Atlanta, GA (PRWEB) February 18, 2009
Directo, Inc., a leading provider of paycards for unbanked consumers, announced its ten year anniversary.
"We are all very proud of this accomplishment and grateful to our customers and employees who helped get us here," said Directo CEO Bob Howe.
Founded in November 1998 by internet banking pioneer Steve Johnson, Directo has served hundreds of thousands of unbanked workers and their employers. Directo paycards have allowed companies to save payroll costs and improve worker productivity by increasing direct deposit participation through pre-qualified paycard accounts for those previously unable to benefit from the electronic banking system. Directo accountholders no longer need expensive and time-consuming trips to check cashers, often on company time. They also now send money to loved ones at a fraction of the cost of traditional methods.
"We've seen a great deal of growth over the years as demand caught up with technology," said Directo CEO Bob Howe. "At the same time, we've seen dozens of companies come and go, trying to crack into this marketplace. I think we've done a good job carving out a niche, remaining laser focused on what we do well. In this current economic climate, companies are scrutinizing all expenses and looking for ways to retain their best workers. As a result, we are seeing an increase in demand for the Directo payment solutions."
A recent report by the FDIC encourages banks to utilize paycards as a way to support the unbanked worker. Directo is uniquely positioned to help financial institutions that would outsource this product set to a trusted, experienced partner.
With unprecedented issues surrounding the banking industry, bankers can introduce a low risk, easy recommendation to their customers that have a lower waged workforce.
"In spite of the trends and increased interest in Directo," Howe said, "We are most proud to be able to provide a low cost, safe product to workers who cannot or choose to not use a traditional banking product to handle their money. Directo saves many workers up to $30 per month."
"We've seen paycards go from novelty status to necessity in human resource and payroll circles," said Howe. "Directo's business model has proven to be solid. We'll continue to provide cost savings and financial security to our customers for a long time to come. The next ten years are going to be just as exciting."
About Directo, Inc.
Directo is the service leader in providing pay cards to America's unbanked consumers, providing a safe, economical way for unbanked consumers to get their pay via FDIC-insured accounts while allowing them access to direct deposit participation, no check-cashing fees and year-round, 24-hour a day access to money via the ATM network and at retail POS terminals. Serving the unbanked is Directo's entire focus. The company partners with banks, payroll companies and associations that seek to widen their offering to encapsulate a new customer base. Employers benefit from reduced payroll costs and increased employee retention. Customer segments served include construction services, staffing, agriculture, hospitality, retail, food services and other service industries. For more information, visit http://www.directocard.com.