To those who have heard of an EFTPOS gift card from a friend and are wondering how it helps, read on. Some are unfamiliar with the working of a gift card. It is a whole new world of fresh possibilities. It is a card preloaded with a certain amount of money for spending in any store. To break it down even further, it is a convenient way of giving someone money to spend on what they love.
Australian businesses love using these cards to gift their employees and even valued customers.
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What is the difference between a credit card and a Gift card?
One should not assume that they work the same way. One can reload a credit card from the bank multiple times. However, an EFTPOS gift card can only be used till the money it contains is exhausted.
A gift card: How does it work?
Typically it has a certain amount of stored value in it for future use. It may be limited to specific stores and comes with a definite expiration date. Although all stores in Australia that accept Visa also accept gift cards. It is an innovative and convenient way to offer cash back, rewards, express thank you, or an apology.
Benefits: For companies
It is a surefire successful medium to incentivize employee productivity. When it is given as a reward, or as a gesture of appreciation, the recipient often feels gratitude and loyalty towards the giver.
Several studies have shown that giving rewards has a significant, positive influence on job performance. So if an employer is looking for ways to motivate the staff in an organization, here is an idea. Spend the money on gift cards so the employee can splurge on whatever they love.
By rewarding efforts, the recipient feels valued and respected and wants to do more for the company. The company, in turn, benefits from this increased employee welfare and renewed productivity. It is a win-win scenario for everyone involved.
Benefits: For Customers
Gift cards are also a thoughtful gesture for the consumers of a company’s product or service. It can significantly multiply the customer base by building loyalty.
Gaining new customers will be simpler through promotions like cash back, gift cards, and other incentives. It works because the recipient is encouraged and has a reason to come back to the establishment.
A gift card implies a reward for choosing a particular brand. It makes the consumer happy to continue their relationship with this company. Market research shows that customers show a higher response after receiving such incentives.
It is also a medium to show apologetic attitudes. For instance, if there has been an issue with a customer giving this will soothe any hard feelings they may have towards the company. And it makes them want to come back. In business circles, it does not bode well to lose a valued customer or client.
Customization is probably one of the biggest perks of gift cards. Personalization of cards offers a more personal touch to the gift. The cards can carry a holiday wish or any design the company wishes to give to an employee.
- Easy and convenient
- Saves time
- People remember it better than other gifts.
- It has a sense of pride attached to it.
- There is no case of dissatisfaction with the gift, as the recipient can choose the gift they want to buy with the money.
- High-security guarantee – Transactions are made secure with a PIN.
- The recipient can track the balance.
In an age where everything is rapidly becoming simpler, why not make gifting easier too? It is a thoughtful gift that suits many situations.