“Prepaid” on Customers’ Minds

As noted, here at the AVPS blog we endeavor to bring you the latest trends in how tech is intersecting with finance, and what it means for you and your customers. Recently, we’ve been covering “non-card” ways that customers can pay you — with electronic checks, telephone verification, etc.

But they can also have cards that aren’t “credit,” of course — not only debit cards attached to their accounts, but pre-paid cards with loaded amounts on them, an aspect of the business that is currently booming.

Recently,  the Green Sheet had an article on “the race to prepaid,” noting that “ Physical POS networks once connected over phone lines were replaced by networks that linked to the Internet, … and now to mobile devices in a vast array of configurations.  (In turn) they connect to prepaid card accounts, or various kinds of stored-value or transaction accounts.”

The observation connects the prepaid trend to the “digital wallet” trend — and we’ll have more on the latter in an upcoming post.  The article also notes that “banks that historically shunned low-income individuals are now entering prepaid to capture that growing consumer segment. Younger generations of consumers…are rapidly adopting prepaid as their primary financial tools, with little interest in traditional banking.”

So even customers with non-traditional accounts — or non-traditional wallets — will be using  electronic transactions to pay, and more and more of those will be with prepaid cards.

Happily, AVPS is pleased to announce a new prepaid VISA program for merchants, allowing them to offer these cards to their customers. Highlights include:

*Cards that can be purchased for $1.00 over their worth.
*Cards available in 25.00/50.00/100.00 increments.
*Cards are good for one year with no fees to the end user.
*Free online and phone balance check with transaction history (for both you and your customers’ convenience)
*Can be used anywhere Visa is accepted

This is in addition to our “Elite Choice” prepaid card, which is designed exclusively for 40 participating merchants, ranging from CVS, Macy’s, Winn-Dixie markets, Marriott Courtyard hotels and more, and last up to five years.

Inquiries for both — as the trend in your customers’ use of such cards continues to boom– are both welcome, and encouraged.

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