It is 2019 and it’s another year where merchants are looking to increase margins, decrease their cost and make a splash in the marketplace. Meanwhile, customers are looking to purchase more but at a greater discount or with an expectation of receiving a loyalty or incentive. This combination calls for merchants to provide highly effective promotions that don’t come at too high of a cost to the margin.
That being said, it is crucial customer experiences align with the promise given. However,this isn’t always the case…
How many times have you purchased an item promising a rebate promotion, but when you finally submit your rebate you wait weeks and weeks to then just receive a check in the mail that is ripped, torn and wet? The worst part is the significant amount of time you waited to have someone review, approve and issue the check to be sent via mail.
What is a better way to handle this payout for the business and customer? Put a digital system in place of the manual labor. A cloud-based solution that can handle the payout and provide customers with a prepaid debit cards or merchant gift cards.Prepaid debit cards are the next best thing to cash, and an Incentive Research Foundation (IRF) study found that respondents even preferred prepaid debit card rewards to cash. However, if you’re looking to drive traffic back to your store, merchants can choose their own gift card as the reward. With the new generation of disbursement platforms now available,you can tap into that preference and maximize the impact of your rewards program.
We are very excited about our MIFunds platform that has everything you’re looking for in this cloud-based solution, including the ability to approve or decline a rebate, collect vital information for data analytics and deliver a fast and effective prepaid debit card to the end user.
Why is this important? Your company is saving time, money and resources on having someone cut a check and you’re giving the customer a quicker and more effective reward that they deserve. Everyone wins!
To learn more about how you can use MIFunds in your business – call us today!