The 5 Important Reasons
The industry for employee benefits is always changing. With advances in technology and services offered, it’s beneficial for business owners to offer the most reliable and convenient options to their employees. Highlighted in this article, you’ll learn some of the benefits of offering a benefits card through B3PA.
Cards help both the employer and the employee
Having the Benefits Card available is advantageous for employers and employees. Employers like greater FSA participation and FICA savings. At the same time, cards are beneficial to the employee for convenience, reduced paperwork, and no ‘pay twice and wait.’ The quick access to funds and ease of use draw employees in, as well.
Cards Influence Enrollment
62% of cardholders report that their decision to sign up for benefits was, in some way, influenced by the availability of a card tied to their account.
Ability to ‘Stack’ Multiple Accounts on One Card
Our full-stackable cards work with all benefit plan types and are configurable by the employer. Including HSA, FSA, DCAP, etc. Consumers do not need to direct payment to specific plans, it is automatically directed at the point of sale based on either the merchant type or preset splitting rules.
With the card management portal, you can count on the reduction of paperwork and physical management of receipts. Participant account information and transaction history are available 24/7 online through the Consumer Portal and on the mobile application.
Fraud Prevention & Detection
The EMV (Chip Cards) protect against counterfeit card fraud and the Chip and PIN provide an enhanced level of security.
The cardholders use the card to pay for eligible items, which are deducted from the account balance at the point of sale. Each transaction is fully substantiated, so no paper follow-up is needed. The card can also be used for any balances due from hospitals, doctors, dentists, or optometrists. 85-95% of transactions are auto substantiated, and no further action is necessary. Otherwise, the cardholder will receive a letter or an email requesting a receipt to verify the expenses.