital Vault card to add to their mobile wallet, like Apple Pay and Google Pay.
It also delivers big wins for employers by:
- reducing the inconvenience of paper-based payroll
- providing an edge in hiring and retention with attractive payday options for employees
- enhancing benefits to combat turbulence in the labor market
- reducing check fraud with secure electronic funding
This latest payroll offering further complements Beti, the self-service payroll solution from Paycom. Beti guides employees to find and fix payroll errors before submission. By correcting errors in Paycom's easy-to-use app, Beti ensures accurate payroll and eliminates administrative hassles.