payment in companies
Cashless Payments in Companies
Large corporates have set up several shopping amenities within the campus to provide a differentiated experience to their employees. Most popular in-premise services include – food joints, grocery stores, bookstores, in some cases apparel and beauty salons.
Today, the payment to these services happen either through the credit card, cash or through coupon payments. This means that the employees must carry an extra card.
Here is a simpler solution. How about the Employee ID card doubles up as the payment card too? The Employee ID card can be loaded with the money in three different ways:
- Auto load by payroll process
- Online through credit card of the Employee
- Offline through cash payment at counter (not recommended)
Most corporates use Sodexo cards or food cards issued by a standard bank. With this employee has a multi-step process of loading the card and presenting the card to the vendor for each purchase.
The vendor gets paid into his account by the bank. The banks charge the transaction fee either to the corporate or to the vendor. This can be completely avoided for in-premise payments using Employee ID card.
The company can run a simple weekly settlement process to pay the vendors.
With this, the entire in premise payment process can become complete cashless and hassle free for the employees.
The benefits of the Membership card/Employee card being used for payments is
- All in premise purchases can be cashless
- The settlement for Vendors is cashless
- Vendors themselves do not have burden of cash management and loss