Prepaid cards may be a universally loved gift, but that doesn’t mean that everyone who buys or uses a prepaid card should have the same piece of plastic in their hands. Banks wouldn’t consider offering the same set of services to consumers and to their small business clients, so why offer the same prepaid solutions? Consumers are looking for one type of solution whereas small businesses are looking for something substantially different. Their prepaid cards should be different as well.
When consumers look for a prepaid solution from a bank or credit union, they’re looking to help manage their finances and easily pay bills. Because of this, many banks and credit unions have started offering General Purpose Reloadable (GPR) cards that behave very similarly to debit or credit cards. GPR cards are great for consumers who are looking to prepaid cards for something more than giving a gift.
Small businesses are very different, however. They use prepaid cards for employee reward and recognition, holiday gifts, payroll, expense management and consumer promotions. Part of what makes prepaid cards such a useful tool for small businesses is being able to reinforce the connection between the company and the recipient through card customization. To do this, small businesses use prepaid cards that are co-branded with their logo. They also benefit from many services offered by prepaid specialists, including cardholder support and lost/stolen card replacement.
By partnering with the right prepaid specialists, banks are able to offer lucrative services to their small business clients. Everyone benefits from the added value and stronger relationships.