Credit Cards

Tips, news, reviews, caveats, trends, updates and analysis related to consumer and business credit cards, and prepaid debit cards. From the interest rate specialists @ FedPrimeRate.com

Wednesday, September 07, 2005

Morgan Beaumont Now Rolling Out New Prepaid Payroll Debit Card

Morgan Beaumont Inc, the Florida-based provider of prepaid debt and stored value cards, has announced the rollout of their new prepaid payroll card which gives employers the option of paying their employees with a PIN based, prepaid debit card instead of the typical payroll check.

Personally, I really don't understand the concept. Sure, it's great for employees because there's no check to cash and their hard-earned funds would be available to them immediately. But what about paying the rent? In my opinion, paying rent with cash is never a good idea because there's no document trail that can be easily referenced when necessary (as there is when business is transacted by bank draft.) Given the choice of getting paid by check or by prepaid debit/credit card, I would certainly choose the check option.

Please feel free to post a comment if you have any insight as I'm interested to know more about the benefits--for both the employer and the employee--of paying employees with a prepaid debit card. Thanks.


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