A full-service commuter benefits provider is able to meet the needs of employers of all sizes, from national brands to startups, and in major metropolitan markets as well as regional business districts. With this much coverage, the key is to provide a successful a commuter benefits program is to make sure that employees have an opportunity to save, and to save conveniently, no matter how they commute, because no two commutes are ever the same!
The Versatility of Vouchers
The simplest commute is often the easiest. Paying for parking, transit and vanpool rides with cash gives employees the control of how much to spend and when. Vouchers should be among the basic product offerings of a full-service commuter benefits provider. Employees can enjoy the same freedom of cash, but paying with their tax-free benefit dollars using vouchers which can be provided in multiple denominations and used like cash where vouchers are accepted.
One Card to Pay for All
Of course, for many consumers, paying by card is just simply the way of the world and it's no different when paying for parking or for a monthly transit pass. Which is why a full-service commuter benefits provider offers prepaid cards that can be automatically funded each month with an employee’s tax-free dollars. The cards are designed so that funds dedicated to transit and parking payments remain separate and compliant with IRS rules. There’s also a version that sweeps unused funds for employers who offer the benefit as a subsidy.
Getting Smarter with Transit Card Payments
In addition to vouchers and cards, employees who prefer to use the smart card products available from their transit agency should be able to keep using them and save with their commuter benefits. A commuter benefits provider has the partnerships with transit systems to be able to fund their smart cards with an employee’s tax-free dollars making it simple and convenient to save on their commute.
An Option When Cash is the Only Option
Paying for parking as part of commuting can mean having to park at multiple lots with varying payment methods, or at a lot where the provider will not accept checks or payments from third parties. Commuter parking also means parking at parking meters, another challenge for tax-free savings. However, full-service means having a simple and convenient way for employees to submit receipts and be reimburse will meeting IRS rules on commuter benefits.
Transit Passes and Direct Payments
No one should get left out on tax-free savings no matter how they commute. Employees should be able to purchase and receive their transit passes using their commuter benefits. And full-service providers should be able to do so for the hundreds of transit agencies serving major metropolitan areas and regional business districts throughout the country. And for parking facilities, vanpool operators and other modes of transit that don’t accept vouchers or prepaid cards for their services, a direct payment program option should also be available.
As a leading full-service provider of commuter benefits, we offer solutions to ensure maximum participation in our programs so that both employees and employers save. Learn more about our product offerings here.