ADP’s newest addition will help paychecks go fully digital.
The Roseland-based payroll company now owns Global Cash Card, a leader in digital payments, including paycards and other electronic accounts.
“ADP pays one in six workers in the U.S., and our clients look to us as the market leader to offer solutions that help them better engage with their entire workforce,” said ADP CEO and President Carlos Rodriguez. “The acquisition of this established and profitable company helps us innovate around the essential service of delivering pay, and will enable us to provide new tools to consumers that help them manage their finances.”
The financial terms of the transaction were not disclosed.
With this acquisition, ADP gains an industry-leading proprietary digital payment processing platform that enables innovation and added-value services for clients and their workforces, as well as a large, diversified client base that has shown consistent growth.
Paycards have been the fastest-growing method of pay in recent years. Once Global Cash Card is integrated with ADP’s existing paycard offer, the ALINE Card, the company will manage more than 4 million accounts on a single platform.
Global Cash Card’s offering is powered by one of the most advanced and flexible digital payments processing platforms in the industry, ADP said in a release. The company offers solutions for both Form W-2 employees and Form 1099 contractors, as well as online tools that help customers manage their digital accounts, including online bill pay, rewards plan enrollment, multi-purse capability for providing secondary account holders access to a portion of available balances, and an expense manager that allows customers to organize, categorize and budget their expenses.
It puts wages and their most significant financial transactions into one place, giving workers a more complete picture of their financial well-being.
These accounts are also popular with employers because they provide a less expensive, more immediate and more secure option to deliver wages than paper checks, ADP said.
With this acquisition, ADP will become the only human capital management provider with a proprietary digital payments processing platform, enabling it to offer digital accounts and flexible payment offerings across its existing base of more than 700,000 clients, while increasing the speed of implementation for new clients.
“As the ‘gig economy’ changes the way people earn a living, so, too, does it change the way companies need to pay their workforce,” said Doug Politi, president of Added Value Services at ADP. “We have been impressed with Global Cash Card’s continuous innovation over the years, and are very excited to welcome Global Cash Card associates and experienced management team to the ADP family.”
And Global Cash Card is thrilled to join ADP, said Joe Purcell, the California company’s founder, CEO and president.
“We’ve worked hard to develop a very happy and growing customer base, and I’m excited to see this payment processing technology reach a whole new level with the know-how, resources and market penetration of ADP behind it,” he said.
