Want to reward your employees but not sure of what to do? Have you thought of prepaid cards? They are an ideal way to increase loyalty and satisfaction, improve retention, and build goodwill. While they are pretty much what they say on the tin, here’s a bit more information to help you decide if prepaid cards are the right choice for you.
What are prepaid cards?
They are payment cards that you can ‘load’ with funds and then are used by the recipient.
Over the years many of our partners have successfully used physical prepaid cards to great effect – so much so that we’ve become pioneers of new virtual prepaid cards. A physical prepaid card is used in the same way as a debit card, to buy goods in a shop or restaurant; a virtual card can be used in the same way someone would use a debit card when shopping online.
You are in control of the loading of funds to these cards, and can decide if they are to be either a single load card or reloadable cards. Single load cards are used for a one off reward, whereas the reloadable cards can be used as part of an ongoing reward scheme with funds being added as often as suits you.
How can they be used?
Users can use both formats of prepaid cards wherever the provider scheme Acceptance Mark (e.g MasterCard®) is displayed, including physical or online retail shops, mail order and by phone, in your home country or abroad.
Once cards have been issued and loaded the user will receive the relevant card with instructions on how to activate and register their card, then as long as there are enough funds available they are able to use them to pay for anything they would like giving them huge flexibility. They are also able to check balances online through a designated website.
The benefits to business and staff
While we are often warned not to use money as a reward, in some instances it’s a useful and effective option – for brand visibility and to add value to your staff incentive scheme.
One of the main benefits is the potential longevity of prepaid cards; most options can be branded up in some way (depending on the quantity); this could be just adding your logo to the letter that is sent with the card, or a fully branded card can be issued. This means that every time the user gets the card out to use they are reminded of their reward scheme, ensuring ongoing involvement and feelings of positivity (especially on a reloadable card).
It is also a great option if you have European residents who travel across the world. As prepaid cards are available in multiple currencies, you can offer your global employees the same reward option, making it simpler for you to manage. It also helps everyone feel they are being treated in the same way and not being excluded due to their geographical location, which can sometimes be an issue when offering rewards and incentives products.
Using prepaid cards can allow you to offer a different dimension to your reward or incentive scheme: they allow users to engage with the programme in a real life way, and in a way that they can attach a value to, whether this is a one off bonus or an ongoing reward scheme. The user will have the opportunity to treat them or offset costs at an expensive time of year (like Christmas) through their own reward scheme.
We’d love to help you engage, motivate and inspire your team with our innovative Sales Incentives services. To speak to a member of our award-winning team, call us on 0370 405 2020, email firstname.lastname@example.org, or make a quick enquiry to find out how to drive your business performance today.
MasterCard® is a registered trademark of MasterCard® International Incorporated. The Card is issued by Wirecard Card Solutions Ltd (WDCS) pursuant to licence by MasterCard® International Inc. WDCS is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref: 900051).