5 Reasons Why You Should Invest in a Holiday Prepaid Card ProgramComments Off on 5 Reasons Why You Should Invest in a Holiday Prepaid Card Program
As the holiday season nears, we know that ensuring your employees and customers feel appreciated is the key to your business’ success, so why not say thanks with a holiday payments program?
Oftentimes, during the holidays, it is customary to show your appreciation with store bought gift cards, which are great, but at the end of the day they promote other brands and companies. So not only do you limit where the funds are spent but once the gift is handed over, your brand experience is over, often leaving you with unanswered questions like:
- Did recipients spend all the funds on the card, or only some?
- Does the card sit in their wallet untouched and forgotten?
- Do they remember which company gave it to them?
- Do they actually like eating at The Keg?
A holiday prepaid card program, on the other hand, ensures that you get answers to all these questions and more. With the ability to track aggregate and anonymous cardholder spend behaviour, you get to be a part of the experience from end-to-end and know that your brand stays top of mind.
With that being said, here are 5 reasons you should invest in a holiday prepaid program:
Whether it’s a holiday gift or a year-end bonus, letting your employees or customers know that you appreciate them goes a long way. As a key contributor to company success, not only do they feel appreciated and noticed, but by recognizing them, you establish a stronger relationship with them.
And with this newly cemented relationship comes brand loyalty.
Through a holiday prepaid program, you give your employees the freedom to shop where they want and spend the funds how they deem fit, but you also ensure that your brand is top of mind when they reach for their prepaid card (especially with our customization capabilities).
Which brings us to…
With over-the-top promos and in your face advertorials during the holidays, don’t let your brand get lost in the holiday hustle. Whether it’s an employee appreciation program or a consumer promotion, with logo and branded prepaid cards you ensure that your company stays top of mind.
Every time a cardholder reaches for their wallet and uses your prepaid card, you’re reinforcing not only brand loyalty but also increasing your brand awareness. Maybe the cashier ringing the cardholder through sees your branded card and enquires about it? Or it becomes a talking point when paying for restaurant bills amongst friends and family?
The possibilities are endless…
3. Going Once, Going Twice, Sold
Now that we see how brand loyalty and awareness are established, let’s look at future capabilities with a holiday prepaid card for consumers.
Let’s say you run a holiday rebate program and use the promotional collateral to target your initial round of consumers. With a prepaid payments program, you can restrict Merchant Category Codes (MCC) so that the card can only be used at certain merchant categories or brands (like your brand or a partner’s brand).
When the cards get sent to the user, not only are you retargeting them with reinforcement of your brand but you’re ensuring that you get a strong ROI on the program as funds get recouped.
Prepaid programs don’t just have to be for employees or existing customers. Use your holiday program for a CSR initiative and draw in a new customer base. Donate cards to a women’s shelter, or maybe give your employees the power to decide what charities they want to donate to with virtual cards restricted to not-for-profit MCC codes.
Either way, you’re doing good, and people take notice. So not only are you putting the money in the hands of someone who needs it, but you can bet they’ll remember who gave it to them!
Along with a prepaid program comes all the goodies of data insights. Gain invaluable visibility into your cardholders’ spend behaviour and trends. Are they only spending a portion of the funds? How quickly do they use the card once activated? Is there a specific merchant that is more favoured for holiday shopping?
Use insights to inform your future business decisions:
- Perhaps your consumer rebate returned with insights that only 5 of the 10 dollars you place on a card is spent – so lower the rebate amount and scale the program size.
- Did you give your employees the power to donate to a charity of their choice? Maybe 90% of employees chose the same charity, and now you know where your next CSR initiative is headed.
- Want to know more about your customer’s holiday shopping habits? Why not create a pool of your own 1st party consumer data? Prepaid card programs are a good place to start.
No matter what prepaid program you decide on, you’re sure to generate brand awareness, loyalty and valuable insights during one of the busiest seasons of the year!