Choosing a Partner
With the right partner your prepaid program can launch without a hitch, but choosing the wrong partner can be disastrous.
Here are some things to consider when choosing the right partner:
Make sure you ask potential partners about the level of support they provide during the planning, launching, and execution phases of your program. Look for a partner that guarantees dedicated support from a single account manager to ensure programs are deployed on-time and on-budget.
Support is also critical for cardholders – look for a partner that provides phone support for those who lose their card, want to inquire about card balances, or have questions about card usage.
Cardholders should also be able to check their own balances online.
Financial Institution Affiliation
A trusted bank affiliation can make an enormous difference for a client’s peace of mind when large sums of money change hands, and large card volumes take large funding loads.
When selecting a payments provider, make sure they are partnered with a well-known and established financial institution, and that all funds are backed with security practices and a security guarantee in the unlikely event that you suffer direct financial losses due to unauthorized activity.
What prepaid card would you feel most comfortable using?
Source: 2013 Canadian Incentive Trends Survey
Reporting & Tracking Options
Prepaid programs can offer your business valuable reporting and analytics to track success and ROI.
Look for a partner that offers real-time program tracking of card activation and fund reports, as well as the ability to create automated reports.
Partners should also be able to segment metrics to help you understand card-user behavior and spending habits, like purchase locations and merchant category codes (MCCs).
When choosing a partner, look for one who has experience planning and launching different types of programs in different industries, and for different functional areas.
For example, a partner who has experience issuing and managing prepaid payroll cards will have different core competencies than a partner who exclusively issues and manages prepaid travel cards.
The right partner should offer processing and fulfillment options that optimize your programs and execution. Whether you require one or 100 administrators processing or loading cards throughout your organization, you’ll need a secure portal for managing cards, funds, and loads.
When comparing providers, look for one that provides order portals that are secured by individual programs and allow you to provide different levels of access and security to various administrators. Learn more about processing and payment options.
You might also want to consider enterprise system integration using APIs for long-term or cross-functional programs. System-system integration offers businesses more efficiency and scalability for prepaid card programs, ultimately helping you execute more effectively.