Rewarding your hardworking employees with prepaid gift cards can be beneficial to both you and your employees. On a similar note, if you also give prepaid cards to your customers, you will establish a good relationship with them. You can customise the cards, after all. They are flexible, easy to use, and give the recipient of the card options on what to get for themselves. But another benefit that you might not be aware of is the cashback feature. There are prepaid cards that include cashback programs, making these cards even more attractive to the recipients.
What is cashback?
You have probably heard so much about cashback from every card that you have seen an advertisement for or some online stores that you have been religiously scrolling through. But what is a cashback, and how does it work? It is exactly how it is named. Cashback is a promotional program that allows you to get money back each time you make a purchase. There are credit cards that include cashback features in their rewards programs. If you buy at a participating store, you get a certain percentage of your purchase back as long as you reach the minimum amount. They calculate it based on how much you spend, and you will often see a percentage that you will get back in cash or credited back to your card.
How does it work?
All you have to do is use whatever card you have with cashback features whenever you purchase at a participating store. Not all stores accept the card that you might have so you should double-check first before you go ahead and make a purchase. But if you are using a Visa card, you have countless stores to choose from since most typically accept Visa payment cards. Once you have made the purchase, the issuer of the card will be the one to calculate how much you will be getting in return. You only have to wait until it is approved and you will get the cash or get credit back to your card.
Are these programs worth it?
If, for instance, you are getting gift cards to give to your employees who have earned an award, they can appreciate the reward even more by choosing the cards that have cashback features. Each time they use the card, they will be reminded of how valuable it is. Not only will they get the amount loaded into the card, but they will get even more out of it because of the cashback program.
What do you get out of these programs?
On the other hand, if you are issuing these cards to customers instead of your employees, the cashback rewards program can promote customer retention. They will want to keep coming back because of how beneficial it is for them each time to make a purchase and get cashback out of it. This type of marketing can really strengthen and prolong your relationship with your customers, so do consider providing loyal customers with prepaid cards with cashback rewards programs.
Now that you know what cashback programs are, how the program works, and what you will get out of it, you may want to start looking for the right card issuer. There are a lot of options that you can choose from when looking for the right prepaid card that you will want to give to your customers and employees. Make sure to check if the cashback reward program is included in the type of prepaid card that you will choose so that you will make the most out of it.