In today’s increasingly digital world, managers of incentive programs must find ways to provide rewards that meet and exceed the expectations of their participants. Skilled incentive program managers and rewards companies are always searching for more meaningful incentives for their program participants. Digital rewards can be a critical component of B2B, B2C, B2B2C, employee incentive, wellness reward programs, and more. But what makes a powerful rewards program? Here are a few best practices. A study from the Incentive Research Foundation (IRF) found that top-performing technology companies prioritized the following features when designing an incentive plan: Prepaid digital reward solutions make it easy to build and operate programs that embody all of those characteristics. Gift card options were a favorite form of reward among companies featured in the study. Fortunately, companies don’t need to decide on the reward mix on their own and purchase them on an ad hoc business. Both gift card and digital prepaid card rewards can be provided by a reward supply company. Once a company chooses a provider for their incentive program, the rewards can be seamlessly integrated into a rewards marketplace as easy-to-redeem virtual gift cards and custom prepaid debit cards. Participants will be happy prepaid […]
Tag: prepaid digital solutions
What are the Differences Between Prepaid Cards & Uses
Most people know that prepaid cards are incredibly popular for various types of reward programs and more. However, you may not be aware of all the different prepaid card types and uses. Most cards either fall into Open Loop Cards or Closed Loop Cards. Open Loop Cards can be used nearly anywhere. Closed Loop Cards have restrictions on their uses. Here are some of the most popular prepaid cards. General Purpose Reloadable, or GPR, prepaid cards are the most flexible prepaid card types. It is common to be able to load funds from multiple sources. The cardholder owns the funds and can use them with very few restrictions on how the money can be spent. These cards can also be either digital or physical. General purpose reloadable cards are ideal gifts because they offer recipients the freedom to purchase what they want and reload the card, if necessary. Prepaid gift cards are the prepaid card types that you see on the hooks at various convenience stores. These cards are not reloadable and typically do not have access to cash. They may also have inactivity fees, which help close out the cards as the funds do not expire. These cards rarely […]
