Comdata Providing Paperless Payday Option for Sears Employees; Sears PayCard Provides Portable Money Management Services for Unbanked Workers.
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Comdata Corporation announced today the launch of the Sears PayCard, a card-based payroll product to be offered as an electronic alternative to paper paychecks for Sears employees nationwide. Sears is the latest national retailer to supplement its direct deposit and paper check payroll programs with the Comchek(R) eCash card, the flagship payroll product from Comdata.
"Comdata is honored that one of the nation's largest and most trusted retailers is now a part of the Comchek eCash family," said Gary Krow, president, Comdata Corporation. "In the current economy, Sears realizes the importance of providing innovative, alternative methods of payroll distribution for its employees. For most employers, the Comchek eCash card becomes a competitive recruiting tool and an important component of employee satisfaction."
Introduced in 1994, the Comchek eCash product enables employees with or without banking relationships to receive payroll and other company-provided funds on their own secure, personal payroll card they can use just like an ATM card for cash at Cirrus(R) ATMs, and for debit purchases wherever MasterCard(R) is accepted. With Comchek eCash, funds are loaded to employee cards immediately on an employer-determined schedule, with adjustments and funds distribution occurring in real-time. Payroll managers have access to payroll and payment distribution reports on a secure Web page, and can activate and deactivate cards at any time for a completely secure alternative to paper checks. More than 500,000 individuals currently receive payroll and other funds via the Comdata card.
"We found Comdata was able to provide the features our employees wanted in a pay card -- speed of card activation, customer services support and low cost," said Ken Millen, director of human resources for Sears. "Employees who elect to receive their pay on the Sears PayCard no longer have check cashing fees, and they have the added security of knowing their money is secure if their card is ever lost or stolen."
As one of the latest Comchek eCash providers, Sears joins a number of national retailers and employers who have recently adopted card-based payroll services through Comdata. The company provides electronic, card-based payroll services for retailers, restaurant and food service suppliers, trucking, and other industries in the United States and Canada.
Comdata Corporation (www.comdata.com) is redefining the movement of money and information through technology for businesses, their customers and employees. A leading provider of transaction and information services, Comdata provides Comchek(R) credit and debit processing and reporting for commercial fleets and merchants, SVS electronic cash, gift and chip card programs for retailers and governmental agencies, Comchek(R) eCash payroll services for food, retail and other service industries, and point-of-sale equipment for travel plazas and convenience stores. Headquartered in Brentwood, TN, Comdata employs nearly 2,000 people throughout the United States and Canada. Comdata is a wholly-owned subsidiary of Minneapolis-based Ceridian Corporation (NYSE:CEN).
Sears, Roebuck and Co. is a broadline retailer with significant service and credit businesses. In 2001, the company's annual revenue was more than $41 billion. The company offers its wide range of apparel, home and automotive products and services to families in the U.S. through Sears stores nationwide, including approximately 870 full-line stores. Sears also offers a variety of merchandise and services through its Web site, www.sears.com. In June 2002, Sears acquired Lands' End, a direct merchant of traditionally styled, classic Lands' End clothing offered to customers around the world through regular mailings of its specialty catalogs and online at www.landsend.com.
NOTE TO EDITORS: Electronic image of the Sears PayCard is available via Business Wire, or by calling Comdata corporate communications at 1-800-COMDATA, extension 3
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