FENTON, Mo., June 25, 2012 /PRNewswire/ -- InteliSpend Prepaid Solutions, LLC and FlexWage Solutions LLC (FlexWage®) announced a new partnership incorporating FlexWage's payroll card and unique WageBank® solution, a benefit that enables employees to responsibly access earned wages in advance of their scheduled payday. InteliSpend will be rolling out the product and service to its employee base and incorporating them into its suite of product offerings to clients.
Employers realize significant savings in payroll cost as the FlexWage solution drives adoption of electronic pay, eliminating the expense and hassle of paper paychecks while utilizing their existing payroll and Human Resource Management Systems (HRMS). Further, by reducing financial stress, FlexWage increases employee productivity and satisfaction, providing employees with timely, secure access to their wages and the convenience of using their FlexWage card wherever Debit MasterCard® is accepted.
"We are very pleased to offer the FlexWage solution to our employees. InteliSpend provides a wide range of benefits, and we are always seeking new ways to increase employee satisfaction and performance," Sheree Stewart, chief operating and product officer at InteliSpend, said. "FlexWage provides a unique payroll card solution incorporating a benefit that really helps employees in times of financial need and helps them avoid the high cost associated with many short-term sources of funds. We are equally excited about rolling out the solution to our client base and believe they will quickly realize its many benefits."
By combining the best features of payroll cards with WageBank, FlexWage has solved the problem faced by millions of U.S. employees who are underserved by mainstream financial institutions. For many employees living paycheck to paycheck, a financial emergency can force them to resort to payday or other "alternative" loans and be saddled with exorbitant fees and late payment charges. Americans spend roughly $20 billion annually on alternative financial services fees, and in 2009 were charged $38.5 billion in overdraft and insufficient funds fees.
"We are very excited to be partnering with InteliSpend to bring our unique solution to the market. Millions of U.S. workers do not have access to credit, and frequently struggle to deal with short-term financial emergencies," Frank Dombroski, president of FlexWage, stated. "They often turn to payday loans and other alternative financial services whose high fees create a difficult-to-escape debt trap. With average APRs exceeding 500 percent, predatory loans create tremendous financial hardship and stress, and have recently come under significant regulatory pressure. We now offer a unique, compelling alternative."
About InteliSpend: InteliSpend Prepaid Solutions, LLC, an independent entity within Maritz Holdings, Inc., is an issuer and reseller of American Express®- and Discover®-branded prepaid products, and a program manager for MasterCard and Visa. InteliSpend provides businesses with prepaid solutions, including stored-value cards, online reward management technology, and program management. Its products address a broad array of applications, such as employee reward and recognition, sales incentives, expense management, and consumer promotions. InteliSpend is headquartered in Fenton, Missouri, and is a licensee of U.S. Patents 5,689,100 and 5,956,695 and Canadian Patent 2,215,969. Learn more at InteliSpend.com
About FlexWage: FlexWage Solutions LLC is a next-generation payments company dedicated to providing compelling financial resources to employers and employees. Through its proprietary WageBank, FlexWage offers the industry's only solution that provides employees reasonable access to earned wages in advance of their scheduled payday. Through its products, FlexWage helps improve quality of life for employees, employee productivity and minimizes expense and environmental impact by reducing paper-based payroll delivery. The company is headquartered in Mountainside, New Jersey. Learn more at flexwage.com.
FlexWage Solutions Payroll Card issued by CenterState Bank of Florida N.A. pursuant a license by MasterCard® International.
SOURCE InteliSpend Prepaid Solutions