Prepaid cards are the epitome of the perfect gift. You spend your money on your choice of customer product but still have the reward of a gift mentally. Companies are chomping at the bit to get their prepaid cards set up for consumer promotions. These companies are looking for middle-men to resell, ISO, and distribute their prepaid debit card products. A good marketer understands that questions must be answered about your interests, strategies, and a level of commitment before you begin your search to become a reseller, ISO, or distributor of prepaid cards.
The first thing to focus on is the agency. What do you want to accomplish and be? Or, what is your function? Know what results you will achieve with different options. Resellers are just that, they take the product and sell it to their new customers and clients. ISO is an Independent Sales Organization which acts as a connector between the creator of the prepaid products and merchants who sell. Lastly, distributors are typically a third party sales organization who redistribute the product. Which sales title do you fit under?
Next, we are going to discuss what industry you are interested in and what your anticipated volume will be. Deciding your industry can be difficult. Each new vertical comes with a specific set of marketing rules. You wouldn’t treat the market research industry the same as the automotive industry. Each industry has possibilities to market to a large volume so when choosing brands pick ones that are more popular or have a quality volume to gain more reach and engagement.
After looking at industries, decide the product you want to sell. Believe it or not, prepaid card products have depth and meanings behind why they are chosen. There are opportunities for open or closed/physical or virtual, and possibly reloadable cards? Think about Starbucks’ success. They offer reloadable cards that are closed loop because they are only able to work with other Starbuck’s stores. The success has brought people into the store to use their card time and time again.
When running an international business you must always be thinking about where your customers are geographically and what currency they use. You do not want to give a gift saying it’s $10 and have it transfer as less. Understand that many countries do not share the same currency and to reach a broader audience, you adapt.
Another key factor about prepaid cards is how will it be redeemed, do the customers have to come into the store, mail-in a rebate, or can they redeem online with a simple pin? The most efficient for both company and customer online redemption. It saves money sending the product and is instant gratification for the consumer.
Lastly, what industry will you serve? There are millions of opportunities in the retail industry, market research, gaming online, and health. Find what fits your needs and run with it.
Choose a company that understands your needs and your customer’s needs. All Digital Rewards specializes in customer loyalty, rebates, and prepaid cards.
For more information about prepaid cards call us at 866-415-7703.