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| Metropolitan Bank Launches Prepaid with TransCard | | Offers Payroll Solution for Employers | | CHATTANOOGA, TN (August 9, 2012) TransCard has launched a MasterCard-branded payroll card program with Metropolitan Bank, headquartered in Ridgeland, MS.
"Metropolitan is excited about our new TransCard relationship, as their prepaid payroll cards fill an important gap for our commercial clients, offering them a simple, convenient alternative for their employees' payroll," stated Brad Miller, Treasury Services Manager, Metropolitan Bank. "We look forward to a mutually beneficial partnership with TransCard as we continue to grow our business and seek innovative products and services that will enhance our clients' banking experience."
Benefits to Employers
Through this program, employers will have a paperless payroll solution that they say enables employers to streamline the payroll process and helps improve the bottom line by reducing processing and check fees. According to MasterCard research, the shift to electronic payments - including payroll cards - can save an employer $223 per year, per employee.
Combined with Metropolitan's suite of business products such as Treasury Management and online banking, the bank says its clients now have access to a complete, business-banking package.
Benefits to Employees
The card-based solution also provides an electronic payment option for employees who may not otherwise have a checking account. Often times, employees receiving paper checks incur higher costs to access their pay, including check cashing or money order fees. With a payroll card, employees' pay is immediately available and can be used to pay bills, shop online or used to make purchases wherever debit MasterCard cards are accepted.
Source: Metropolitan Bank; TransCard
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