In today's age, consumers have more options than ever before when it comes to paying for the items that they purchase.
Canadian prepaid credit cards are one of the safest, most dependable payment methods available for consumers, and studies show that they are widely preferred by consumers when they're received as a gift, reward, or incentive. They also provide excellent compensation and promotional capabilities for businesses since they are accepted by many stores and can be used in various ways.
Consumers Can Use Canadian Prepaid Credit Cards Virtually Anywhere
Prepaid credit cards from major network brands like Visa and MasterCard are used and accepted in the same way traditional credit cards are used and accepted.
From retail shops to grocery stores to restaurants, prepaid cards can be spent almost anywhere, including online and overseas.
As well, if the program permits it, prepaid cards can be used for ATM withdrawals so that the user can access cash as well. Each prepaid card comes with a cardholder agreement that gives the user more details about how the card can be used.
How Prepaid Credit Cards Are Used by Businesses
For those still wondering about the uses of these cards, there are several common applications for Canadian prepaid credit cards. Some popular uses include:
- Car dealership customer incentives: Many dealerships are using prepaid credit cards as a way to get customers onto their lot to view their inventory. According to statistics, 78% of customers that visit a car dealership showroom will eventually buy a car from a dealership, and 57% of consumers make their purchase decision within 3 days of their first visit to a dealership. Using prepaid cards is a great way to secure customer attention and increase foot traffic into car dealerships. Promotions such as test drive to win (a prepaid credit card) or purchase incentives that provide a prepaid credit card as a cash back option are very popular forms of prepaid credit card promotions from car dealerships across North America.
- Employee rewards programs: If a company is hosting a contest or competition, they might use Canadian prepaid credit cards as rewards for the winners. These cards are safer and more convenient than using cash, and they provide companies with a branded credit card solution that continually reminds the employee where the funds they are using came from.
- Employee compensation: With prepaid credit cards, employers can either reimburse or pre-load funds for employees to use on travel and business expenses. Employers get the benefit of a convenient, customizable method of payment, while employees get instant access to their funds and can use them virtually anywhere.
These are just a few of the common ways that prepaid cards can be used. Because of their flexibility, their applications are limited only by the creativity of the company or person using them.
Other Advantages of Using Canadian Prepaid Credit Cards
Besides their widespread acceptance, prepaid credit cards offer several other benefits for their users.
Companies that want to customize their cards will be able to do so however they please, with company branding, imagery and colour schemes included. For businesses that want to re-use cards, they can be reloaded periodically through convenient online systems.
The best prepaid cards can even be integrated with a company's online enterprise system to make card management and accounting much less difficult.
After the cards are distributed, reporting tools can help manage card balances and activations, helping administrators learn more about spending patterns. This is important for businesses that want to gain valuable insight into the behavior of their customers to improve their future marketing or sales campaigns.
Canadian prepaid cards represent a convenient, flexible way for consumers to buy products and is an innovative way for companies to provide payments and incentives to their staff and customers.
