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Virtual Prepaid Reward Cards vs Physical – Which Are Better?

Virtual Prepaid Reward Cards vs Physical – Which Are Better?

In the last few years, prepaid cards have been in high demand for loyalty marketing incentive programs, due to their popularity with both businesses and consumers. Product offerings evolve as technology evolves,  and prepaid reward cards are not an exception to this. Plastic gift cards to specific merchants were the beginning of Prepaid reward cards, which have grown to be universally accepted worldwide, and now many companies also offer virtual solutions for online purchasing. There are lots of reasons why Consumers Love Prepaid Cards, and both virtual prepaid cards and physical prepaid cards have numerous benefits with the very little downfall. The question is, how do you decide which option you should purchase when selecting a prepaid reward card provider to provide rewards that deliver the results you need for your next incentive program?

 

What is a Physical Prepaid Card?

A physical prepaid card is accompanied with name, card number, and a magnetic strip on the back, causing it to look like any other credit/debit card. With the combined convenience of credit and debit cards, offering a prepaid card for your incentive program gives the user a spending limit or budget with the convenience of using it in almost any store all over the globe.

 

So what is a Virtual Prepaid Card?

A virtual prepaid card is very similar to a physical prepaid card. Except for only being able to access and use the card for online purchases, a virtual prepaid card offers all of the same options as a physical prepaid card.

 

Note: It is essential when you are offering either product as an incentive in your program to establish what your participants’ shopping habits are like and whether they more frequently shop online or shop in a store.

 

Core Benefits of Virtual Prepaid Cards:

  • Instant issuance and instant use by participants
  • Ability to shop anywhere online as long as the merchant accepts Visa cards
  • No, wait on the card delivery
  • No way for the card to be lost
  • Easy for the participant to use
  • Co-Branding with your business (the card can have your logo or company info)
  • No production cost

 

Core Benefits of Physical Prepaid Cards:

  • Ability to use online and POS (point-of-sale) in store
  • Easy for the participant to use
  • Can be used all over the globe
  • Co-Branding with your business (the card can have your logo or company info)

 

The Difference Between the Two:

  • The physical prepaid card can be used for in-store purchases
  • The virtual prepaid card can only be used online
  • Physical vs. digital
  • Instant deliver vs. production time/cost

 

In a consumer-driven world, these payment options both fit the bill for ease, simplicity, as well as a highly desired reward. The team of experts at At All Digital Rewards is eager to help you grow your incentive program, determine an effective prepaid reward card strategy, and enlighten you on the best program performance products along the way. To learn more about our prepaid incentive reward products and services and to drive higher engagement through our Prepaid Reward Management Payment Technology call today at 866-415-7703 or click to “Schedule a Demo” button at the bottom of the page!





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