Branch Wallet & Card for Employee Empowerment Through Workforce Payments

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 At Greenshades, we’re committed to the empowerment of employees through financial inclusion. For two decades, we have provided exceptional automated payroll, tax, compliance, and HR solutions. Recently, we partnered with Branch, a workforce payments platform.  We collaborate on innovative ideas for solving the financial challenges for millions of American workers.  Now we can offer workers zero-fee debit cards, checking accounts, and digital wallets. Employers can give their workers a faster, more efficient direct deposit option. If you are interested in providing your employees with better tools for receiving money and handling it wisely, Greenshades and the Branch Wallet and Card is the place to start.

The Branch Wallet and Card gives employees a fast, efficient, and convenient method for handling payments and includes built-in financial wellness tools and direct access to Apple Pay and Google Pay. Greenshades has embedded Branch directly into the employee self-service portal to provide fast, free direct-deposit options for all employees, including those without bank accounts, a significant population within their base.

More features than a traditional pay card

With employees’ needs in mind, Branch offers a full-service checking account with a payment card.  Traditional pay cards do not truly empower workers or create financial inclusion. Most pay cards are positioned as an alternative to paper checks, enabling employees to get paid faster via direct deposit. However, these cards typically charge significant, sometimes hidden fees and often are not FDIC insured. Also, typical pay cards may not work with contemporary payment platforms like Apple Pay, Venmo, or Google Pay. And they have no provision for allowing employees access to credit or credit building. The Branch card provides all these benefits and more.

The employee experience

In addition to offering a non-discriminatory, zero-fee checking account, a crucial factor is the employee experience. You have gathered and confirmed your employees’ personal information and securely stored that data in your ERP system. With their consent, you can now share the information with Branch through a secure API call. Instantly, the due diligence (KYC) and enrollment process are complete. Your employee can then open a bank account, install a digital wallet on their mobile device, and update their direct deposit information to direct their payments to the new account. Fast and free upstart empowers your employees and greatly improves the employee experience.

Employee time is valuable

Many candidates for the Branch Wallet and Card will be hourly workers. Compiling documentation, going to a bank, waiting for credit approval to open an account, waiting for a debit card to come in the mail, and figuring out how to update their direct deposit information all take time out of work. Factor in transportation, and this chore might take up to four hours of unpaid time. And even if all goes smoothly and they are approved, they might find themselves with a bank account requiring minimum balances and charging hefty fees.

Greenshades with Branch has replaced this process. Setup is completed with a few clicks, and direct deposit information is automatically entered. This not only saves time but prevents the delays that come with user errors and the time it takes to correct them. The whole process can be done on your employees’ mobile devices.

Fee-free, less burden

The Branch Wallet and Card is fee-free and burden-free. For employers, it saves the time and expense of issuing manually-printed-and-delivered checks. The Branch virtual card replaces paper checks and helps HR departments efficiently resolve scenarios such as distributing tips (common in the restaurant industry) and handling termination pay (particularly sensitive in some states.)

With our partnership with Branch, our team at Greenshades will continue evolving our employee offerings to provide the tools and benefits that help employees get ahead financially.

Contact our experts at Greenshades to ask about our new product offering with Branch and learn how it can benefit your employees and your business.

By Greenshades Software, www.greenshades.com

 

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