LONDON--(BUSINESS WIRE)--Global procurement intelligence advisory firm, SpendEdge, has announced the release of their ‘Payroll Cards Procurement Research Report.’ The insights and data in this report provide a strategic analysis of the supply markets, factors influencing purchasing decisions, procurement best practices, pricing models, supplier landscape, and an analysis of the supplier capability matrix for the financial services industry. This report breaks down the data and analysis behind the procurement of payroll cards and acts as an all-inclusive guide for making smart purchasing decisions.
“The payroll card services industry is expected to register a high growth during the forecast period due to the widespread adoption of paperless and digital payment solutions by not only businesses and consumers but the need to decrease the payroll costs,” says SpendEdge procurement analyst Bhuvaneshwari Udayakumar. “Payroll cards is a fast-growing industry and the need of having paperless, hassle-free, and streamline payroll process is driving the demand for payroll cards,” added Bhuvaneshwari.
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Key Report Features
| Supply Market Insights | Negotiation Strategies | |||
| Procurement Best Practices | Category Risk Analysis | |||
| Cost Saving Opportunities | Key Supplier Analysis | |||
| Pricing Models | Supplier Capability Matrix |
Report Insights
- The growth of the global payroll cards market can be attributed to the high efficiency related to risk management, safety, and flexibility which are the inherent benefits of payroll cards when compared with other payment options leading to their increased adoption worldwide. Also, the use of payroll cards helps buyers to save on payroll costs.
- The buyers should plan a communication strategy to engage employees in the payroll card program. The buyers gain feedback on the program and act on that feedback to improve the process. Adopting a clear communication strategy will help them gain the trust of employees and lead to widespread acceptance of the payroll card services.
- One of the key challenges faced by the buyers in this market includes the lack of communication regarding the transaction fees which leads to complications at a later stage. Therefore the employers should ensure that the employees are well informed about the transaction fees that they will have to incur for different transactions.
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Payroll Cards Market Pricing Trends
The pricing models prevalent in this industry are tiered pricing, interchange plus, subscription-based pricing and blended pricing. Interchange plus and tiered pricing are the two widely adopted pricing models in the payroll card services industry. The interchange plus pricing model is a transparent pricing model, and the pricing plan usually costs less than the tiered pricing model whereas the tiered pricing model offers different rates for different transactions due to the high risks associated with each transaction.
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