New Member Profile: SOLE

May 09, 2018

The NBPCA is please to have Sole Financial as its newest member. Sole provides payroll cards to companies and employees who want to move away from costly paper checks. We talk with Rick Holt, Sole's Chief Executive Officer, about the company's business and the future of the prepaid market. Rick welcomes invitations to connect on LinkedIn.

Rick HoltWhat is your company's role in the prepaid market?

The SOLE Paycard offers employers an alternative to the expensive, time-consuming burden of paper paychecks and rewards companies for going paperless by planting 100 trees every time a client of ours goes paperless. The hallmark of the SOLE cardholder experience, however, is our robust financial education program. We use a combination of highly targeted social media ads, email marketing, and proactive outbound calls to teach our cardholders how to use their SOLE payroll cards without incurring fees. What we’ve learned is that, the happier a cardholder is with their SOLE Paycard, the longer they’ll use it – and for our demographic, we have to make sure they know exactly what our fees are and how to avoid them if we want to keep them happy. Our motto is “serve the underserved,” and we bring that into everything we do. We work hard to meet our cardholders where they are, which is why our Facebook page has thousands of followers and the highest-ranking reviews in the payroll card market. We are constantly looking for new ways to set our unbanked cardholders up for ongoing financial success.

What kinds of prepaid programs do you support?

SOLE’s bread and butter is our payroll card program. We work with all sizes of employer clients and partner with thousands of PEOs, HCMs, and payroll companies to get our card in the hands of the unbanked employees who need it. SOLE is also currently exploring other options to serve even more of this underserved market, particularly through GPR card programs.

What kinds of special features do your programs offer?

SOLE is unique in several ways. We’ve worked to perfect our employer and cardholder onboarding system for over five years, and have reached the point where our due diligence in vetting all of the clients we work with has elevated us to the highest degree of compliance. Our dynamic mobile app for cardholders is constantly evolving and being updated to better suit the needs of our underserved consumers. Overall, we are constantly perfecting the SOLE onboarding experience to ensure it’s seamless at every level, from payroll partner to client to cardholder. 

What kinds of companies are you looking to partner with?

We look for partners that will help us employ new ways to serve our unbanked paycard users’ unique needs. We seek partnerships with companies who value serving the underserved and fostering financial inclusion through education as much as we do.  We are on a mission to get our paycard into the hands of every unbanked worker who needs it, which means that we also look to partner with companies who can help us further penetrate the market.

What do you think the future of prepaid holds in the next five years?

The Future of prepaid in the next five years is limitless. From ‘banking’ the estimated 50M unbanked with payroll debit cards, to B2B payments, the greenfield in prepaid is unbelievable. The great unbanked remains one of the largest untapped markets for companies like Amazon, Venmo, Ant and others, and a prime opportunity for online commerce brands looking for new subscribers or increased transaction volume. The key piece with providing services like paycards to the unbanked is the education component. While it’s not easy to accomplish as a brand, it can be life changing for the cardholder and extremely profitable to retailers.