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Greenshades has recently partnered with Branch, an innovative company with a mission to modernize payment methods and promote financial wellness for the benefit of employees everywhere.
This strategic partnership is the first step in our ongoing commitment to promote greater financial inclusion and to empower workers. As a result, now Greenshades is able to offer fee-free debit cards, checking accounts, and digital wallets. Here’s a look at the new products our partnership brings to the table.
An All-Inclusive Solution
While traditional paycards offer the seeming benefit of fast payment receipt, the reality is that they often have hidden, significant fees, reducing how much workers “take home.” What is more, since they typically aren’t actually DDA bank accounts, they may not be FDIC insured. Another caveat is the limits on using that money; they generally do not work with important payment platforms such as Apple Pay, Google Pay, or Venmo. Nor do they allow workers to start building a credit history or gain access to credit.
The Branch Card and Wallet is connected to an FDIC-insured checking account from Evolve Bank & Trust, overcoming all those challenges and offering other benefits as well. For example, users enjoy digital banking with no overdraft, maintenance fees, or account balance minimums, along with access to over 55,000 free ATMs. Instead of relying on costly check-cashing services, Branch users have:
- Free instant access to earned wages via Apply Pay or Google Pay
- Up to two-day early paycheck
- Personal finance tools to help them manage their cash flow between paychecks
Fast and Free Setup
Having their personal data already entered and validated in our Greenshades Payroll solution makes the experience all the more convenient for employees. With their consent, their information can be shared with Branch securely, and in just a few moments, the due diligence (KYC) and enrollment processes are complete. From there, they can open a bank account, set up a digital wallet on their phone or tablet, and update their direct deposit information to be ready to receive wages. We strive to make the entire process as painless as possible.
Save Time and Money
Imagine this scenario: A typical Branch user is an hourly worker; every hour not spent on the job equates to lost wages. With a traditional approach, that worker could lose 4 hours or more to collect their papers, apply for an account in a bank, hope for approval, get a debit card, and update the payroll department with their new direct deposit information. If they’re successful, they’ll probably have an account with hefty fees; if not, the process starts over again at another bank. Imagine how hard it will be for that employee to make ends meet his first month!
With Branch the process is so much simpler. Moreover, manual entry of direct deposit information becomes a thing of the past, eliminating further delays before receiving his first payment. The whole process takes just a few minutes and can be done from the comfort of home on a mobile device, never missing a beat at work.
We know that manually printed and delivered checks are the bane of your HR department. And they present a number of challenges for the rest of your employees as well.
- No fees
- No burdens
- No individual setup or administrative tasks to perform
- No special plastic cards to distribute
Even special cases, such as distributing tips (as in the restaurant industry) or termination pay (watch out if you’re in California), are a breeze through the platform.
Stay tuned; there’s more on the way, and we’ll be strengthening our ties with Branch in order to bring more benefits that simplify your payroll processing while helping your employees get ahead financially.
Read the full Press Release: Greenshades Selects Branch as Exclusive Banking and Card Solution
By Greenshades, www.greenshades.com
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