Virtual prepaid cards are popular for many reasons. Organizations love their flexibility — they can be used to incentivize employees or customers or to fuel research or loyalty programs. Factor in the ability to send them digitally, and you have a convenient tool to drive engagement, sales, survey participation, and more.
First and foremost, your virtual prepaid card platform should meet your organization’s immediate needs and long-term goals. The right tool can help you drive higher response rates and more engagement, for example.
Here are six key questions that you should ask to find the best platforms for purchasing virtual prepaid cards online.
READ MORE: Download our full Buyer’s Guide for incentives platforms and prepaid cards
Today’s best tools can save your team from having to manually track and manage virtual prepaid card delivery. Administration should be built into the platform to streamline the process and free up your employees’ time. Uploading a spreadsheet of recipients and being able to distribute virtual prepaid cards in just a few clicks, for example, is much faster than manually typing in email addresses. Also, a platform that allows you to customize the messages sent with your virtual prepaid cards means you can use a single tool for all your reward programs.
Not only should the platform eliminate the tedious manual processes of purchasing virtual prepaid cards, it should integrate with the other tools you’re already using. A solution that connects seamlessly with marketing, survey, and engagement platforms such as SurveyMonkey, Qualtrics, HubSpot, Marketo, and Salesforce makes it easier to automate and track your rewards programs and their performance.
When evaluating platforms, consider how easy it is for your recipients to get and redeem virtual prepaid cards online. It should feel seamless and offer options such as:
Look for a platform that minimizes your risk and protects recipients’ privacy as you purchase and send virtual prepaid cards. Reputable platforms comply with all the appropriate privacy policies, such as the European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). In addition, SOC 2-compliant providers have completed an extensive auditing procedure to ensure they manage data securely and protect respondents’ privacy.
Another key feature to know about is how the platform verifies the validity and funding of new accounts. You’ll need to know if the platform can help you follow relevant rules and regulations, which protect you against potential employee fraud and help minimize risk.
The best platforms try to minimize this problem by automatically sending reminders to recipients who haven’t claimed their virtual prepaid reward. If a recipient still does not claim it within the redemption window, some tools do not return those funds to you. BHN Rewards, however, automatically issues a 100% refund for the prepaid card value. You’ll get a credit to your account that you can apply toward another campaign in the future, enabling you to maximize your budget.
Understanding the platform’s tracking and reporting capabilities is another must. You’ll use any data the platform provides to measure and refine your campaigns and program goals.
For example, having visibility into how your money is being spent will help your organization optimize recipient participation and satisfaction, as well as your return on investment. The best platforms make it easy to access analytics for how many cards were sent, how many cards were claimed, and who received them. You should also be able to glean insights into how your campaign performed overall.
Our secure, integrated, easy-to-use rewards management platform is an ideal tool for purchasing virtual prepaid cards online. We can help you streamline your incentives programs for prospects, customers, research participants, employees, and more. Request a demo today!
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