A Note from Jeff Felser
Welcome to the summer edition of Payment Solutions News. Our most comprehensive edition to date, it features proven ways to increase payroll automation using products like payroll cards and online paystubs. By shifting away from paper checks, you can maximize efficiency and drive down operating costs.
When commercial cards were introduced, government agencies were among the first to take advantage of the significant cost saving opportunities associated with them. And corporations followed closely behind. The same phenomenon is currently happening in the prepaid segment. Electronic payments now make up more than 75% of all non-cash payments.1 And in 2008 alone, government agencies used prepaid cards to save an estimated $44 million in payroll costs.2 By issuing PNC's PayCards to your employees, you could drastically lower the costs of your payroll process as well.
We're also excited to announce the next step in payment solutions: invoice automation. With our new AP Advantage solution, PNC is now able to receive, scan, capture and deliver invoice information to you electronically ... further simplifying your payment process.
Look for more details about invoice automation coming soon. In the meantime, we hope you enjoy this edition of Payment Solutions News.
Senior Vice President
Asplundh Tree Expert Co. increases electronic payroll to 85%
With help from PNC, Asplundh Tree Expert Co., the nation's largest utility vegetation management company, has significantly reduced the time and cost associated with processing payroll. PNC's payroll program also allows employees to access their funds from anywhere, a key benefit for a company with 28,000 employees across the country.
Read full article
Give underserved employees without traditional bank accounts quick, easy access to their paychecks
More than 80 million individuals in the U.S. have either limited or no banking relationship. If you have employees who fall into this group, issuing PayCards is a great solution.
PRODUCT SPOTLIGHT: PNC PAYCARD
Reduce payroll costs and improve employee satisfaction
If you're interested in increasing participation in electronic payroll, consider implementing a PayCard program from PNC. You'll lower operating costs, streamline paycheck distribution and increase employee satisfaction. And PNC has all the tools and support you need to implement a successful card program.
Save time and money by issuing Online Paystubs
PNC Online Paystubs is an easy way to make your payroll process even more efficient. You'll free up employees normally dedicated to paystub issuance, cut down on paper costs, and give your employees instant access to their paystubs online.
ACHIEVEMENT IN NUMBERS
Achieve 95% electronic payroll ... enjoy maximum savings
To maximize the time and cost savings of your payroll program, consider making PayCards the default payment option for new employees. Depending on which state you're in, you may even be able to make electronic payments the only option.
Click here for the list of states
National Economic Outlook - June 2011.
Published early each month, PNC's National Economic Outlook provides analysis and forecasts of key U.S. economic variables, such as real GDP, interest rates, inflation, income, employment, industrial production and house prices.
PNC will be sponsoring, exhibiting and/or speaking at these events:
Association of Public Treasurers in US and Canada
Renaissance Hotel and Cox Convention Center
Circle City Treasury Management Conference
Indianapolis Marriott East
Metro Convention Centre
Annual AFP Conference
Boston Convention and Exhibition Center
1 2010 Federal Reserve Payments Study
2 Forbes.com, February 7, 2011
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