Employer FAQs
How can the Preferred MasterCard® PayCard benefit our company?
The Preferred MasterCard® PayCard involves no cost to the company. It is intended to be an employee benefit for your unbanked employees by resolving financial issues . The Preferred MasterCard® PayCard will save in administrative payroll cost.
Who is eligible to receive the Preferred MasterCard® PayCard?
Any employee or contractor who is currently on your payroll or a new hire.
What employee documentation do we need?
The Preferred MasterCard® PayCard complies with the USA PATRIOT ACT and other financial regulations. The information required to place an employee on your payroll is the same information required by Preferred MasterCard® PayCard to issue a payroll prepaid card. Preferred MasterCard® PayCard does not share your confidential payroll information or employee data with any other group or organization.
How do we implement this program for our company?
Preferred MasterCard® PayCard can be reached at 1-877-724-3839 or under “CONTACT US” on our website at www.preferredpaycard.com . We will have a representative contact you.
How do we enroll our employees in the Preferred MasterCard® PayCard program?
You will submit the employee information to us on our “Enrollment Form” submitted by hard copy or online.
What support do you offer and who do we contact if we have a question?
The Preferred MasterCard® PayCard has a dedicated team to assist you. We have an employer portal on our website for your convenience. We will also provide all marketing materials in English and Spanish to assist in your successful program rollout.
What if an employee’s card is lost or stolen?
They should Immediately contact customer service toll free at 1-800-477-5965.
What if an error is made in payroll calculation and an overpayment or underpayment of payroll occurs?
This type of error is corrected by your Payroll Department initiating two transactions: one to reverse the incorrect amount and one to deposit the correct amount.
What if an employee reports that an unauthorized transaction has occurred on their Preferred MasterCard® PayCard?
The employee should immediately contact Customer Service at the toll free number on the back of their prepaid card.
How will the Preferred PayCard Program affect our current payroll processor?
No effect.
Terms and Conditions
MasterCard/University Bank: This card is issued by University Bank, pursuant to a license by MasterCard® International Incorporated. MasterCard and the MasterCard® Brand Mark are registered trademarks of MasterCard® International Incorporated.
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