PayDirect Card
ICICI Bank offers a complete payroll solution to your company in the form of its PayDirect Card.
The PayDirect Card is a magnetic-strip-based reloadable Prepaid Card that addresses the concerns of an enterprise for payment of salaries,reimbursements,commissions and incentives to its employees/associates. With this card, the cardholder can withdraw funds from ATMs and make purchases at merchant outlets having Point of Sale (POS) machines. The card features can be customized as per the requirements.
The PayDirect Card is the ideal alternative to traditional payroll cheques, which also helps your business increase efficiency and builds employee loyalty.
How does the PayDirect Card work?
The ICICI Bank PayDirect Card is a reliable and convenient option for making payment to your associates. Pre-funded by your organization itself,the ICICI Bank PayDirect Card lets the company issue payment by card instead of disbursing cash or cheques to its employees. For every pay period, the employee's earned funds are automatically loaded onto the card and available on payday itself. Employees can then use the card to buy goods and services physically or online,pay bills, or get instant access to their funds through ATMs. The card also offers an extra level of security for the company and its employee.
Benefits
Benefits to Corporate
Instant Payment: The PayDirect card completely eliminates the need to stand in line at a bank with to deposit paper cheques or cash. The card can be used soon as it is activated.
Reduced administration cost: Use of the PayDirect Card decreases the cost otherwise associated with issuing payroll cheques, replacing cheques and stopping payments of lost cheques. It also reduces the possibility of fraud and loss associated with cheques.
Elimination of cash or cheque-based payments and associated paperwork: Cheques are difficult to handle, process, and reconcile while a PayDirect Card is easily stored, issued and tracked. Also its transaction time is faster than any other exchange medium - just swipe the card to complete the purchase!
Increased productivity: The PayDirect Card frees the management staff from handing out cheques while employees don't need to leave work to get cheques cashed. The card can also be used to manage your employee expenses.
Benefits to Cardholder
No requirement of minimum balance: Your employees need not maintain any minimum balance on their cards. So, they can spend the way they want till the balance comes to zero.
Lost-card blocking and replacement: If an associate loses his PayDirect Card, all he needs is to call our Customer Care to block the card. Once a positive verification is made, the lost card will be blocked and a new card request will be initiated.
Safe and secure: The PayDirect Card not only increases safety (because of the limit placed on the liability to the cardholder for lost/stolen cards), but also may provide a sense of personal empowerment and security since purchases can be made directly with the card. It allows cardholders to shop online, via catalogue or telephone, and pay bills online - the choice is yours!
Flexibility of use: There’s no need to spend the entire amount in a single swipe or at a single shop. The value and location of the purchase is at the sole discretion, convenience and will of the cardholder.
Online shopping: The ICICI Bank Gift Card has been enabled for making payments for online purchases. For security on the internet, you need to register for “Verified by Visa” prior to usage of the Card.
Enjoy offers and discounts: Gift Cardholder can avail amazing discounts on shopping, dining, fashion and travel , for details please visit www.icicibank.com/offers.