It never feels good to say “no” to a client. By expanding your product offerings to include prepaid cards, you can start saying “yes” more often. And not just to requests for cards, but to stronger client relationships and easy incremental sales as well.
Sure, compared to logoed premiums, prepaid cards haven’t been around for all that long. But their ability to fit a variety of situations and audiences makes them the smart solution for all sorts of incentive programs. They can be logoed or not, be worth a little or a lot, and even accrue value over time. Flexibility is what makes prepaid cards smart for you too: there are no complications from sourcing, warehousing or fulfillment.
Plus, prepaid cards can open up new sales scenarios that were unavailable to you before. Businesses in the habit of giving out cash incentives in the form of checks can be easily convinced to switch to prepaid cards, because it saves money. And clients with large, diverse audiences to please often prefer incentives offering choice. Prepaid cards are all about personal choice. They can please on an individual level, because recipients are free to purchase exactly the item or experience they want, at exactly the right moment.
Of course, there will always be a place for premiums, custom or not. But increasingly, prepaid cards are what incentive planners demand for their programs’ core rewards. In fact, the incentive planners on your client list have probably purchased them before. Maybe they came to you for logoed flip-flops to launch their “Reach the Beach” sales contest, and went elsewhere for the big-budget travel card prizes?
This should be no surprise, really: prepaid cards are quickly becoming mainstream. According to the Federal Reserve System’s most recent payments study, there were 6 billion prepaid card transactions in the U.S. in 2009, valued at more than $140 billion. Transactions made with prepaid cards are growing substantially faster than those made with debit and credit cards, too.
Prepaid card demand is on the verge of exploding. Make sure you’re poised to benefit, by expanding your product offerings to include prepaid cards. It’s good business, and good future planning. Trust us, and the facts: your clients want prepaid cards. And they’re buying them. Make sure they can get them from you.