Why Prepaid Cards Are An Essential Business Tool For Multi-Level Marketing Companies
Multi-level marketing companies are sales-orientated organizations whose business model focuses on the selling of products and employee recruitment. As a commission-based service, it’s important to properly motivate and incentivize your employees. A great way to do this is through the use of prepaid cards.
Prepaid cards are an effective and timely way to offer distributor commissions and incentives. Forget about the old, cheque-based system, which is expensive and time-consuming. Prepaid cards not only eliminate these issues, but also provide a slew of advantages, such as:
Prepaid Cards Are Great Team-Building Tools
In today’s world, brands and material possessions are an integral part of many people’s identity. Company-branded items help build camaraderie and loyalty with an employee–with it they feel like part of a team and a family. By offering branded prepaid cards, a company can unite employees together and raise awareness with their company–when an employee uses the card, it will be noticed at other places of business and may become a topic of conversation, leading to more sales.
Helps Create a VIP / Loyalty Program
Having a great VIP/rewards program makes your customers and your employees feel special and appreciated, which, when it comes to a MLM company, is a major key to success. If someone continually buys your products month-after-month, for example, reward them with a prepaid card loaded with cash. It doesn’t necessarily have to be a lot of money, but the little things definitely count towards building loyalty!
Easy To Use / Easy To Load Funds
A large MLM company may have a sales team that is located all over the country, or even the world. Mailing out cheques can be time-consuming, expensive, and lead to all kinds of issues like delays and lost or stolen cheques. With a prepaid card, the process is streamlined to avoid these issues, as the funds are instantly deposited onto the employee’s cards. Prepaid cards can be used at ATMs, online, in store, and anywhere that MasterCard or Visa is accepted.
Money Management Made Easy
Prepaid cards are also an effective tool for money management. Employers can track the funds, see what purchases are made, and place limits on what stores the money on the card can be spent on, allowing for increased oversight. This will allow the company to fine-tune business strategies and continue to improve the way they reward and incentivize employees. On the flip-side, the cardholder also has increased control, as they can log in to their online account anywhere to track, deposit, withdraw, and transfer funds.
Security & Image
Multi-level marketing companies have received criticism in the past and at times are perceived by the public as a slightly illegitimate type of business. A prepaid card offers the security of funds and is a clear step in the right direction–not only does it look professional to employees, it also is a great tool to recruit new consumers and sales associates. Using a prepaid card is much more secure than paying with cash, and allows for greater freedom.