If you’re seeking an effective way to recognize and reward your staff, then prepaid cards are what you need. They provide an ideal route to improving loyalty and morale, boosting staff retention, and creating team spirit. It may sound pretty self-explanatory, but here’s a few more details to help you understand how prepaid cards could support your business.
What is a prepaid card?
It’s a payment card that you can ‘load’ with a designated amount of money for the recipient to spend.
Historically our prepaid cards have proven so successful that we have now pioneered new virtual prepaid cards. A traditional prepaid card is used like a debit or credit card, to purchase items in a store. A virtual card is used in exactly the same way, only exclusively online.
You maintain control of the cards’ value, loading funds as and when your rewards program requires. Prepaid cards can be single load or reloadable, which means they can be utilized as a one-time reward or on an ongoing basis, so staff can receive regular payments in line with their achievements.
How is it used?
Used in the same ways as a standard debit or credit card, users need only look for the provider’s program Acceptance Mark (e.g MasterCard®), be it in-store or online, or by mail order and phone. They can even be used internationally.
Once issued and loaded the card can be awarded to the employee with activation instructions. Users then simply register their card and start spending. As long as there are funds available, users can pay for anything they wish, with enormous flexibility. There is also a user-friendly website available to carry out balance checks, so information is easily accessible at all times.
What are the benefits?
Money is often avoided as a reward, but through this application it becomes a very effective strategy. Prepaid cards can link your brand to your rewards program and provide staff with a much-appreciated prize.
A key benefit is that prepaid cards can be branded, be it your logo or company values, so every time the recipient uses the card, they are reminded of your ongoing rewards program. This also means that a positive employee response of appreciation and feeling valued will be associated with the card and with your brand. Using reloadable cards can extend this “feel good factor” even further.
For international corporations or businesses whose staff travel often, prepaid cards are available in numerous currencies. This means that staff worldwide can participate in the same rewards program wherever they are, creating a sense of unity. It also makes your program extremely efficient to run internally.
Prepaid cards engage with employees in surprising ways and bring a unique value to your rewards program. Users attach value to the cards, and therefore your program, forming a real life perspective. Their cards can be used to treat themselves or family members, making them worthwhile on a personal basis. They can also be used to offset costs during an expensive period, at Christmas for example, instantly positioning your reward program as a valuable commodity.
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).