St. Petersburg, FL, Dec. 1 – Prepaid payroll programs offer attractive growth opportunities for credit unions. A white paper released by PSCU Financial Services that outlines the market for both consumer and employer prepaid payroll programs is available free at the CUSO’s web site.

“Prepaid payroll cards offer the highest transaction averages and longest life span of any prepaid debit card. This makes them extremely profitable for credit unions. A convenient, secure prepaid card also offers significant benefits to the underserved market by eliminating the need to pay high fees for check cashing services and the dangers of carrying cash,” said Ron Silvia, VP Debit, ATM & Prepaid Products, PSCU Financial Services.

All prepaid payroll programs offer cardholders the ability to have their paychecks directly deposited onto the reloadable card, which can be used at merchant locations and ATMs. These cards also offer the feature functionality of a debit card and the ability to continue using the card if they leave that employer.      

PSCU Financial Services’ white paper outlines the tactics required to establish a successful payroll program aimed at either employers or consumers. It also offers detailed best practices that include regulations that must be considered, anticipated operating margins, suggested program features and recommended marketing techniques. 

Two additional papers on prepaid cards are also available from the web site, “A Case for Prepaid Cards,” and “Achieving Profitability with Prepaid Cards.” The CUSO also has authored free white papers on credit, debit, eCommerce, cards for small businesses and call centers.

About PSCU Financial Services

Based in St. Petersburg, Florida, PSCU Financial Services is the nation's largest credit union service organization (CUSO) and serves more than 1,500 financial institutions nationwide. As a non-profit cooperative, the company is owned by more than 680 member credit unions representing 16 million credit, debit, prepaid, online bill payment and electronic banking accounts. Its Contact Centers handle more than 18 million inquiries a year.

PSCU Financial Services offers 24/7 member support through four Contact Centers: its Eastern operations center in St. Petersburg, Fla.; a Western operations center based in Phoenix, Ariz.; and two call centers in Detroit, Mich. These Contact Centers perform member servicing and new member acquisition, cross-selling and automated lending solutions as well as support for debit/credit/prepaid cardholders, online bill payment and electronic banking subscribers.

Established in 1977, PSCU Financial Services offers its members a full range of processing options, any combination from full service to in-house pass through processing for credit, debit and ATM transactions. As a leader in the credit union movement, the company offers gateway access to national and regional networks. It also provides full function ATM terminal driving services. For more information, visit PSCU Financial Services’ website at www.pscufs.com.