Prepaid credit cards are the up and coming incentives for customers of 2015. Customers want to use solutions that can be redeemed quickly, easily, and without any hoops to jump through. Let’s give them what they want. But, where do you begin? How do you choose a prepaid card that will offer the most benefits for both you and your customers? ADR is here to help. Here is our guide to choosing your company’s prepaid credit card incentives.
Think, what do you want your company to offer?
Could it be cents off gas or grocery cash back points? The possibilities truly are endless when it comes to deciding rewards. When you are deciding what is best for your company, try to link the reward back to your company and when they sell or provide as a business.
Closed loop vs. open loop
There are two general business models for choosing prepaid payment options. Closed loop cards are generally only used at a specific location, like at a small mom and pop shop. While the open loop cards are able to be used as rewards at a multitude of places and locations. Think of your local grocery card that saves you money on groceries for closed loop. And now, think of Visa or Mastercards for open loop.
Understand this process takes time.
Be patient and choose your rewards wisely. One extra hoop for consumers to jump when getting the card could result in the loss of a sale. Be sure your efforts are user-friendly. Keep up the planning process, it is worth it in the end.
Why choose these incentives?
Being able to use rewards on multiple different channels is a benefit to consumers. 9 times out of 10 the consumer will choose a reward card that is multi-versatile and open loop vs. closed loop. Giving your consumers the option and choices will make them feel like you are willing to work with them and benefit them at their convenience.
For more information on prepaid cards and customer loyalty go to digitalrewards.wpengine.com