It’s no secret: American workers are becoming more mobile. Between 2005 and 2012, there was a 79% increase in the number of employees who worked remotely1. With more and more people working away from home, many of them are located far from their personal banks. When these employees get hurt on the job, how does the employer deliver the workers’ comp payment to the injured party?
Cash is out of the question. Checks are an option, but they’re prone to fraud and escheatment, and if the check doesn’t reach its recipient, the payment is returned, leaving the worker angry and frustrated. Plus, with a check, the employee may have to use a check cashing service, which can significantly decrease the overall payment amount.
With an ACH payment, employees have to hand over sensitive account information, which makes them vulnerable to fraud; plus, if they can’t access their bank (due to injury, distance, or otherwise), how do they receive their funds?
The answer to a simple and secure workers’ comp payment delivery method is RenewCard™. Here are five reasons to consider RenewCard for workers’ comp payments:
No missing or late payments – After payers submit a payment request, DataPath creates an ACH transaction, issues a preloaded RenewCard, and delivers it to the worker. All subsequent payments are automatically placed on the card. The worker doesn’t have to worry about the payment getting lost or stolen.
Satisfied workers – DataPath’s partnership with MasterCard® ensures that workers’ comp recipients can access their funds everywhere MasterCard is accepted: ATM, grocery stores, gas stations, and more.
Enhanced security – DataPath is an end-to-end card processor, meaning we keep every card-related process in house. From card issuance and payment processing to customer service and technical support, we do it all. Plus, since sensitive account information is never transferred, and the worker has to register the RenewCard through a secure web portal, the incidence of fraud is minimized.
Dedicated customer support – If a worker has an issue with the RenewCard, DataPath works directly with the person to resolve it. The result is greater customer service for the recipient.
Increased cost savings – Check processing can cost up to $8 per check. Issuing 10,000 checks a year could cost $80,000 alone. That’s a lot of money for employers in addition to the already costly indemnity payment. Considering the cost savings and convenience, RenewCard is an affordable solution that offers significant cost savings across the board.
Contact DataPath today to learn more about RenewCard.
1 Tugend, Alina,“It’s Unclearly Defined, but Telecommuting Is Fast on the Rise,” New York Times, March 7, 2014.