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Gift cards; small little cards that hold bags of potential and value for your business!
No matter whether you sell clothing, run a tapas restaurant or a country family petting farm, gift cards have many benefits including the potential to boost revenue, encourage customer loyalty and increase brand awareness to name but a few.
In order to truly set your gift card endeavours up for success, you may want to partner with a gift card processor who can take your gift card programme to the next level. Finding the right provider for your business is a vital part of this process in order to see success – but what should you be looking out for in the initial research and discovery period?
Do they offer the features that you need?
It sounds obvious but you first need to ensure that the gift card processor in question offers the features that you need and are going to find important for your gift card programme.
For instance, do you sell both physical and digital gift cards? If so, you’ll need to partner with a gift card processor that has the ability to process both of these formats. You may be interested in integrating with different API connections to drive sales and grow your gift card programme, such as gift card malls and B2B and B2C rewards channels. If you’d like to configure and tailor your gift card programme to work better for your business, you may want the ability to add configurations such as card validity rules, location restrictions, time and date restrictions, cross-currency management and basket redemption rules. Ensure that the right gift card processor offers the service that you’re looking for.
Are they competitively priced?
Price will always be important and will always be a driving factor when choosing the right gift card processor for your business. Of course, you need this partnership to make business sense and ensure that you can still see a return on investment at the end of each month as a result of partnering with your chosen gift card processor.
Compare the pricing of different providers during your research phase and how they stack up against each other in terms of their offerings. Consider factors such as transaction fees, setup costs and any other monthly fees alongside their service pricing to ensure you can build the most accurate picture of what your investment might look like.
Can they integrate with your POS system?
This is a very important question to explore. Your chosen gift card processor will need to integrate with your point-of-sale system or your online store.
This should be easily doable for most reputable gift card processors but it’s always a good idea to check. This integration will be essential for customers to redeem their gift cards. The last thing you need is the introduction of a gift card processor or new gift card processor to disrupt business and cause issues for your customers. Aim for as little disruption as possible!
Do they offer good customer support?
Sure, things can go wrong. It’s to be expected. But when things go wrong, they’ll feel so much easier to deal with if your gift card processor offers strong customer support in times of need. Yes, the technology and capabilities of their gift card processing platform are incredibly important, but the human touch element is really important too.
When researching different gift card processors, take advantage of any free demos and non-commital introductory meetings that you can book to speak to someone from their team and get a feel for how they work. Trust your gut and go with a provider that you feel you can connect with and gain support from when needed.
Do they have a strong reputation?
And of course, find a gift card processor that has a strong reputation and knows what they are doing! Do you have any industry peers you can lean upon to find recommendations via word of mouth? This is often the best way.
If not, read as many reviews as you can on any gift card processor that you are exploring a relationship with to get an idea of other businesses’ experiences with them. What trust markers do they display on their website and social media? Look out for third-party logos, testimonials and case studies. Browse their social media and check out any engagement their posts get. Do they work with any similar businesses to yours in your industry or any big impressive brands?
Choosing the right gift card processor for your business is a big decision. In today’s competitive market, it can significantly impact your success. By considering the key factors above, you can make an informed choice that aligns with your specific business needs and goals. The right gift card processor can be an invaluable and powerful tool in growing your business and delighting your customers.