A few weeks ago I commented on how PAYTOO is firmly planting its flag in the market to help the unbanked and underserved gain access to financial services and save money. Today, I want to elaborate further and explain exactly how PAYTOO Direct will deliver that promise.
PAYTOO Direct is the ideal solution for a salaried individual without a bank account. I think we can all agree on one thing and that is that paper paychecks are just an inconvenience. No matter which way you slice it, paper checks achieve two things:
1. Delaying access to your funds
2. Adding tedious and pointless time spent finding ways to cash them
Chances are that if you’re still receiving paper paychecks you don’t have access to a traditional bank account. You take your paychecks to a check-cashing store and pay a percentage to increase its profit. Not only have you lost time out of your day to cash the check, but you also lost money in doing so. If you ask me, there’s not much convenience in that.
Let’s say you own a small business. Depending on your industry, you may have dozens of employees requiring paper checks. These may actually cost you a pretty penny. The rate is ten times the cost of direct deposit. However, if your employees don’t have bank accounts, there isn’t much of an alternative, is there? Even with a service like PayPal, you are still paying a percentage off the top.
This is where PAYTOO Direct shines. When a user opens a free PAYTOO Mobile Wallet™ account, it includes an option for a debit card to use at ATM locations. All it takes is the routing information for direct deposit, just like a traditional bank. This is a FREE SERVICE. PAYTOO will be card-less to use at over 30,000 ATMs nationwide. Bill payments, top-ups, virtual cards, gift cards, are just some of many other helpful services PayToo provides to its users.
PAYTOO will never be the kind of company that stops at convenience. We understand that sometimes you need access to funds while you are waiting for your next paycheck. This is why we have an easy, integrated, and friendly lender’s network service. Once you have your payroll deposited into your PAYTOO wallet you are automatically approved for quick cash loans with one of these participating lenders. Also PAYTOO will help users get the lowest interest rates in the industry, which is a great benefit for those unbanked or underserviced.
Over 20 percent of US households are either unbanked or underserviced by their bank. This is a good reflection of the number of people unable to get approved for a mortgage, a car or home improvement loan. PAYTOO caters to this population. Unbanked and underserviced people can use their PAYTOO accounts to realize their dreams. Wouldn’t you love being a part of giving someone the keys to a new house or car?
So let’s recap those savings. If you are an employee without a bank account, PAYTOO saves you both time and money by cutting check-cashing stores out of your life. If you are a small business, by getting your workforce on PAYTOO Direct you are cutting out the costs of using paper paychecks.
Our philosophy at PAYTOO has always been to keep things simple. One of the reasons people are flocking to virtual accounts is that they are tired of the confusion and bureaucracy you see at traditional banks. So I will speak for the entire PAYTOO team and sum it up in one statement:
PAYTOO Direct is the paperless payroll solution that is going to save you money. That is a fact!
CEO, PAYTOO Corp.