Retail Branded Prepaid Cards

Published on 21 July 2012 by Raffick Marday

Retail Branded Prepaid Cards

Looking for retail branded prepaid card program Compare prepaid is a consumer driven media portal, which converges information on prepaid productions from across the globe providing product specific details on branded prepaid card productions, which are being positioned to various market sectors. With our network of partners we have a growing matrix of card schemes that can fit requirements across USA, Canada, Latin America and Caribbean, Europe, Middle East and Africa and Asia Pacific.

Is your retail business behind on the times?

Are you in the retail industry trying to get an edge on your competitors As a Retailer you can offer your customers branded open-loop or closed-loop Prepaid Card solutions.

Closed-loop card programs restrict the cardholder spend to a specific store, group of stores.

Open-loop Prepaid Cards allows funds to be used at POS within your retail environment with the added facility of giving your customers the flexibility to use your prepaid card wherever the MasterCard® or Visa brand is accepted, online, over the phone or to access cash from ATMs.

It is estimated that around 22% of the value spent on prepaid cards in the UK is expected to come from prepaid gift cards by 2010. (Source PSE Consulting)

Paper gift vouchers require cash to be given back to consumers if the full value of the voucher is not used in the initial purchase. A Prepaid Gift Card solution enables the merchant to keep the cash by debiting the value of the transaction from the balance of the card.

The remaining balance is stored on the card for your customer's next visit or transaction, while the balance of the funds are held in a settlement account. Paper vouchers systems are also often complicated and the inventory is very difficult to manage and more and more retailers are using plastic rather than paper as customers have it sitting in their wallet rather than the draw at home.

Why plastic and not paper

Increases your brand awareness, Less chance of customers losing vouchers as it sits in their wallet / purse, Customers benefit with greater choice, convenience, and security. Also as Prepaid Cards do not require cardholders to have bank accounts or to be credit worthy, they are not required to pass credit checks so prepaid cards offer all the convenience of a credit card but without tempting your customers to overspend and get into debt.

Retailers can implement loyalty and reward programs to increase customer retention and entice new customers, drive repeat purchases and create brand awareness of new products and existing services.

Benefits for having a prepaid card program

  • Increase your client acquisition, retention and brand awareness - the products can assist in breaking in to new market sectors, i.e youth, transient and un-banked communities Increase retention by providing greater convenience and "pay-out" speed particularly useful in highly competitive sectors
  • Get risk free, low cost entry to the Financial Services market due to removal of credit processes and minimal initial set-up costs
    -Revenue opportunity Transaction revenue is earned at a numb er of transaction points through issuance of a universally accepted card program.
  • A card program allows clients to have access to card activity data , and when used as part of a Customer Relationship Management campaign creates increased up-selling/cross-selling opportunities and essential market spending patterns for your business .
  • Reduce your pay-out costs including international transactions, by loading funds by batch load directly onto the card
  • Managed speed of payout - replace cheques and BACS payment methods by instantly giving your customers access as and the ability to re-use
  • Unique competitive advantage the card can be disabled for any competing stores you require. Also promotions can be turned on and off helping drive transaction volume,
  • Providing international capture (sector specific), applicable to sectors where there are jurisdictional barriers to deposited funds (card barred from purchases not deemed suitable for the youth market)
  • Reduce cost of deposited funds to card by doing batch payments.

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