Gift card program can actually take your business to the next level. Standing in a cashless society, you cannot rely on traditional methods to grow your business. There are various ways through which the merchants can elevate their business to the next level. Gift card program is one of them. If you enable this special service, your business will actually generate more revenue. Moreover, it is one of the most effective promotional tools. It allows the businessmen to advertise their business in the most efficient way. Well, we will cover these points here. But, before getting into these, you must know certain points that are closely associated with the gift cards.
Important Aspects Associated With Gift Card Program
It does not matter whether you are running a brick and mortar business or an online business, smart merchants across the globes offering gift cards to their customers. Even, in this pandemic situation where most businesses are falling down, businesses having gift card programs are not facing critical problems. The gift card program is allowing the merchants to continue their business flawlessly. They are offering gift cards to their consumers and thus, they are maintaining the cash flow. Consumers can use these gift cards in the future while purchasing products from the merchants. Anyway, when it comes to knowing the major aspects associated with gift cards, you must know about the different types of gift cards. This is a physical gift card and a digital gift card. However, amid this pandemic situation, the merchants are offering digital gift cards. The shops are closed and the consumers are also spending time on online platforms. In such a situation, the merchants cannot offer physical gift cards to consumers.
- Gift cards have become useful as well as convenient in this cashless society. Customers can use either digital or physical gift cards while making a purchase from the store. Moreover, they can give this to someone else as a gift.
- In the case of digital gift cards, the customers will have to shop online. But, physical gift cards cannot be used in the online store. Consumers can use the physical gift card while shopping in offline stores.
- In the case of digital gift cards, customers will have a lot of options. In some cases, they can add the value of the gift cards to their mobile wallets. Thus, online shopping becomes more secure and easier.
- Each gift card comes with an expiry date. The customers must check this. Otherwise, they will not be able to use the cards.
Gift Card Program And How It Works
Well, standing in the modern era, it is very important to pair your business with the gift card program. A gift card works like a prepaid cash card. Yes, it has some value and customers can redeem it while purchasing the product from your store. If you have an advanced point of sale system, you can easily accept online payment made using gift cards from the customers. The advanced payment terminals allow the merchant to integrate the gift card program without facing any problem. Well, gift cards can be closed-loop and open-loop. Consumers can use open-loop gift cards anywhere they want. For example, if you have a gift card having a visa logo over it, you can redeem it in the places where merchants accept Visa cards. In the case of closed-loop gift cards, you cannot use them anywhere except at the shop that issued the card. Yes, you can only use it at specific merchants. The gift cards from Amazon, Starbucks are an example of closed-loop gift cards.
Advantage Of Having Gift Card Program In Your Business
If you want to take grow your business, you should enable it. Well, there are some advantages that merchants will experience after enabling the gift card program. We have elaborated some of them below:
Growth In The Revenue
Well, according to a survey, people in Canada almost spend $200 on gift cards in a year. Moreover, almost 22% of people spend more than the actual value of the gift cards. So, these figures are clearly showing that you will get many benefits after having such an efficient program in your business. You can actually increase the overall cash flow and apart from this, the number of customers will also be increased. Most people purchase gift cards to give them to someone else as a gift. So, when they will visit your store, they might become your repeat customers depending upon your service.
Promote Your Business
Well, the gift card program can help you to promote your business. Yes, you can actually add the name and logo of your business to the gift card. When your customers give it to someone else, they will get to know about your business.
Not An IPS Merchant?
International Payment Solutions offers a gift card program. So, if you want to take your business to the next level, you should become a merchant International Payment Solutions also known as IPS. This virtual platform gives preference to customer satisfaction. Moreover, 24×7 support makes this platform more approachable.