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Springbok Services Inc. says it plans to launch on Monday an automated prepaid debit payroll card and related bill-pay service. Englewood, Colo.-based Springbok will provide employers with reloadable Visa prepaid cards that companies can brand with their corporate names and logos. "There is a lot of opportunity out there [for the company] because there are a lot of employers that still need to have this kind of product and need a product like this," John Nail, Springbok compensation product manager, tells CardLine sister publication ATM&Debit News. Springbok estimates the cost to cut and mail paychecks is approaching $2 per employee. Companies may save about $50 per employee annually by switching to a payroll card, Springbok says. Though more employees are using direct deposit, "there is still a dilemma because companies still have a large segment of employees that do not have a banking relationship," Nail says. Those employers have no choice but to offer a check in that situation, he adds. Cardholders also can access the Springbok Bill Pay Web site, a service that enables one-time or recurring bill payments to any biller. "Even if the biller is unable to accept electronic payments, we can cut a check and send it on behalf of the employee," Nail says. Cardholders also can view their card balances and transaction histories on the site. Storm Lake, Iowa-based MetaBank will issue the cards, and Springbok will process the transactions, according to Nail. Cardholders also have free access to Allpoint ATMs, the nation's largest surcharge-free network with 35,000 machines. Springbok offers one free transaction at other ATMs per pay period, according to Nail. There are no card-activation, monthly maintenance or a point-of-sale purchase fees, according to Nail. Springbok does charge fees for check bill payments and for purchases initiated using PINs, but they are negotiable with the employer. "There are no set fees for our prepaid payroll card product," Nail says.
