5 Industries That Can Benefit From Prepaid Cards
If your business is looking for a way to build a long-lasting and financially rewarding relationship with your consumer base, prepaid cards are the answer. Prepaid cards are a quick, easy, and cost-effective way to increase customer satisfaction. These easy-to-use cards can be used virtually anywhere, and can be branded with your company logo as a free way of advertising. Check out our list below for several industries that could heavily benefit from the use of prepaid:
Customer Service That Matters:
When it comes to cars, customers want everything to be perfect, but sometimes, things go wrong. Replacement parts, recalls, and customizations are part and parcel of the auto industry, and meeting the needs of you customers and keeping them happy ensures that they will choose your dealership the next time they go to purchase another car or refer a friend. A Prepaid card, which can be used anywhere MasterCard or Visa is accepted, including online and abroad, offers your customers the flexibility and simplicity that they desire.
Create a contest/giveaway that consumers actually want! The Friends and Family Auto Dealer Referral Program earns customers cash rewards on a prepaid payment card for successfully referring friends, family, and co-workers to member dealerships across North America. Customers can use their referral money towards current vehicle payments, the purchase of a new vehicle, their favourite charity, or just for some extra pocket money.
Employee Sales Incentives:
Motivate your sales staff to reach sales quotas and reward them with a prepaid card they can use to buy whatever they want. A prepaid program builds loyalty, improves employee morale, and creates a corporate culture built to succeed in the future, especially in a sales and commission-driven job like auto sales.
No Wait, No Hassle:
Getting your tax refund put onto a prepaid card is fast, easy, and more secure than getting your money via cheque or cash.
Make a Budget & Stick to It:
A big tax return can come in handy when it comes to paying off expenses, or paying for that vacation you were looking forward to, but the funds can easily get mixed up in a bank account with other deposits and purchases or forgotten if paid in cash. A prepaid card allows you to set limits, tracks funds, and properly budget.
Prepaid cards are great incentives for travelers. Travel companies can take advantage of open loop cards and use them as an excellent promotional gift to attract new customers, or to reward customers after booking a trip.
People want to be able to control their budget and not have to worry about being vulnerable to serious fraud when making transactions. In a study conducted by Ipsos Mori and MasterCard, 67 percent of people believed that prepaid offered more security when traveling abroad than traditional methods of finance, such as cash or travelers cheques.
64 percent considered prepaid as a cheaper alternative when travelling abroad. In a similar financial study, 47 percent of people polled would use prepaid cards as a budgeting tool while travelling, and this number jumps up to 55 percent among millennials aged 25 to 34.
Reward customers for referring friends and family by adding funds to their prepaid cards, which can be used for future trips or purchases.
One of the very best ways to increase sales and grow your business is by having a motivated labor force. In the travel industry, many people still rely on personal travel agents, and as a result this employee-to-customer interaction is integral. By providing incentives your employees actually care about, you will ensure that these same employees are working hard to close deals.
Sports fans are typically already extremely loyal to the brand, but how can you reward this loyalty? Prepaid cards provide fans with the opportunity to redeem incentives freely, on anything they desire. Custom designs offer unique brand building opportunities that tie rewards to your brand and keep your team top of mind. DCR Strategies won the award for “Oustanding New Entrant” at the PayBefore Awards for The Buffalo Sabres “Sabrebucks” Prepaid Card Program.
Season Ticket Holder Rebates:
Reward your most loyal customers–season ticket holders– with a premium prepaid card that offers rebates for spending money in the stadium.
Branded Points Programs:
Earn “Team Cash” on every purchase, which can then go towards spending more money in your venue. “Team cash” can be accumulated and converted to cash for spending within your venue.
Offer Unique & Memorable Experiences:
This prepaid card can open up fans to unique experiences, such as special promotions, events, and prize draws.
As outlined in our recent post, The Do’s & Don’ts Of Running A Customer Loyalty Program As A Retailer, having a customer loyalty program is key to getting your retail business to stand out from above the crowd.
Prepaid cards are excellent at gathering consumer information, such as purchases, preferences, and time shopped. Getting to know each and every individual customer allows you to properly meet their specific needs, which can be a massive factor in increasing customer loyalty.
Increase Your Social Media Presence/Reach:
In today’s world, social media can make or break your retail store. Loyalty programs that reward customers for shares on social media or interacting on social media channels is a great way to expand your company and create a positive image.
Prepaid Cards Are Flexible:
Prepaid cards can be used anywhere that MasterCard or Visa are accepted, which means virtually anywhere in the world. Rewarding your customers with money put on their branded retail prepaid card allows them to spend money on things they actually want, and often enough they will be drawn towards spending their hard-earned prepaid cash at your own store!