Why offer gift cards rather than cash?
It’s likely that your business makes a variety of cash payments to employees and customers. Sometimes this is entirely necessary, but in many situations there are valuable alternative options.
Gift cards – which at heart are simply a currency for a particular retailer – solve many issues associated with cash payments. For example:
- Banking charges can make cash payments a costly option
- Traditional bank transfers are unsuitable for the 3 million individuals in the UK today who have no bank account
- Cash is quickly absorbed and lost in general household bills, whereas gift cards maintain their ‘trophy value’ as they’re associated with a pleasurable acquisition or experience
- Cash is essentially impersonal: the cash is given to an employee or customer, but they must visit a bank to withdraw the reward
- Gift cards can be a cheaper alternative yet still allow you to make a higher payout than the cash alternative. Brilliant!
By introducing gift cards as an alternative to cash, SVM helps clients achieve ever greater business efficiencies and greater customer choice. For example, our clients have used cards to cover payouts for cashback, welfare payments, gadget recycling, compensation, insurance replacement, dividends and apologies or ‘thank you’ gifts to customers.
SVM is delighted to provide clients such as TopCashback with gift cards as a cashback alternative. Gift cards can deliver significant economic and commercial advantages both for you and your customer. Indeed, there are hundreds of applications where gift cards make far more sense than cash. Get in touch with us and we’ll be delighted to discuss how we can help you make payouts more efficient and effective.
If you’re interested in other cash alternatives, why not take a look at our Insurance section?
We’re 100% committed to delivering choice for your policyholders and incremental savings for you, the insurer.
At SVM we understand that claims are often paid in the form of a cash settlement. Although a policyholder may sometimes choose cash, such payments are often used when there is no other alternative (for example, claims for freezer food, clothing, beauty products and handbags). None of these items are attached to a specific supplier and they therefore fall into an insurer’s non-procured spend.
SVM offers an ideal solution, enabling a claim handler to offer the policyholder a choice of over 80 major retail brands. So your policyholders get greater choice and you save money in an area which is often hard to control.
If you’d like to find out more, you can download our insurance brochure below to browse at your leisure. Alternatively, please feel free to speak directly with the head of our Insurance Division, Amy Morson, on +44(0) 7956717748.
Feel the benefit. . .
SVM is hot on accuracy and cost benefit, securely fulfilling retail cards for over 80 leading brands. Our shared corporate values of trust, respect, integrity, passion and stability keep us focused and true to our purpose of delivering seamless and effortless solutions. Our team’s extensive experience, knowledge and expertise within the B2B industry mean that our service is speedy and professional, each and every time.
Take a look at these three examples of ways in which SVM Global could generate incremental savings on your non-procured spend…
Although you can replace a damaged freezer via your chosen supplier, replacement of freezer contents is often settled in cash. This example demonstrates how retail cards can provide the perfect solution.
With our range of leading supermarket brands (including Tesco, ASDA, Marks & Spencer and many more) we match individual customer preferences so each policyholder can replace their goods conveniently and easily in their favourite store.
When a policyholder needs alternative accommodation, they may also need immediate help to buy food and clothing too. As well as our leading supermarket retailers, we offer vouchers for clothing retail brands such as John Lewis, Next, River Island, New Look and many more.
And because the needs of policyholders in these situations are urgent, we can react fast with instant, digital fulfilment via e-codes.
A claim for a lost or stolen handbag can actually involve claims for multiple items such as makeup, perfume, sunglasses a purse and other contents as well as the handbag itself.
SVM Global can cater for complete replacement with a single card and transaction from retailers such as Debenhams, John Lewis and House of Fraser.