InComm Payments Offers a “New Way to HSA” with Launch of InComm Benefits
New division offers automated HSA and FSA solutions to increase and simplify usage of spending accounts for employee benefit programs
ATLANTA, July 16, 2024 /PRNewswire/ — InComm Payments, a leading payments technology company, today announced the launch of InComm Benefits, a new division revolutionizing the employer market with automated and intuitive Health Savings Account (HSA) and Flexible Spending Account (FSA) services. InComm Benefits’ automated solutions potentially drive higher adoption rates and satisfaction by simplifying expense management and encouraging user engagement.
“Many employers struggle with low utilization of HSAs and FSAs, often because their employees believe the accounts are too complex to manage,” said Brian Parlotto, Executive Vice President at InComm Payments. “Our goal is to disrupt that status quo by making it easier for account holders to spend now on essential purchases without losing the benefits of saving for the future.”
InComm Benefits’ solutions provide innovative features that streamline tasks such as receipt tracking and record keeping for employees, whether they use an account for spending or investing. The platform’s analytics automate Internal Revenue Service (IRS) rules and account management, which help users maximize tax savings.
For users seeking an easier spending experience, InComm Benefits provides a unified debit card that connects to an HSA account along with a checking account. This connection enables the platform to automatically detect and route many healthcare expenses to the HSA, while non-eligible purchases are charged to the checking account. This feature helps employees better understand expense eligibility and helps employees more easily manage their health and budget.
“Our unique offerings are designed to maximize value for both account holders and their employers who provide these in their benefit packages,” said Dan O’Connor, VP of Sales and Employee Benefits at InComm Benefits. “Account holders enjoy automated tools that make it easier to both spend funds on eligible purchases and save funds for potential growth opportunities. Additionally, an intuitive HSA may encourage more employees to sign up for high-deductible healthcare plans, which in turn can lead to reduced costs for employers.”
The launch of InComm Benefits marks InComm Payments’ latest expansion into the employer health benefits category, following its acquisition of Zenda in 2023. For more information about InComm Benefits, visit www.InCommPayments.com/benefits.
*Banking services are provided by Coastal Community Bank, member FDIC. Coastal Community Bank is the custodian for the HSAs that are administered by InComm. The InComm HSA benefits card is issued by Coastal Community Bank pursuant to a license from Visa U.S.A. Inc. HSAs are FDIC insured up to $250,000 per depositor through Coastal Community Bank, Member FDIC.
Investment products are not insured by Coastal Community Bank, the FDIC, or any Federal Government Agency and may lose value. Privacy notice for Coastal Community Bank can be found here.
About InComm Payments
InComm Payments is an innovative global payments technology provider. Leveraging dynamic technology and proven expertise, InComm Payments delivers enhanced end-to-end payment platforms and emerging financial technology solutions through a single integration, helping businesses grow across a wide range of industries including retail, healthcare, tolling & transit, incentives, mobile payments, digital currencies and financial services. By enabling omnichannel connections and alternative payment options to an ever-expanding consumer base in an increasingly digital ecosystem, InComm Payments creates seamless and valuable commerce experiences across the globe. With three decades of experience, over 525,000 points of retail and online distribution, 412 global patents and a presence in more than 40 countries, InComm Payments leads the payments industry from its headquarters in Atlanta, Ga. Learn more at www.InCommPayments.com.
About InComm Benefits
InComm Benefits is the future of employee benefits with automated and intuitive spending accounts, including HSA, FSA, Dependent Care, Lifestyle and more. Simplify the user experience by providing automatic purchase recognition and receipt tracking. Employees can more easily take advantage of triple-tax savings using one card. Employers benefit from higher adoption rates, boosted employee satisfaction, and savings using cutting-edge solutions. Learn more at www.incomm.com/benefits.
Media Contacts
Anthony Popiel
Communications Manager
InComm Payments
apopiel@incomm.com
Emily Kent
Dalton Agency (on behalf of InComm Payments)
InCommPayments@daltonagency.com
540-621-5448
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SOURCE InComm Payments
