The following article contributed by American Express Incentive Services in partnership with the Network Branded Prepaid Card Association is scheduled to appear this summer in Incentive Magazine.
10 Benefits Prepaid Cards Bring to Incentive Programs
 There's never been a more exciting (or profitable) time to be part of the prepaid space. Today, there are few scenarios where prepaid cards aren't practical, convenient and intelligent solutions.
Consumers are drawn to plastic because of its flexibility, and to prepaid for the convenience. Businesses embrace prepaid solutions for diverse applications ranging from healthcare to payroll/benefits, and, of course, incentives.
Incentives are taking a growing slice of the prepaid pie as more businesses utilize prepaid cards for employee reward and recognition, sales incentives and other applications. And, while convenience and flexibility are frequently associated with prepaid incentives, another set of benefits resonates with businesses and reward earners.
Consider these points and you'll rediscover why prepaid incentives have never been more popular.
For Business Decision Makers, Prepaid Cards:
- Provide economic benefits
Prepaid cards are smart business solutions. They're cost-effective to issue and easy to track, which enables businesses to make educated decisions with real-time ROI data.
- Offer strategic program features
Businesses can leverage the strategic benefits of brands or businesses with custom designed programs that focusing on unique features.
- Provide promotional benefits
Virtually every aspect of prepaid incentive programs can be co-branded, making them a marketing goldmine. Tying company logos and other branding to programs increases impact and keeps program objectives top-of-mind.
- Present a turnkey solution
Once established, prepaid incentive programs are easy to administer. More companies are offering online tools that simplify measurement and tracking, and these web-based solutions ease program management by saving time and eliminating guesswork.
- Deliver a meaningful, motivating and memorable experience
Getting results –that's the goal of incentive programs, and prepaid solutions help reach that goal by empowering recipients. When reward earners splurge on special rewards that are individually meaningful, they're motivated to continue the positive behavior that initiated the incentive.
For Reward Earners, Prepaid Cards:
- Offer variety
The sky's the limit with prepaid incentives –recipients can purchase the latest music, book a cruise or shop till they drop. It's all about choice.
- Deliver freedom
Prepaid offers the freedom and resources other rewards lack. Reward earners can shop online, in-store, or through catalogues, giving them the ultimate flexibility to shop when and how they prefer.
- Provide value
Prepaid programs enable recipients to take advantage of special offers and value-added pricing, discounts and seasonal sales.
- Deliver peace of mind
Many cards provide lost/stolen protection and access to dedicated customer service professionals.
- Offer unique experiences
Some cards can tie incentive rewards to a memorable experience. "Themed" cards (like travel or dining) enable reward earners to bring their incentives to life with experiences like dinner at a four-star restaurant or a weekend at an exclusive resort.
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