Ecount News & Press Releases

Stein Mart Picks Plastic Over Paper

National retailer selects Ecount to achieve 100% electronic payroll

Conshohocken, PA, September 13, 2005 - Ecount (www.ecount.com), the stored value experts, today announced that Stein Mart, Inc. (Nasdaq: SMRT) has achieved 100% electronic payroll with Ecount's 100% Payroll Solution. The Ecount program provides greater employee satisfaction along with 100% paperless payroll, and 100% compliance.

"We love the Ecount program. In just two weeks we went from printing, mailing and distributing thousands of checks and stubs to a paperless environment," stated Hunt Hawkins, SVP of HR for Stein Mart. "Ecount's ability to provide a totally compliant solution that allows us to convert our entire employee base to electronic pay delivery is unparalleled in the market."

The Ecount 100% Payroll Solution provides electronic pay destinations for all employees who do not have bank accounts or would like an additional account. This enables companies to electronically deposit funds to 100% of their employee base, while providing the requisite access to funds for employees through the Ecount Paycard and Ecount Pre-Check™ products.

The 100% Solution provides electronic pay stub delivery to the entire employee base, eliminating any need for paper delivery. The program provides increased employee satisfaction, eliminating the frustration, hassle and inconvenience of traditional checks. Based on past experience, more than 60% of Ecount Paycard users have bank accounts, and use the card for budgeting and discretionary purposes.

The Ecount 100% Payroll Solution works with every payroll system and technology and does not need to be integrated with the company's current platform.

"The benefits we expect to see from this program are widespread," added Hawkins. "One of our key issues was making sure our employees had immediate access to their pay, whether they are scheduled to work on payday or not, or even in the event of a natural disaster which impacts the store where they used to receive their checks. This was one of the largest pay/benefit programs we have implemented at Stein Mart, and the execution and adoption has been very smooth."

Stein Mart has more than 17,000 employees, at 259 locations in 30 states and Washington, DC. Before the Ecount program launched in early July, more than 60% of employees received a traditional check weekly, which had to be handed out, and picked up at store locations. In addition, employees are able to side step check cashing fees and all the hassles associated with picking up and cashing traditional checks.

"Never before have companies been able to compliantly launch 100% electronic pay in a nationwide campaign. Now our 100% Payroll Solution streamlines and simplifies the entire payroll process," began Matt Gillin, CEO of Ecount. "Stein Mart has taken the next step to ensure that their employees have immediate access to funds every payday morning, with convenient pay delivery. We are proud to have them as a client."

About Ecount
Ecount provides customized stored value programs for corporations, agencies and individuals looking for a simple and convenient way to deliver or receive electronic payments. With products ranging from incentives to compensation to specialized rewards, Ecount offers comprehensive programs to corporations looking to influence and motivate consumers, employees and customers. Ecount's proprietary technology enables complete communication and brand extension coupled with a secure payment vehicle. More than 850 leading corporations, including more than one third of the Fortune 100, rely on Ecount's prepaid solutions to gain a strategic advantage in their market. For more information, please visit www.ecount.com.

About Stein Mart
Stein Mart stores offer the fashion merchandise, service and presentation of a better department or specialty store, at prices competitive with off- price retail chains. Currently with locations from California to New York, Stein Mart's focused assortment of merchandise features moderate to designer brand-name apparel for women, men and young children, as well as accessories, gifts, linens and shoes.