Prepaid: the perfect rewards solution

Juliet Caswell, operations director at Corporate Rewards, on why prepaid cards make the perfect reward choice


With their flexibility and extensive benefits, prepaid cards are fast becoming the preferred choice for rewards. Corporate Rewards offers MyCard prepaid card, the worldwide consistent reward method. For the cardholder, prepaid cards are convenient, easy to use and fit into everyday life; for the issuer, they are dependable, secure and cheaper to administer than most other types of payments. Prepaid card programmes are very efficient, reducing admin demands, and are simple to manage through a secure, robust online platform. We can work with you to develop your own prepaid card programme – either with a plastic or virtual card. Managed by Corporate Rewards, the system incorporates a branded website with individual cardholder accounts, full tracking and reporting to you.

Prepaid cards are easy to use and versatile, making them a fantastic option to integrate into your scheme. They are highly adaptable, meaning they can be used alone or as one element of a wider incentive recognition or loyalty programme. It’s important that you choose the right supplier for your prepaid card programme. Corporate Rewards works alongside you every step of the way to develop, design and deliver the right solution for you – we know that one size doesn’t fit all and our consultative approach means that your specific requirements are taken into account throughout. Our extensive experience means we offer a comprehensive prepaid card programme, from conception and setting targets, through delivery to measuring the outcome.

Freedom to spend
What’s better than being able to offer instant rewards in sterling, euros or US dollars and allowing the person you’re rewarding the choice of what to spend it on? MyCard is available in all of these currencies which means you can use it in a UK scheme or globally. Plus, there’s no delay in dispatching paper vouchers that have limited reach. MyCard is on the Visa network so is accepted in over 26 million places worldwide, as well as online.

A superb feature of prepaid cards is the ability to brand the actual card. Each card is personalised to show the cardholder’s name and card expiry date. With your company/incentive brand on the card and all associated materials, you’ll have a powerful aide memoire every time the card is used. The power of being able to stamp your brand on the card has a really high impact and serves as a fantastic reminder to the user every time they use the card.

With worldwide coverage, prepaid cards are ideal for multinational applications. Most people are used to using debit and credit cards so this fits perfectly into everyday life. Branded prepaid cards are fairly new in the market, so offer an innovative state-of-the-art way of delivering rewards with maximum impact, choice and collectability.

Online support
It’s essential for any well-run prepaid card programme to have a supporting website offering a convenient, secure point to access essential information. Corporate Rewards can develop your card campaign website into a hub, giving you the perfect channel to communicate with your participants with different messages.

Secure and controllable
You’re in control – the prepaid balance can’t be exceeded and cards can be issued, cancelled and reloaded at any time. Prepaid cards are chip and PIN protected and the holder can manage their account online anytime using their secure login, so they can check their balance, cancel a lost card, or change their profile at any time. Or they can use the telephone support if they prefer. Lost cards will be replaced immediately so the cardholder is not inconvenienced and the card balance will
be unaffected.

Versatile and reliable
Prepaid cards are reloadable and reusable so you can use them as a one-off or as part of an ongoing scheme, in the UK or globally. Unlike some other providers, there are no cardholder transaction fees with MyCard, so if you give £10, the cardholder gets £10.

We offer a dedicated customer service helpline so your cardholders know there’s help available if they require it. There are low administration costs associated with MyCard as we handle all uploads, communications and administration, including card loss/replacement. It’s a great way to reach out to the people you want to reward and share relevant messages in a timely manner.

Superior reporting
Ongoing measurement and assessing return on investment is absolutely essential but often overlooked. So much time and effort goes in to setting up the right programme but how do you know what impact it’s had and if it has really made a difference? With MyCard, you can assess the measurable impact through detailed reports which can be drawn 24/7 – offering valuable insights and reducing costs. Corporate Rewards’ sales director Dan Kelly recognises how important measurement and reporting is: “Measurement and evaluation are key to our service. We ensure measurable metrics are set from the start of your programme – whether it’s sales driven or performance related – so throughout the campaign you’ll have something to measure against.”

Prepaid cards can be used by any size of organisation as there are no limits to the number of cards you can have – we offer anything from one card upwards. The cardholder can use MyCard like any other debit card (but without an overdraft facility) at the till or online so there’s no hassle with paper vouchers (where you often can’t get change), codes or loyalty cards.

Choice of delivery
We find we’re getting more and more requests for virtual cards. They’re very quick to issue and are ideal for any audience. They can be issued immediately so the person you’re rewarding can start shopping online straight away. We offer single load and reloadable virtual capabilities and you have the flexibility to call on us as and when you need to generate a new card. They’re great for one-off rewards, such as end-of-year thank yous or programmes where you might need to issue a small number of rewards throughout the year, such as long-service awards. And, of course, they can be used in ongoing programmes where you might require larger quantities. They really are ideal for any situation!

Build on success
Prepaid cards can be used as a one-off reward or part of an ongoing programme so, if it’s working well for you and your people, keep it going and look to see how else you can enhance your programme!

A wealth of experience
We have over 10 years’ experience, so know what makes a successful incentive programme. We know that it’s about more than just rewards so we offer the whole package: from scoping what you want and helping you deliver the customised programme that you need, with the right rewards and measurement of the scheme along the way so you know the impact it has had. We have an enviable list of clients, delivering programmes in the UK and globally. You’ll have a dedicated project manager, working with you from day one to make sure the whole process runs as smoothly as possible throughout. We’re used to pulling in incentives as part of a bigger programme and can seamlessly integrate MyCard into your existing scheme, or help you start your scheme from scratch.
We know what’s needed to implement an effective prepaid programme and have lots of great ideas we’d love to share with you.

About Corporate Rewards
Corporate Rewards has just launched its new brochure, packed full of interviews, case studies, travel diaries from destinations, a Q&A with a motivation expert, a chance to win a 16GB iPad, plus lots more. Contact Corporate Rewards to request your copy. Corporate Rewards designs and builds reward, motivation, incentive, recognition and loyalty programmes for some of the world’s most successful organisations. For more information, visit www.corporaterewards.co.uk

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