Monetize Your Consumer Payments Platforms With Prepaid
Are you a small or medium-sized business looking to generate a recurring revenue stream and add additional income? Want to get a share of interchange fees when you customers make a purchase? Is it time to take your customer and employee rewards programs to the next level? Then it’s time to monetize your consumer payments platforms and switch to prepaid payments.
Companies like Starbucks are winning over customers and improving their bottom line thanks to payment cards like the Starbucks Visa Prepaid Card. Cardholders can earn rewards with their purchases and also reload their cards using their own funds whenever they want. These kinds of prepaid cards, which are available both as virtual and physical cards, are general purpose reloadable cards (GPR) and offer cardholders the same flexibility and utility as credit cards while also meeting the needs of underbanked or subprime consumers.
A company-branded prepaid card not only serves a reminder to the recipient about where the reward/payment came from–building brand loyalty in the process–it also brings in a new revenue stream thanks to interchange fees. An interchange rate is a fee charged to cover the cost of handling and credit risk inherent in a bank credit or debit card transaction. Typically, this is reserved for issuing banks, but thanks to prepaid companies can now takes these fees in themselves.
It’s time to offer a better consumer and employee experience. Forget about issuing rewards or payments via cheque. Prepaid payments are the way to reward channel partners and employees for meeting sales goals, and for rewarding customers who make purchases. Combine that with the ability to monetize your payment program and everyone wins.
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