The new partnership will allow Paysign to provide a payroll debit card program alongside Spentra’s Money Earned pay access system. The new cards issued as part of the program will include an EMV chip, providing additional protection from identity theft and fraud.
Moreover, the program will consolidate payment-related services to a single provider and deliver insights into cardholder behaviours and interactions.
Wayne McHugh, chief operational officer at Spentra, commented: “Our overall objective at Spentra was to create a card platform that provided employers and their employees with the options that mean the most to both groups.
“Paysign has the solutions, technology and technology roadmap within the payment space that are the best match for our customers”, McHugh continued. “We wanted to find a partner that aligned with our interests and primarily did everything in-house – specifically, within customer care, payment processing and technology – which many other providers tend to outsource. We are excited to grow this partnership with Paysign.”
Founded in 2001, Paysign offers prepaid card programs, digital banking services and integrated payment processing for businesses, consumers and government institutions.
In December 2022, the company teamed up with EvoShare, a US-based microsavings-oriented fintech startup, introducing more savings and reward opportunities to Paysign clients and cardholders.
Its COO and president Matt Lanford added: “We’re thrilled to have Spentra as a partner and look forward to the growth and innovations our alignment will bring to both companies. We are excited for future phases of our product development with Spentra and continuing to bring value to their clients and end users.