A locally-owned company has won the contract for the payroll debit card program for workers from the Buffalo Board of Education, the City of Buffalo and Buffalo Sewer Authority.
Cardvark Inc., owned by Tom Pecoraro of Williamsville, in conjunction with TSYS Merchant Solutions, LLC, won the competition for payroll card services over several other financial institutions including Bank of America and JP Morgan Chase.
Pecoraro said the proposal from Cardvark included an incentive to the city of 5 percent of their annual net revenue from the payroll card program and that the potential revenue stream was a key factor in Cardvark wining the bid.
The program will offer employees the opportunity to participate in the direct deposit of their payroll check if they do not have a checking or savings account with a financial institution. The funds would be deposited on a payroll debit card, eliminating the need to use a check cashing company which may charge fees ranging from $3 to $25 per check.
There are no fees to the city associated with the program and it eliminates the costs of printing and distributing physical checks and simplifies the payroll process. You can find out more information about the program by going to the website at www.cardvarkgiftcards.com or by calling 888 -956-9227. |