Transcard, a leading provider of turn-key prepaid debit and Discover Network-branded prepaid card solutions under the Transcard(TM) brand, announced today a Qualified Vendor relationship with Choice Hotels International, Inc., one of the world's leading lodging franchisors with ten hotel brands operating in the United States and 37 countries and territories. Transcard will provide Discover Network branded prepaid stored-value card solutions to Choice Hotels franchisees, which will enable them to pay their employees electronically, and in turn potentially improve employee retention.
CHATTANOOGA, Tenn. (Business Wire EON) November 19, 2007 --
Transcard, a leading provider of turn-key prepaid debit and Discover
Network-branded prepaid card solutions under the Transcard™
brand, announced today a Qualified Vendor relationship with Choice
Hotels International, Inc., one of the world’s
leading lodging franchisors with ten hotel brands operating in the
United States and 37 countries and territories. Transcard will provide
Discover Network branded prepaid stored-value card solutions to Choice
Hotels franchisees, which will enable them to pay their employees
electronically, and in turn potentially improve employee retention.
“Transcard is excited about the relationship
with Choice Hotels, and Transcard is eager to provide benefits to both
franchisees and their employees,” said Craig
Fuller, CEO of Transcard. “The Transcard
payroll platform has the potential to allow significant gains in
employee retention and satisfaction for employers because their
employees will be paid on-time. We are excited to offer Choice Hotels
the opportunity to enliven their franchisees’
operations and streamline their payment methods and cash flow.”
As one of the fastest growing payroll trends, payroll cards offer
employees that may not have traditional banking relationships, a safe
and convenient way to manage their pay income. Employers also are
realizing payroll cards are a cost-effective way for both employers and
employees to significantly reduce the costs associated with the payroll
process.
According to the American Payroll Association, it costs between $1 and
$2 to process, print and deliver a single paycheck and about $9 to
replace a lost or stolen paycheck. Additional expenses often include
postage or courier fees to distribute paychecks, as well as the cost of
tracking and accounting for paychecks once they’re
issued.
The Discover Network payroll card program helps significantly reduce
these costs by automatically loading funds onto cards issued to each
employee, which can then be used anywhere Discover Network cards are
accepted. Eliminating paper checks minimizes employers’
exposure to check fraud and removes bank-processing fees for stop
payments on lost or stolen checks.
Employees could see significant financial benefits as well. While it can
cost anywhere from 2 percent to 10 percent of the check’s
value for an employee without access to a bank account to cash a payroll
check, payroll cards typically only carry a nominal fee. In addition,
employees can access funds immediately every payday, track their payroll
information, and use their cards to make purchases everywhere Discover
Network cards are accepted.
“Administering payroll can be a
time-consuming and costly process for many companies,”
said Tom Crowder general manager, Discover Network prepaid programs for
Discover Financial Services. “We were pleased
that we could help connect Transcard and Choice Hotels to provide a
payroll card solution that helps the company’s
franchisees streamline their payroll process, while building employee
retention.”
Transcard, will manage the Discover Network payroll card program,
providing Choice Hotels franchisees with 24/7/365 customer service
support, convenient online maintenance of account balances and
transactions, and robust reporting that conveniences franchisees and
employees alike.
Discover Network payroll cards provide a 100 percent authorization
requirement, which further reduces fraud risks and costs for issuers. In
addition to the convenience of immediate access to funds, Discover
Network payroll cardholders can check account balances in the
authorization messages on their sales receipts after every
signature-based purchase.
“We feel that the electronic payroll solution
offered by Transcard will give franchisees’
employees at their hotels a convenient and secure method to receive
their paycheck, particularly if they do not have a bank account to store
their earnings,” said David Goldberg, senior
vice president, brand solutions, Choice Hotels.
About Transcard
Transcard is an industry leader in electronic transaction processing
services both domestically and internationally. Transcard offers
electronic funds transfer services including direct-to-card payroll
technology, electronic fuel and transaction processing, and global money
remittance and payment services. Transcard processes over $960 million
in electronic transactions annually and expect to reach $1.2 billion in
2007. www.transcard.com
About Choice Hotels International
Choice Hotels International franchises more than 5,500 hotels,
representing more than 450,000 rooms, in the United States and 37
countries and territories. As of September 30, 2007, 872 hotels are
under development in the United States, representing 68,853 rooms, and
an additional 82 hotels, representing 7,970 rooms, are under development
in more than 20 countries and territories. The company’s
Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria
Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge and
Rodeway Inn brands serve guests worldwide.
Additional corporate information may be found on Choice Hotels’
Internet site, which may be accessed at www.choicehotels.com.
About Discover Financial Services
Discover Financial Services (NYSE:DFS) operates the Discover Card with
more than 50 million cardmembers, the Discover Network with millions of
merchant and cash access locations, and the Goldfish credit card
business in the United Kingdom. Discover Financial Services also
operates the PULSE ATM/debit network, which serves more than 4,400
financial institutions and includes nearly 260,000 ATMs, as well as POS
terminals, nationwide. For more information, visit www.discoverfinancial.com.
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