JNR Spotlight: Prepaid Card Incentives

The idea of developing a prepaid card incentive program has been around for many years but now with new generations and demographics adopting prepaid cards in their personal life, the advantages of cards over cash are becoming easier to see.

A paper released in September, 2014 by the Federal Reserve Bank of Philadelphia titled Millennials with Money: A New Look at Who Uses GPR Prepaid Cards highlighting the increased uses of general-purpose reloadable (GPR) prepaid cards brought to light some of the main reasons for increased adoption of these financial tools as well as some of the advantages of them.

As consumers continue to become disenfranchised by the financial industry, companies and organizations need to find a way to distribute money to individuals who do not have bank accounts. Reloadable prepaid cards create a means to do this. There is now a large group of individuals who have taken to using reloadable prepaid cards as a substitute to direct deposits into traditional checking accounts.

As is expected, there is a direct relationship between a person’s age and usage of these cards, with younger people adopting the technology more rapidly.  However, there is a large segment of middle and high income households that already employ a range of traditional banking services now adding reloadable prepaid cards to their wallet. Combining conventional banking services with prepaid cards creates a hybrid tool that is easy to manage and even easier to use.

Key Findings:

  • More than 73% of respondents stated that they expect their usage of prepaid cards to stay the same or increase in the coming year
  • 53% of respondents that currently have a prepaid card agreed that owning a prepaid card is a good alternative to a checking account
  • 42% of respondents indicated that their prepaid cards offered a significant advantage over cash
  • 59% of respondents agreed that prepaid cards helped them “manage money better/ spend less”
  • 62% of respondents stated that prepaid cards helped them avoid overdraft fees

As the demand for reloadable prepaid cards increase, so too does the demand for prepaid card incentive programs. It is becoming clear to companies that sales goals, employee engagement and loyalty are easier to reach when rewards are given on a reloadable prepaid card rather than with cash or merchandise. A 2013 survey of more than 1,400 people revealed that respondents preferred prepaid cards as rewards for a purchase.

To learn more about how JNR can create a custom prepaid card program for your organization and leverage the higher perceived value of card over cash, please call us today at 949.476.2788 or email info@jnrcorp.com.  You can also find additional information on our website.





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By JNR Incorporated

Written by Stephanie Thomas

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JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies of many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.

 

Top 5 Reasons Your Incentive Should Swap Checks for Prepaid Cards

If you are using checks as a payment solution for your incentive or reward program, it might be time to make the switch to Prepaid Cards. Here are five reasons Prepaid Cards make a better incentive and reward program solution than checks:

A smart alternative to paper checks, Prepaid Cards are an ideal solution for organizations interested in a cost-effective, quick, and memorable way to reward their employees, customers, dealers and channels members. With a wide array of solutions, Prepaid Cards are a perfect fit for:

  • Rebates/Refund Programs
  • Consumer Promotions
  • Loyalty Rewards
  • Employee Rewards
  • Channel Incentives
  • Sales Incentives
  • Safety Rewards

 

Looking for more on Prepaid Cards? Keep reading:

Is the “Veruca Salt Complex” Influencing Gift Card Trends?

A Look at Prepaid Cards in Incentive, Rewards and Recognition Programs

 

For more information on Prepaid MasterCard® Solutions and how they can be customized to your goals, give us a call at 800.343.4546, or email us at jnrinfo@jnrcorp.com.

 

By JNR Incorporated

Written by Kelly Woolsey

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JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies of many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.

 

JNR INCORPORATED CELEBRATES THIRTY FIVE YEARS OF SUCCESS Global Events & Incentives

It seems like only yesterday JNR was a small, five-person enterprise owned and operated out of Las Vegas by us, Jim and LuAnn Jalet.  We were veterans of the hotel and hospitality industry who had worked together and shared a passion for quality and service. When we realized a void existed between hotels/resorts and busy clients in the managing of large-scale events, we conceived of offering a one-stop solution for incentive, event and entertainment management. That’s how it all began…

In 1980, the hours were long, the clients were few, and there was no money for additional staff.  Now, some thirty-five years later, the hours are longer, the client roster includes many of the nation’s leading corporations, and an incredible staff of 80+ keeps things moving at an energetic pace.  It has been a challenging, demanding and wonderful journey!  We are very proud of the growth we’ve achieved and recognize that our success has come from the relationships we have established with our employees, clients and suppliers.

What began with a core idea thirty-five years ago has developed into a thriving enterprise through hard work, integrity, values, careful nurturing and prudent management.  When we started JNR, we created a company where people would enjoy coming to work. One of the many reasons for the organization’s success is our belief in treating employees much like an extended family.  This philosophy has proven very effective, with the average tenure of current JNR employees being 10-15 years; several individuals have been with JNR for more than 20 years. We are very fortunate to be surrounded by extremely dedicated, knowledgeable, experienced and passionate people.  Each person on our JNR team brings something unique and valuable to our process and they exhibit a level of care and pride about their work that is refreshing, respected and appreciated. We know the strength of our organization lies in our team and we want them to know how important they are to us.  We have been able to evolve and thrive over the years through a true collaborative effort.

We value the successful partnerships and genuine lasting relationships we’ve developed throughout the years, and are fortunate to enjoy friendships that reach far beyond the business realm.

We have gained the respect of business partners around the world and our client’s say that, even in today’s highly competitive world, JNR stands alone as the one company that never compromises on quality or service, and delivers on every promise. We have always focused on our client’s needs and take the initiative to make things better by delivering exceptional programs and events, at a superb value, providing everyone with extraordinary once-in-a-lifetime memories.  We are proud of our reputation.

We express our heartfelt gratitude to everyone who has supported and believed in us.  If you work with JNR, we thank you.  If JNR is new to you, please take a look at our site and let us know how we can help you: www.jnrcorp.com

You have our assurance that your decision to work with JNR will be appreciated and one you will be pleased with.  You have our promise.

 

Thank you,

Jim & LuAnn Jalet

______________________________________________________________

JNR Incorporated is a results-based, globally recognized leader that specializes in creating custom travel, meeting, event, prepaid card and merchandise programs that motivate, engage and inspire the employees, customers and channel members of our clients. We have over 30 years of experience working with Fortune 500 companies of many diverse industries. Our programs are tailored to fit the specific needs of marketing, sales, management and human resource professionals. The unique solutions we apply are measurable and proven to increase performance, loyalty and revenues.