Why do we give gifts?  Well, it is a way of showing appreciation, celebrating occasions, strengthening relationships, and it is a symbolic gesture of our personal gratitude.  Yes, the act of giving brings joy not only to the recipient but also to the giver.  And companies have the same reasons for giving gifts to their employees, clients, and business partners.  Giving corporate prepaid gift cards has been a popular way of gifting for companies.  What are these corporate prepaid gift cards?

These cards are considered incentive or reward cards which function just like a debit card.  The cards are preloaded by the employer with a specific amount of money and can be used in any store purchase as long as the loaded amount is not surpassed and the store accepts the card’s payment network.  They can also be customized bearing the company’s logo, color, or messages.  Now, how do you choose the best corporate prepaid card for your business?

Define the Purpose of the Gift Cards

Your purpose in giving the gift card will be your primary concern in choosing the right gift card.  Your decisions on the amount to be loaded and the customization will depend on your goal.  For example, if it is to reward your employee, you should opt for a more personalized and higher-value card.  If it is for promotional purposes, the card should be more on volume and brand exposure.  

Consider Flexibility and Usability

Depending on your goal, you may choose from closed-loop gift cards that can only be used at specific retailers or open-loop gift cards redeemable anywhere that accepts major cards like Visa or Mastercard.  

Customization Options

Personalizing your gift card reinforces your brand, so look for programs that will allow you to add your company logo, and include your messages and preferences on the card. 

Fees and Costs

Find time to understand the total expense for the gift card program to prevent unpleasant surprises on the total cost later.   Take note that some cards charge activation and maintenance fees.  Also, customization may come with extra costs, aside from setup fees and shipping costs for physical cards.  

Ease of Distribution

Physical gift cards are ideal for in-person events, though they incur shipping costs.  On the other hand, digital gift cards are best for instant delivery, especially for remote employees or clients with no cost for physical shipping.  The size and nature of your business will influence your choice.  

Security and Customer Support

A reputable program should extend excellent customer service for lost, stolen, or damaged cards, as well as balance and transaction checking.  Opt for a program that provides fraud detection and secure card activation processes.

Reporting and Tracking

With reporting and tracking features, you are provided with valuable insights into your program’s effectiveness.  You will be able to measure the return on investment in this kind of endeavor.

Reputation of the Provider

Partnering with a trustworthy provider is essential for the success of this program.  So, research the provider’s track record, and read reviews and testimonials to ensure that it can meet your needs without any hassle. Consider your purpose, budget, and the needs of your recipients so that you can choose the best program and provider that will give benefits to the receiver and the giver as well.