Program Success Checklist: 10 Things to Consider Before Launching Your Card Program

What are prepaid cards? Prepaid card programs involve the issuance and management of prepaid cards, which are payment cards preloaded with a specific amount of money. These cards can be used similarly to debit or credit cards for purchases, bill payments, and sometimes cash withdrawals. Prepaid card programs are often used by businesses for employee expenses, consumer promotions, and loyalty programs. They are also popular for gift-giving and travel purposes.

Here are ten key things to think about before launching such a program:

1. Purpose and Objectives: Clearly define the purpose and objectives of the prepaid card program. Identify the specific needs it will address within your organization, such as streamlining expense management or facilitating employee rewards.
   
2. Target Audience: Determine the target audience for the prepaid card program. Will it be for employees, customers, or both? Understanding your audience’s preferences and requirements will help tailor the program to their needs.
   
3. Card Features and Benefits: Decide on the features and benefits you want to offer with the prepaid cards. Consider options like cashless transactions, expense tracking, customized branding, and rewards programs. Ensure that the card features align with your program objectives.
   
4. Regulatory Compliance: Understand the regulatory landscape and compliance requirements for prepaid cards in your jurisdiction. Familiarize yourself with relevant laws, such as anti-money laundering (AML) and know-your-customer (KYC) regulations, to ensure compliance.
   
5. Program Administration: Establish an effective administration process for managing the prepaid card program. Determine who will oversee card issuance, customer support, account management, and any associated fees or charges.
   
6. Security and Fraud Prevention: Implement robust security measures to protect cardholder data and prevent fraudulent activities. Work with reputable card processors or issuers who have strong security protocols and fraud detection mechanisms in place.
   
7. Cardholder Support: Develop a comprehensive support system for cardholders. This may include a dedicated helpline, online self-service tools, and clear communication channels for addressing cardholder queries, concerns, or disputes.
   
8. Merchant Acceptance Network: Assess the availability and acceptance of the prepaid cards within your desired merchant network. Ensure that the card can be used at a wide range of merchants, both online and offline, to maximize its utility and convenience.
   
9. Reporting and Analytics: Consider the reporting and analytics capabilities of the prepaid card program. Determine what data points you want to track and analyze, such as transaction volumes, spending patterns, and program performance, to evaluate its success and make informed decisions.
   
10. Communication and Education: Develop a communication plan to inform and educate your stakeholders about the prepaid card program. This includes internal communication to employees, external communication to customers or partners, and training materials to ensure everyone understands how to use the cards effectively.

Remember that each organization’s prepaid card program will have its unique requirements and considerations. Conduct thorough research, consult with industry experts like Tru, and adapt these points to suit your specific needs before launching your corporate loaded prepaid card program.

Contact us to launch your very own card program.