Accor Services launches Premium prepaid payroll solution

Today, Accor Services officially launches Premium, a prepaid payroll solution that will change the way businesses pay their employees.

The days of companies paying employees cash in hand or by cheque will soon be over thanks to a new electronic prepaid payroll card launched by Accor Services, in conjunction with PrePay Solutions, a market leader in stored value card solutions.

The Premium Payroll MasterCard® card is a simple, cost effective and efficient alternative solution to issuing cash or cheques for transferring funds. Premium enables employers to service their banked and unbanked employees, as well as those on short-term temporary contracts, whilst also streamlining their payroll administration. It can also help to reduce payroll processing when it comes to, for example, expense management and one-off and final salary payments.

“Until now prepaid solutions have generally been focused on the consumer, but employers are starting to realise the potential for these solutions to help them and their business, particularly in the current economic environment. Prepaid payroll solutions offer employers a convenient and flexible way to harmonise their payroll with a safe and secure, electronic card-based solution, without the need for the employee to have a bank account,” explains Robert Moody at Accor Services.

For employers there is a wide range of benefits and advantages when it comes to adopting and launching prepaid solutions for their payroll function, including:

• Payroll cost reductions - directly replacing cheque and cash payments

• Security - avoiding the risk of cash theft and eliminating the threat of cheque counterfeiting and fraud

• Simplicity - enabling one payroll process for all employees, whether they're full time, part time or on a temporary contract.

“The UK’s prepaid sector is changing. Prepaid solutions already include prepaid debit cards, retail gift cards, corporate incentive cards and insurance claim cards which, over the last few years, have been widely embraced by consumers. The evolution of the prepaid market is set to continue at a keen pace as an increasing number of organisations and businesses acknowledge the potential of prepaid as an effective payroll solution,” says Patrick Langlois, managing director, Accor Services.

Matthew Lanford, Head of Prepaid, MasterCard Europe says: “The launch of the Premium payroll card demonstrates the value of prepaid cards to employers as a means of eliminating paper cheques and pay their entire workforce electronically by a MasterCard prepaid card. Besides helping firms to drive down the costs associated with handling cash and cheques, this will make their payment processing easier, faster and cheaper. They can also use the card in other innovative ways to issue benefits or make other payments.”

Gilles Coccoli, Managing Director at PrePay Solutions adds: “I have met many payroll and HR directors and managers faced with the day-to-day challenge of complex payroll payments. The prepaid Premium payroll card provides the means to help them streamline their payroll process, offering substantial advantages to both employers and employees.”

Find out how Premium Payroll Card can work for your organisation > >