In today’s world, consumers have a plethora of options when it comes to paying for goods and services—cash, cheques, debit cards, credit cards, cashier’s cheques, money orders, and more increasingly, prepaid cards are all possibilities. As the popularity of prepaid cards continues to rise, this article answers the questions: What are prepaid cards and what is co-branding, as well as identifying 4 ways that they can help your business.
What Are Prepaid Cards?
Prepaid cards offer a way in which you can access your money without fear of over-drafting or spending more than your budget. This is because, unlike traditional credit and debit cards, prepaid cards do not extend credit, nor are they linked to a bank account.
What Is Co-Branding?
Co-branded prepaid cards are an alternative to credit and debit cards with your company brand and design represented on the card. These prepaid cards can be an effective way of offering unique and distinct branded cards for your business, without the hassle and commitment that a private label prepaid card program would require.
4 Advantages of Co-Branded Cards
A co-branded prepaid card program offers several advantages for your enterprise. Take a look at the 4 advantages listed below:
1) Worldwide acceptance: The co-branded prepaid card can make purchases just like a traditional credit or debit card. It can be used anywhere in the world that accepts the VISA logo.
2) Safety and Security: Prepaid cards are one of the safest way to making transactions and can be easily used online, at ATM machines and at stores around the world. Unlike traditional credit or debit cards where your card is connected to a line of credit or bank account, the potential risks on prepaid cards are only limited to the amount pre-loaded on to the card.
3) Convenience: Unlike traditional pay cheques where employees will need to deal with bank lines and cheque cashing fees, the prepaid card program gives your employees immediate and easy access to their wages.
4) Shopping Variety: Just like traditional credit or debit cards, co-branded prepaid cards can be used for online purchases, in-store, for recurring bill payment, or to withdraw money from ATMs worldwide.
Choosing a co-branded prepaid card has a number of advantages for business. If you want to support brand loyalty while increasing growth and publicity, considering offering a co-branded prepaid card solution to your customers.