Salary project – it is service, which is offered by the commercial banks to the entities of various forms. They can be both the private and budget institutions. Within such project, salary and other payments of social nature will be allocated to the personnel of the companies and organizations on plastic cards.
Salary project is convenient and beneficial because it allows minimize cash operations, exclude lines to cash office the day salary is paid and reduce expenses for encashment.
Functionally, banking cards issued to the clients within the salary projects do not differ from cards issued to the retail customers. Salary card is the same plastic card, only the employer charges salary on this card.
Difference of the salary project of one bank from another one is that the banks can offer it as additional services. For example, to offer services of cashing by lower rate of free cashing in ATM network to the holders of salary cards; charging interest on left amount on account; provision of lax credit for the staff and consumer credits by negotiable rates.
As a rule, electronic card is issued within the salary projects, which can be used for payment for goods in trading-service entities, services of the suppliers and withdrawal of money in ATMs. It can be both the local card and card of international plastic card system.
Many banks for their salary-based clients provide opportunity of free withdrawal of cash in ATMs. It is one of the key criteria in selection of the salary-based project besides tariffs on card issue and service. The matter is that you pay commission from 0,2% to 0,8% if you withdraw cash from ATM of the bank you are not client. Therefore, it is worth to ask about network of bank’s ATMs as you are going to work with this bank not only within the capital, but also outside the city.
Thus, salary-based projects become a part of corporative culture at the enterprise. They have a number of unique advantages described above, and promote development of the non-cash payment system in the country.