Types of Prepaid Cards We Offer:
Gift Cards
Gift cards offer the perfect blend of form and function. Loadable with varying amounts, usable virtually anywhere, a Visa, MasterCard or Discover branded gift card is the perfect combination of customer value and convenience and cost-effective marketing. No more knitted socks from Aunt Dot or homemade fruitcakes from Grandma Smith. A gift card can let the consumer fulfill his or her heart's desire, while reinforcing brand recognition among a savvy and sophisticated customer base.
EPS offers gift cards usable anywhere or gift cards targeted to specific merchants, malls or geographical locations.
Gift cards can be classified in three different categories:
- Closed loop
- Semi-open loop
- Open loop
According to the Federal Reserve Financial Services Policy Committee; prepaid card transactions represent the fastest-growing of the primary payment instruments, increasing by approximately 22 percent annually from 2006 to 2009. The value of prepaid transactions increased nearly 23 percent per year over the same time period. Closed-Loop gift cards still represent the greatest proportion of transactions within the prepaid card space with 2.7 billion transactions in 2009.
Gift cards are now not only sold at the specific store, but at "gift card malls". These "malls" are often display racks at grocery stores that offer gift cards from a variety of merchants.
Semi-open loop gift cards are cards that can be used more broadly than closed loop, but still be limited to selected stores or a family of stores. Semi-open gift cards can be set up to target a specific industry, a single geographical location, or distinct retailers related by what they sell. A gift card for brides might be usable at flower shops and dressmakers, but not at a sporting goods store.
Open loop gift cards are cards that are branded with a card association logo, such as Visa
MasterCard or Discover. They look just like traditional debit cards. These cards can be used at stores that accept Visa, MasterCard or Discover debit cards. However, the purchase is not an extension of credit, nor is it tied to a specific bank account, like a traditional debit card. Instead, the purchase deducts value from the amount that has been loaded or stored on the card. Prepaid cards are often referred to as Stored Value Cards.
General Spend Cards
General Spend cards are a super way for cardholders to have the benefit and flexibility of a debit card, while controlling their spending. A General Spend prepaid card can be purchased by the cardholder and loaded with his or her personal funds. If it is branded with MasterCard, Visa or Discover, it may be used wherever their debit cards are accepted. General Spend cards can usually be reloaded via a reload network or direct deposit.
Incentive Cards
Prepaid incentive cards are a phenomenal way for employers to reward their employees or consumers. An employer may offer a prepaid card as an incentive to employees to reward them for sales of a certain product, completion of a project or as recognition for a job well done.
A company may also choose to give prepaid cards to customers or potential clients as a way of saying "thank you" for attending a presentation or trying out their product. Prepaid cards appeal to everyone and are a great way to show appreciation to employees and consumers.
Payroll Cards
Payroll cards are some of the most popular and effective stored value programs on the market. Employers can issue payroll cards for only a fraction of the cost of issuing paper checks to their employees. Payroll cards are perfect for the unbanked, but even employees with existing bank accounts enjoy the flexibility, convenience and prestige of a Visa, MasterCard or Discover branded pay card.
Whether you want to issue a versatile, signature-based payroll card with a major card association brand, or a simple and secure ATM/POS debit card, EPS will work with you to assure the highest level of quality and compliance for your program.
Payroll cards are reloadable. These cards are reloaded by a cardholder's employer. The cardholder can often reload it with personal funds, too.
Reward Cards
Prepaid reward cards are a phenomenal way for businesses to reward their customers. Some companies offer their customers rebates through a prepaid card. Others may reward their customers for participating in a survey or focus group. Prepaid cards appeal to everyone and are a great way to show appreciation to a firm's customers.
Teen Cards
Prepaid Teen cards are a powerful tool for both parents and teens. Parents may purchase a Teen Card for their teenager. Teens can then use this card wherever debit cards are accepted. Parents may monitor the teen's transactions and spending. Parents can also reload this card with their teen's allowance or other spending money. It is a great way for teens to experience the flexibility of a network-branded card while learning financial responsibility.
Prepaid cards are safer than cash and provide a convenient and flexible way for Teens to enjoy the benefits of a MasterCard, Visa or Discover branded card.
Travel Cards
Will you be taking a trip? Prepaid travel cards are a great way to travel safely and not have to worry about your purchases. Whether it's a weekend getaway or a Grand Tour abroad, a network-branded prepaid card will provide you with safe and flexible purchasing options. Prepaid cards are safer and better than cash, especially when you decide to travel.
Other Types of Prepaid Cards
There are a variety of other prepaid cards available and many different ways they can be used. Government cards and Health Care cards are especially popular as a way for large entities to make payments to thousands of people without the hassle of writing and cashing checks.
Prepaid cards are also a great alternative for payment to people that do not have bank accounts.
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