Gift Cards Today
Most independent businesses operate Gift Vouchers in paper form and while these are cheap to operate and easy to understand they have a range of problems;
- Easily forged
- The customer loses the value if the voucher is lost.
- No customer information is collected so you don’t know who gets the card or build a customer database.
- No Business Intelligence is gathered so you remain blind on how often people receive vouchers or how long they take to use it.
- Any transaction not using the complete voucher value needs to return change, hitting cash flow.
Our customers asked us for a solution that would remove these problems. What we’ve come up with does that and more;
- Increased advertising opportunities as people carry a card and tell their friends.
- Automatic expiry of value if required.
- Business generation as people see their existing and expiring values.
- Complete visibility over outstanding liabilities.
- Reloadable format allows for ongoing use once the gift has been spent.
Gift Cards, Christmas Clubs and Virtual Wallets
myrewardcard.ie Cash Cards are reloadable and can be used not only as Gift Cards but also as Christmas Clubs (and other saving schemes) as well as Virtual Wallets. The category is flexible enough to allow cards start out as one type and morph into another other – for instance someone receives a Gift Card for their Birthday and then decides to add to it every week to save for Christmas.
The myrewardcard.ie platform allows a business to issue their own Gift Card, Christmas Club or Virtual Wallet and manage it using the existing platform with which they are familiar. Those businesses customers will also be able to manage Cash and reward cards under one account – providing them with added convenience.
The myrewardcard.ie Implementation
The decision to implement Cash Cards as a separate category from Reward Cards rather than incorporating both functions on one card is for 2 reasons;
- Research amongst consumers showed us that combining the two functions would cause a degree of confusion about what the card did and concern that a transaction was not being recorded to the correct service.
- If one card held two functions the scope for staff error is greatly increased and it is very likely that at some point a person would be awarded €100 instead of 100 points. Without the separation of two cards there would be no way to prevent this happening. But using two cards means that the staff member has a visible way to differentiate what function they are accessing. it also allows us to build in a secondary system check and ensure that the serial number provided matches the category of the card.
Despite the separate function both cards use the same interface making them easy to implement with minimal extra training. All the user sees is an extra link to switch between the cards on each functional page.
Cash Cards can be managed separately from Reward Cards so default values such as SingleScan settings, value expiry times, etc can be set separately for both categories.
Cash Cards are priced at €45/month. For this price a business can issue 3 different type of cards in that category, allowing them to manage Gift Vouchers, Savings Club and a Virtual Wallet for that low price. In return myrewardcard.ie will take care of the backend IT functions such as updating software and making database backups.
Paper Vouchers have worked fine for most businesses so why switch from a paper system to one that costs €45/month? Earlier in this post I outlined some of the reasons; the flaws with paper and the extra features that the myrewardcard.ie option brings. But what do these mean in practice?
We are in a more competitive market than ever before and knowing your customers is critical to all businesses now. That is why the large stores such as Brown Thomas implemented this type of Gift Card a long time ago. Now small businesses have the opportunity to manage their customer base just as effectively. For the first time they have a cost-effective way to identify;
- Who gets Gift Cards?
- How long does it take a person receiving a Gift Card to spend it?
- Do people get cards for their birthdays or other reasons?
- What do people buy with the cards and what is their average spend?
- Do recipients of cards become regular customers or are they one-time visitors?
At the same time they also build a database of new first-time customers to whom they can market directly.
All of this can be done now with paper vouchers but it is time consuming and not easy to manage. When you consider that Tom Traynor, the Chief Executive of the Marketing Institute says that gaining a new customer is “five to eight times more expensive than retaining an existing one” it becomes obvious why the Small Firms Association says that it’s crucial for smaller firms to take a more sophisticated approach to customer relations.
myrewardcard.ie Cash Cards ensure all the important information is automatically captured and presented in ways you can use and this saves you money by ensuring that you can turn that one-time customer into a regular visitor, saving time and money in advertising.
Cash Cards will bring real benefits to any business that uses them whether as Gift Cards, Saving Clubs or Virtual Wallets. The business that uses the information available to them is the one that can save money, grow their business and come out of the recession stronger.
Cash Cards are available today. If you would like to learn more about the new card categories and how they can benefit your business contact us today on email@example.com