If you own a business, chances are you’ve considered gift cards as a way to add new revenue and provide your customers with a more flexible way to shop. At Moneris, three different gift card options are available for merchants.
If you’re curious about how each one varies, you’ve come to the right place. Let’s go over the unique benefits of each type of Moneris gift card, right down to a side-by-side feature comparison.
Standard gift cards: Great for bricks-and-mortar merchants
When you think of a traditional gift card, this is the format you’re thinking of. This gift card is available as a physical card, (think a debit or credit card), and is a great offering for merchants that operate largely from bricks-and-mortar locations. This includes merchants in the restaurant and fast food industry, retail, or salon locations.
Standard gift cards come with a number of unique benefits, including:
- Compatibility with your existing Moneris POS terminal, meaning no additional equipment is required
- Convenience for in-store customers looking to provide a physical gift to loved ones
- Flexibility to use gift cards in-store or online, provided the merchant has an online store
Standard reporting is included with the cost of this gift card offering in Merchant Direct. This includes transaction history and liability reports. Some merchants add enhanced reporting as well, which includes multi-location breakdowns, KPI reports, activity details and summaries, and access to administrative tools that allow gift card management.
eGift cards: A flexible option for your online store
If the standard gift card is your traditional option, eGift cards are their online alternative. In a nutshell, eGift is a web-based solution that allows merchants to sell gift cards in a digital format through their website. Merchants who operate a website often opt to offer eGift cards as they can be integrated into your site.
As with the standard gift card, eGift comes with its own benefits, both for merchants and customers:
- A great solution for online customers who can’t visit your bricks-and-mortar location, or are looking for a last minute gift
- Provides a new way to earn revenue through your online channel
- Fraud prevention is built-in, keeping your business protected
- Gift card funds have the flexibility to be used in-store or online
To access eGift sales reports, merchants do need the enhanced reporting platform that’s available through their Web Portal. The cost of reporting is only applicable to gift card redemption locations. This also includes administrative tools to manage eGift cards.
Promo Cards: A reward for loyal customers
Promo Cards turn the concept of gift cards on its head yet again to provide something new: a coupon-like offering that both attracts new customers and engages current ones. Promo cards offer a discount on future purchases and therefore build brand loyalty and increase future spending.
By offering a Promo Card program, merchants can enjoy:
- Custom start and end dates for associated promotions
- An order quantity that suits your business, with a minimum order quantity of 50
- A unique perk to hand out at events or along with in-store purchases to build loyalty with repeat purchases
- Satisfying customers’ affinity for gift cards as opposed to discount sale promotions
Like eGift, merchants can access enhanced reporting. This reporting provides dedicated promotion reports that will break down the activity of Promo Cards with insights and analytics required to execute effective marketing promotions.
Moneris Gift Cards: A side-by-side comparison
There are distinct uses and benefits for each gift card option we offer. Many merchants choose to employ all three to provide customers with a flexible and convenient way to shop. You can learn more about each of our gift card offerings here.
Gift Card FAQs
How do POS gift cards work?
POS gift cards are integrated into your point-of-sale system, allowing for seamless transactions whether the card is physical or digital. Customers can use these cards to pay for goods or services up to the card's value.
What are the costs associated with each type of gift card?
Costs vary depending on the card type and quantity. Standard and eGift cards may involve initial setup fees and per-card costs, while promo cards might come with different pricing based on promotional needs.
How can businesses choose the right gift card program?
Consider your customer base, sales channels, and operational capacity. Combining different types of gift cards can cater to a wider audience and meet various consumer preferences.
How to create gift cards for my business?
Creating gift cards for your business involves a few key steps:
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Decide on the Type: Determine whether you want to offer physical gift cards, eGift cards, or both. Each type has its benefits and can cater to different customer preferences.
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Choose a Provider: Select a service provider that offers gift card creation and management services. Providers like Moneris offer comprehensive solutions that include customizable designs for your cards, integration with your POS system, and management tools for tracking the sale and redemption of cards.
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Design Your Cards: Design your gift cards to reflect your brand. Many providers offer customizable templates where you can add your logo, brand colors, and any other design elements that align with your business's identity.
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Integrate with Your POS System: Ensure that the gift cards are compatible with your current POS system for seamless transactions. This integration allows for easy activation, redemption, and balance tracking of the cards.
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Promote Your Gift Cards: Once your gift cards are ready, promote them through your marketing channels. This can include in-store signage, email marketing, social media, and your website.
Are gift cards good for business?
Yes, gift cards are beneficial for businesses for several reasons:
- Boost Sales: Gift cards can increase sales by encouraging recipients to visit your store or website. Often, consumers spend more than the value of the gift card, leading to additional revenue.
- Improve Cash Flow: Since gift cards are paid for in advance, they provide immediate cash flow to your business before the goods or services are redeemed.
- Attract New Customers: Gift cards introduce new customers to your business when they are received as gifts, potentially turning them into regular patrons.
- Reduce Returns and Exchanges: With gift cards, recipients can choose exactly what they want, reducing the likelihood of returns and exchanges.
- Enhance Brand Awareness: Custom-designed gift cards act as a marketing tool, spreading the word about your brand each time they are purchased or given as a gift.
- Encourage Loyalty: Offering gift cards can be part of a broader loyalty program, incentivizing repeat business and building stronger customer relationships.
Key Takeaways
- Gift Cards Enhance Customer Experience: Offering gift cards, both physical and eGift, provides customers with a flexible shopping experience, making it an essential tool for businesses to improve customer satisfaction and engagement.
- Diverse Options Cater to Various Business Models: Moneris offers different gift card options — standard gift cards, eGift cards, and promo cards — each designed to cater to the unique needs of businesses, whether they operate in-store, online, or both.
- Gift Cards Drive Sales and Revenue: Implementing a gift card program can significantly boost a business's sales and revenue. Not only do they attract new customers, but they also encourage recipients to spend more than the card's value.
- Effective for Promotions and Customer Loyalty: Promo cards, in particular, are an innovative way to reward loyal customers and attract new ones. They can be used effectively in marketing promotions, helping to increase brand loyalty and future spending.
- Simplification Through POS Integration: The integration of gift cards with POS systems simplifies transaction processes, making it convenient for businesses to sell, redeem, and manage gift cards efficiently, thereby enhancing the overall operational workflow.
The information in this article is provided solely for informational purposes and is not intended to be legal, business or other professional advice or an endorsement of any of the websites or services listed.
1 Fee for Enhanced Reporting applies only once per redemption MID.
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