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Cash is no longer king. In fact, in the last two years, as the most frequently used form of payment among Americans. Providing an industry-leading debit card with your employee benefits is one way you can try to boost participation, so both you and your employees can save money.聽

The modern consumer

In 2019, made by Americans were with debit cards, up from . Meanwhile, the percentage of payments made with cash dropped from in 2019.聽

The spending habits of today鈥檚 consumer often depends on a person鈥檚 age. of all payments made between the ages of 35 and 44 are with a debit card or credit card. That’s up from five years ago.聽

As Americans increasingly turn to debit cards, we鈥檙e seeing businesses and even government agencies pivot to meet consumers where they are. For example, the U.S. Treasury announced earlier this year that they would be issuing to Americans on prepaid debit cards instead of sending paper checks.聽

What does this mean for my employee benefits offering?

Over half of all Americans have because of cost. That鈥檚 one reason simplicity is the key to participants wanting to participate in your plans. It helps to keep them from having to pay out of pocket and seek reimbursement after that. With so many Americans using debit cards as their primary form of payment, they鈥檝e come to expect the same from their employee benefits.聽

For them, saving money only happens when they can easily spend their funds. An industry-leading benefits debit card lets them more easily take advantage of the tax advantages that come with participating in a health savings account (HSA) or a flexible spending account (FSA). And it also is catered to the experience that many of your debit card-using employees are already used to.聽

What should I look for from a benefits debit card?

Participants should have access to a benefits debit card that鈥檚 both easy to use and intuitive. A stacked debit card, such as the 亚洲色吧 benefits card, is a key differentiator because all of a participant鈥檚 benefits plans are on one card. And the card is built to pull from the appropriate plan鈥檚 funds. They鈥檒l swipe their card to make purchases, and purchases are reimbursed on the same debit card.聽

Our benefits debit card pairs with our online account and mobile app so they have a simplified, synchronized benefits experience.聽

When our debit card is used at a merchant that has , participants simply swipe their card. It will then automatically approve anything that鈥檚 an eligible expense. If an expense isn鈥檛 eligible, it will require a second form of payment. That prevents invalid payments from happening and reduces possible payment headaches downstream.聽

Want to see how easy it is for our participants to spend their funds with the 亚洲色吧 benefits card? Click the image below.聽