Q: Why electronic gift cards versus paper?
A: The electronic gift card concept is quickly becoming the medium of choice for retailers across the country. Among the significant reasons are: No Cash Back (value remaining after partial redemption stays on the card, ensuring additional opportunities to solidify the customer relationship or retain funds) and real time Data Capture (virtually eliminates both the losses associated with paper gift certificates and costly tracking and accounting).

Q: What are the benefits of this program to a merchant?
A: Electronic gift/stored value cards are convenient (carried in wallet with other plastics), secure (cannot be photocopied) and as a branded “billboard in a wallet” establishes the merchant as the destination. With this product, a merchant will gain more name recognition and exposure in the marketplace, further widening its existing customer base.

Q: What is the difference between a Gift Card and a Stored Value Card?
A: There is no difference in the functionality of the cards, both are pre-paid value cards. With the gift card, the customer is excited about a slick, state of the art gift-giving solution that allows the receiver to actually choose the gift. The merchant benefits from replacing an obsolete paper gift certificate program with today’s technology, electronic processing. With the stored value card, an emphasis is placed on enhancing the individual customer relationship through the use of incentives and an optional associated rewards program.

Q: How does the Gift/ Stored Value card work?
A: A customer enters the merchant’s establishment and asks to purchase a gift / stored value card. The merchant takes a card from inventory and activates it for the dollar amount desired by swiping the card through Electronic Payment Solutions POS terminal. The card is now ready to be used at any participating store location.

Q: Will I be able to utilize my existing equipment?
A: At this time, Electronic Payment Solutions applications run on stand-alone Verifone, and Nurit terminals. The use of a printer is recommended for production of receipts and reports. If a smaller “footprint” is desired, a Verifone 380x2, capable of housing two separate applications (i.e. credit card and gift card) is a viable solution. In any case, if the merchant is currently using a Verifone terminal and printer, a Electronic Payment Solutions terminal can be added to the existing configurations using a “Y” connecting cable.

Q: What type of reporting will I receive with this program?
A: Merchants receive daily and monthly reports. The Daily Batch report produces a chronological list of all transactions, a total count and total dollar amounts by transaction type occurring since the terminal was last cleared. Electronic Payment Solutions generates a monthly Corporate Summary statement which reports all transactions captured on Electronic Payment Solution’s database during that time period, as well as total fees billed. This report aggregatestransactions at the corporate level and by location. Delivery methods include electronic transfer, facsimile orV hard copy.

Q: How soon can the card be redeemed at a participating store location after value has been added to the card?
A: The gift/stored value card may be used immediately after activation. Gift / Stored Value card transactions are processed in real time.

Q: When should cards be reordered?
A: Merchants should always be aware of their card supply so as not to deplete their inventory during their peak season. Keep in mind that when reordering cards, the process will take 15 days from the time of order plus time for shipping and handling. If cards have been pre-produced and stored, the only time involved will be the shipping of the cards.

Q: How do I get the customer with an existing card to add more value?
A: This is a very important revenue generator and can be very profitable for your business. The use of incentives with the program will entice consumers to add value to the card. For example, if a customer adds $50 to his existing card, offer to give that customer $55 worth of value or offer discounts or additional services specific to gift card users. The “add-value” feature of this card program offers limitless marketing opportunities to enhance customer relationships, increase purchase frequency, and build brand awareness.

Q: How do I get my employees fired up about the Gift/Stored Value Card Program?
A: Incentives, incentives, incentives—a concept that works with customers and employees alike! A reward program encouraging friendly competition between employees will build a strong, goal-oriented team while promoting your new and dynamic gift card program.