SOLE Paycards Implemented by JumBurrito for Unbanked Employees
PORTLAND, Ore., Nov. 7, 2017 /PRNewswire/ — SOLE Financial recently partnered with JumBurrito, an award-winning Midland, Texas restaurant chain serving authentic, scratch-made Tex-Mex, to offer payroll cards to the members of JumBurrito’s unbanked workforce. JumBurrito is a family-owned company that focuses on providing quality food and secure employment for the local communities in Midland and Odessa Texas.
The World Bank Global Findex reports that companies play a “pivotal role” in fostering the financial inclusion that leads to the reduction of poverty. Paycards cultivate financial inclusion by offering unbanked employees, who are more likely to be low-wage workers, many of the benefits of a traditional bank account without the risk of overdraft fees. Texas is one of the most unbanked states in the country, but because of the active role JumBurrito has taken in advancing financial inclusion for its workforce, JumBurrito’s unbanked employees will now have access to services like online bill pay and purchases, no-cost cashback at point-of-sale transactions and a mobile app to check account balances. The SOLE Paycard’s routing and account number also give cardholders the ability to use the card for any direct deposits, such as paychecks from a second job. The payroll card allows these employees to maintain all of their funds electronically, in a secure FDIC-insured account.
Shortly after partnering with SOLE, JumBurrito achieved 100% participation in direct deposit by implementing the payroll card to nearly half of its employees, all who were not already enrolled in direct deposit. To honor JumBurrito’s achievement of paperless payroll, SOLE planted 100 trees in JumBurrito’s name as part of SOLE’s Paperless Trees Project, which celebrates the environmental benefit of direct deposit by planting a grove of trees every time a client eliminates paper checks.
Regarding the partnership, JumBurrito’s payroll manager Lacy Davidson said, “We are happy to partner with SOLE for our non-banking employees. The enrollment process is easy and fast. The support staff has always been just an email away, and quick to respond. Our employees really like their SOLE Paycards. They have instant access to their funds on payday. They also like the ease of navigating and the security of the app.”
SOLE President, Tom Secor, said, “We are so proud to be of service to the JumBurrito team, namely those that are unable to participate in direct deposit. Employers are uniquely positioned to bridge the gap of banked and unbanked, and we are excited to partner with clients who share our passion for providing easy access to the savings and convenience of direct deposit through our payroll debit card. The Paperless Trees initiative extends the benefit of direct deposit outside of our company and clients to our global community, which mirrors JumBurrito’s innovation and forward-thinking way of doing business.”
About SOLE: SOLE® Financial advances financial inclusion by providing unbanked workers instant and affordable access to their hard-earned pay while helping companies go paperless. The SOLE Visa® Payroll Card eliminates the expensive and logistical burden of paper checks and bridges the gap for clients striving to reach 100% direct deposit participation. SOLE celebrates clients who achieve 100% paperless pay by planting a grove of trees in their name through its corporate social responsibility program, the SOLE Paperless Trees Project.
About JumBurrito: JumBurrito’s six restaurants are a Tex-Mex institution in the Midland/Odessa area. JumBurrito proudly employs 155 West Texans, and has been the winner of the Best Burrito in the Permian Basin for 17 years in a row.
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