PayMaxx Inc., said its PayMaxx PayCard program would allow employers to directly deposit workers’ salaries into their PayCard account. Employees can then use the Visa debit cards issued by Bank One much like a traditional credit card as well as to access their funds from ATM machines.
PayMaxx said employees would get monthly account statements and can track and manage their accounts via a toll-free phone line. The company said the debit program is scheduled to launch in April.
The company said a debit card program is convenient for employees because workers don’t have to leave the office to cash their paycheck and don’t have to carry around large amounts of cash. The primary benefit for employers: it cuts out the cost of stolen or forged checks and other check-processing expenses, the company said.