Businesses are constantly seeking for payment solution that ensures that they get paid on time, and provides fewer hassles for their customers and clients. It is in respect to this that the Fintech industry constantly evolves innovative ways of providing payment solutions to both customers and service providers.
Types of prepaid cards Basically there are different types of prepaid cards, they can be open loop or a closed loop, a reloadable or non-reloadable prepaid card and some special cards like a payroll card or college ID cards.
Co-branded credit cards are becoming popular these days mainly as a way of appearing more appealing in today's market. As at 2014, 31% of all payments made using credit cards were made by co-branded credit cards. They require a complex range of relationships across institutions. This could be a reason why it is mainly used by large scale retail outlets.
A closed loop prepaid card can only be used at certain locations, they don't usually have a network logo on them. Which means a close loop card might be useful only at a specific store or a group of stores or on your public transport system.
If you wish to stay away from the banking halls, or your daily schedule doesn't give you the chance to stand in line at the bank waiting your turn to withdraw from your checking account, then you are encouraged to try out the prepaid card.
If you use the VISA co-branded credit card program, you would be guided on how to develop a viable co-branding business plan that meets your expectations.
If you want to get a prepaid card, you need little or no credit history, this in infract what makes it different or even better than the credit card. Consequently using a prepaid card, frees you of the obligation to pay interest charges on the purchases you make.
Users of VISA co-branded credit cards also have the opportunity to be on a sophisticated platform that enables users to have card linked campaigns that are perfectly suited to incentivize spending behavior in chosen categories.
Just like credit cards, when shopping you can get things at stores, online shopping or even pay bills so as long as you don't exceed the amount you have loaded onto the card.
For retailers desiring to use co-branded credit cards, the VISA experience is one which in order to stay ahead in our world of changing consumer dynamics. There is the need to have a card issuing service that is not only by your side, but would ensure you achieve success.
Types of prepaid cards Basically there are different types of prepaid cards, they can be open loop or a closed loop, a reloadable or non-reloadable prepaid card and some special cards like a payroll card or college ID cards.
Co-branded credit cards are becoming popular these days mainly as a way of appearing more appealing in today's market. As at 2014, 31% of all payments made using credit cards were made by co-branded credit cards. They require a complex range of relationships across institutions. This could be a reason why it is mainly used by large scale retail outlets.
A closed loop prepaid card can only be used at certain locations, they don't usually have a network logo on them. Which means a close loop card might be useful only at a specific store or a group of stores or on your public transport system.
If you wish to stay away from the banking halls, or your daily schedule doesn't give you the chance to stand in line at the bank waiting your turn to withdraw from your checking account, then you are encouraged to try out the prepaid card.
If you use the VISA co-branded credit card program, you would be guided on how to develop a viable co-branding business plan that meets your expectations.
If you want to get a prepaid card, you need little or no credit history, this in infract what makes it different or even better than the credit card. Consequently using a prepaid card, frees you of the obligation to pay interest charges on the purchases you make.
Users of VISA co-branded credit cards also have the opportunity to be on a sophisticated platform that enables users to have card linked campaigns that are perfectly suited to incentivize spending behavior in chosen categories.
Just like credit cards, when shopping you can get things at stores, online shopping or even pay bills so as long as you don't exceed the amount you have loaded onto the card.
For retailers desiring to use co-branded credit cards, the VISA experience is one which in order to stay ahead in our world of changing consumer dynamics. There is the need to have a card issuing service that is not only by your side, but would ensure you achieve success.
About the Author:
Co-branded prepaid cards are here to stay, the convenience and access of using them constantly pull at the heart strings of the public. This is one of the most innovative payment solutions that the Fintech industry has yet come up with credit card programs.. Unique version for reprint here: Debit Card Programs: How They Can Help Your Business?.
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