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 […]
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What Are the Differences Between Prepaid Card Types & Uses?
Prepaid cards have become widely popular, thanks to their versatility in rewards and various programs. Yet, many people are unaware of the range of prepaid card types and their uses. These cards provide a simple, adaptable payment solution for both individuals and businesses. Convenient? Absolutely. Most cards either fall into open-loop cards or closed-loop cards. A person can use open-loop prepaid cards nearly anywhere. Closed-loop cards have restrictions on their uses, such as only being usable at specific stores, networks, or services. Understanding how these prepaid cards differ helps ensure you choose the ideal option. Here are some of the most popular types of prepaid cards. General Purpose Reloadable (GPR) prepaid cards are extremely flexible. These prepaid card types typically load funds from multiple sources, including direct deposits, cash reloads, and bank transfers. GPR cards are ideal for everyday use. The cardholder owns the funds and can use them with very few restrictions on how to spend their money. 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 when to reload their card, if necessary. Additionally, GPR cards can work as effective ways […]
