Virtual Prepaid Cards
What is a Virtual Prepaid Card?
Virtual prepaid cards have all the value and functionality of a plastic prepaid Visa card or MasterCard, but are instantly delivered online via email and displayed on-screen.
Companies disburse them to:
- Simplify mass payments and eliminate disbursement logistics pains
- Replace cumbersome cheque issuance processes and postage costs
- Fulfill consumer rebate and cash-back programs
- Engage promotionally-sensitive and qualified purchasers
- Distribute payments internationally securely and privately
It’s a fast, secure, and cost-effective solution with high perceived value, instant deliverability, and immediate access to funds.
How does it work?
Virtual prepaid cards work in the exact same way as plastic prepaid cards, except without the plastic.
Instead of receiving a prepaid card in the mail with money loaded on it, recipients receive a personalized email with a unique link that takes them to a redemption page.
The redemption page qualifies and cross-checks the recipient, issues a virtual prepaid card loaded with funds, and displays a personalized prepaid card for use, complete with embossed name and card number fields.
Additional activation steps can be added, depending on the program setup.
How can the card be used?
Recipients of virtual prepaid cards can shop online or by phone anywhere credit cards are accepted.
They can also check their balance online, view a history of their transactions, and get 24/7 telephone support.
How personalized is the experience?
The virtual card experience can be completely personalized: companies can customize the look and feel of the email touch point, the redemption pages, and the virtual card itself.
This allows for a seamless brand experience that extends and enhances existing payment or promotional programs.
What are Virtual Rebates?
Rebate programs create immense competitive pricing perception and advantage, but can be logistically complex, reliant on snail-mail, and costly.
Virtual rebates issued on virtual prepaid cards allow CPGs, telecoms, retailers, consumer electronics, and other direct-to-consumer companies:
- Create an engaging experience online
- Advertise price discounts with a high-value incentive
- Maximize selling price and brand value
- Reward customers and promote loyalty
- Measure card loads, activations, and usage rates