All About Prepaid Cards, Gift Cards, Loyalty Cards and Fleet Cards
There are many different card options available to help you reward employees, customers and friends. There are also different options to help you manage your business expenses and increase sales revenue. Below we discuss all the different options available to your business, how Prepaid Cards can be used and the benefits each card offers your business.
Pre-Paid Cards for Businesses – What are They?
Prepaid Cards have the appearance of a regular debit or credit card. It usually has the logo of one of the major credit card companies such as Visa, Mastercard or Amex. A pre-paid card is often used in situations where you need to manage employee spending. It works by letting you choose how much money is added to the card. If the employee goes over the spending limit with a particular purchase, the card will send a declined error so that the purchase cannot be completed.
You can also customize Prepaid Cards for your business employees. You can set spending limits specific to each employee and only allow them to make purchases on certain days of the week, or certain months. You can also limit what or where the employee can make purchases.
An example of using a Prepaid Cards would be if you owned a drywall business. You could sign up for a pre-paid card for all of the job supervisors who need to make gas purchases. You could also purchase Prepaid Cards cards that could only be used for a specific drywall supplier. The supervisors would have the ability to make purchases for drywall supplies needed for each job.
Pre-paid cards can be used at almost any location that accepts credit cards. Additionally, Prepaid Cards can be re-used for as long as you want to continue to load money on the card.
Benefits of Using Pre-Paid Cards?
There are many benefits for your business with a pre-paid card including:
Increased profitability – Because the total value of a pre-paid card is guaranteed to be used at a participating store location, you are encouraging customers to make return visits to your business.
Strengthened customer loyalty – Every time a customer buys a pre-paid card and uses it regularly, you’re building that customer relationship. They are more likely to return to your store again and again, knowing that they already have “money” to spend.
Speed and efficiency – At the point of sale, pre-paid card transactions are faster than accepting a personal check and at fuel stations, pre-paid cards can be used for pay-at-pump purchases.
Set-up is simple – In many Point of Sale environments you can process pre-paid cards using the same hardware you currently use to process your credit card transactions).
Fleet Cards Work for your Business
A fleet card is sometimes known as a fuel card. They are typically used by employees to purchase fuel or pay for any type of vehicle maintenance that your business vehicle may need. Many gas stations encourage the use of fleet cards by offering small discounts on gas prices. Fleet cards are popular with business owners because they can be a great tool to use in managing business expenses. A fleet card program offers daily expense reports on each fleet card so that you can see where money is being spent and how much money is being spent. In order to control expenses, you can place spending restrictions on fleet cards. Once the spending limit is reached, purchases will be declined.
Benefits of Using Fleet Cards
Fleet fuel cards can provide some of the following benefits:
Universally accepted at gas stations
Back-end management of each fleet card account online
Receive purchasing discounts
Restrictions against personal use through reporting tools
What are Gift Cards
Gift Cards are a great way to reward your customers for supporting your business. They are also a great way to find new customers who wouldn’t typically make purchases at your place of business. With gift cards, you will have the option to choose a generic card with your business name and logo or a customized design that matches your brands marketing material along with your logo.
Gift cards are used in much the same way as a debit or credit card with a magnetic strip on the back that contains information read by a card reader. The gift card is usually loaded with a predetermined amount on the card and is issued to customers for use in your store.
Customers may also buy gift cards from your store and send them to their friends and family to encourage them to shop at your store as well. Keep in mind that cardholders will often spend more on purchases than what is being offered on the card which can help increase your revenue.
Benefits of Gift Cards
Used to increase sales by attracting new and existing customers
Business name and logo is carried on the gift cards
If customers love your business and your product they can help attract new customers using your gift cards
Gift cards can be re-used if customer want to load more money on the card
You may earn a small amount of additional revenue due to customers who never redeem their gift cards
What are Loyalty Cards?
Loyalty cards may also be referred to as reward cards or club cards. Loyalty cards are offered to customers looking to earn discounts on products, receive coupons and earn loyalty points. In order to receive these incentives, customers agree to provide information to businesses about their buying purchase and order history. Loyalty cards typically have a bar code that is scanned when the customer is ready to make a purchase. The bar code is used to identify the customer in the database so that their purchase history can be recorded on their account.
Benefits of Loyalty Programs
Retain customers by rewarding them for being loyal customers
Increase revenue by rewarding customers for continuing to make purchases through your business
Loyalty programs allow you to collect a large amount of data on each customer so that you can customize sales and increase future revenue
Gift Cards, Loyalty Cards, Pre-paid Cards and Fleet Cards Through SecureGlobalPay
SecureGlobalPay proudly offers all non association card solutions to our customers. We can also provide any ongoing support you may need to make sure your credit, debit, gift, loyalty and pre-paid card programs are a success. Whether you need a few hundred or a few thousand cards, we are happy to meet the demand. We can also help you with product activation and training. Please call us today to set up your preferred card program.