Tag: virtual cards

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Expense Management Insights Newsroom Payroll & Payouts Uncategorised

It is time to move on from petty cash

move over pretty cash, make room for prepaid cards

The petty cash box used to be an essential part of an office environment. A shared box of money that can be used for employees to make payments for small company-related expenses; it sounds fine, right? Simple enough. Addresses a need. Wrong! Petty cash is an antiquated headache, and now is the perfect time to go cashless, by exchanging your petty cash box for a smarter way to make payouts.

Why is petty cash so problematic?

Petty cash has significant security risks

So why move on from a physical petty cash box? There are many reasons, but the most pressing is the security risks associated with it. It is all too easy for a thief to take money from the petty cash box, or steal the box itself. Depending on how much money you keep there, it could be quite a blow to your ability to provide employee incentives such as that Friday team breakfast paid for from the petty cash box.

It’s hard to keep track of petty cash

Another reason to trade in the old petty cash box is that it is very difficult to keep an accurate record of the incoming and outgoing cash, and what each withdrawal is for. Keeping on top of this requires a high level of detail, but is often nobody’s official “job”, which results in wasted employee time and often inaccurate accounts.

Okay, petty cash is dead. What’s the alternative?

There is a way to move on from the petty cash box seamlessly, while still providing employees with a way to use company money for those small expenses. A prepaid virtual card is a perfect way to create an easily traceable and audible “petty cash” account that is entirely based on a digital card.

Why are virtual (digital) cards better?

A prepaid digital card is a far more secure way to provide employee incentives. Since the money is all loaded onto a card, it is not easy pickings for thieves; it is both harder to steal and easier to keep safe. It can simply be kept in a secure place by a team leader, or in a locked drawer, but it is not as bulky and visible as a traditional petty cash box.

Your card will allow you to load money on quickly and easily so that you can provide employees with the convenience that they want without having to count every penny when they pay for a working lunch.

Ready to move on and ditch the petty cash box of yesterday? Replace it with prepaid cards for your business payments and enjoy headache-free accounting, improved security, and simplified payments.

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Insights Newsroom Uncategorised

Why a virtual card is the perfect employee gift

prepaid-mastercard-for-gifts-and-incentives
Over the past year, both employers and employees have worked tirelessly to adapt to the “new normal”. While the last twelve months have not been without significant challenges, those who have seen it through and worked hard deserve some kind of reward for their commitment.

If you are an employer who has seen your employees go above and beyond during the pandemic, you will want to give back. However, in 2021 this may not be possible – many companies have seen financial losses. Not to mention that the traditional team meal cannot go ahead until further notice.

Rather than a salary increase, bonus, or lavish dinner out, you must find another way to say thank you to your employees. And we have found the perfect answer – with a prepaid digital card, you can show your gratitude and give a gift they really want.

Read on to find out what these cards are and the perks of giving them to your employees.

The perfect thank you

Gifting your employees with cashback on a prepaid digital card is the very best way to give them a gift that requires no guesswork. Anyone would be glad to receive this rather than a store-specific card or a physical gift. With these cards, they can spend the money you gift them as they see fit.

Whether just as a thank you for making it through a challenging year, as a replacement for an annual bonus, or as a birthday or Christmas gift, this card will ensure your employees feel valued, with their work being recognised. It can be especially challenging to relay this over Zoom calls and emails, so make sure you say it with a prepaid card.

Improving morale

When you give your employees a little boost with this card, you will see improvements in company morale overall. Even if some employees have been getting frequent praise, there will be a few who feel left out in lockdown. As they have been isolated in their homes, they may feel removed from your company culture.

A little gesture like this is really the best way to remind them that they are still part of a team and cared about no matter where they are.

Beating the lockdown blues

It can be easy to feel a little less than cheerful after a year of lockdowns and being away from friends and family. This pre-paid card is an incredible way to give your employees a little lift in their personal lives as well as at work. Times are tight for everyone, and this could be just what they need.

Reminding your employees that you are thinking of them will encourage them to reach out as and when they need to, and simply help them to feel a little brighter in these trying times.

As you can see, a virtual card really is the best way to keep connected to your employees when providing them with a gift that is also an incentive to keep up their hard work and remain as positive as possible in the current climate.

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Incentives & Perks Insights Newsroom Uncategorised

Introducing the best consumer incentive

Cashback incentives and rewards for consumers with prepaid business debit cards
Your customers are the backbone of your organisation. Whatever product or service you offer, reaching the right consumer is vital to your success, and loyal consumers are an important part of that. Getting in new business is great, but those consumers who keep coming back, again and again, are the ones who will be with you for years to come.

So it’s worth asking, do you offer an incentive programme to your consumers? This is an excellent way of encouraging them to either buy a certain product or service, or make a certain amount of purchases.

If you want to discover the best way to provide consumers with the incentives that will keep them excited about your company, read on.

Why use incentives?

Consumer incentives are not essential for the successful running of your organisation – however, it is an added bonus for consumers, and gives them an extra reason to come to you over and above your competition.

No matter how good you are in your own niche, in an often flooded market you can tend to disappear and struggle to beat the competition. The best way to foster long-term success is to create a loyal consumer base who have more than one reason to return to you.

The best incentive

Incentive programmes provide consumers with an extra feeling of being valued, and of getting something they would not otherwise have gained. However, it is important to note that this only works if the incentive is something they truly want.

If you are in the habit of using an incentive such as vouchers for a local restaurant, that might not be the best plan in the current climate. And should you use Amazon gift cards, you may find that some consumers take an ethical stand against larger companies.

Cashback on a prepaid gift card will suit a range of different people with differing tastes – no one will end up with something they cannot use.

Going virtual

Giving your consumers cashback on prepaid cards is great for use in a range of promotions and giveaways, whether it is a regular occurrence or something you only offer rarely.

Because of its broad appeal, it will encourage a wider range of people to become loyal consumers of your product or service, so you can enjoy a strong consumer base going forward.

Virtual gift cards have the added bonus of appealing to an increasingly digital marketplace. Not having to use the cards in a physical store is a bonus for those who do most of their shopping online and still like to use diverse online stories.

Marketing magic

Should you choose to offer this incredible incentive to your consumers, it can fit into whatever existing incentive programme you have currently and strengthen your company branding. However, you can be sure that when you choose a virtual gift card as an incentive, your consumers both old and new will be more likely to promote your organisation for you by word of mouth – and that is untapped marketing potential that money can’t buy!