TMG Releases Gift Card White Paper
The busiest season may be over for open loop gift cards, but that doesn’t mean credit unions should wait another year to offer a solution says a new white paper released by TMG today.
“We continue to be surprised by the number of credit unions waiting for the right time to get into the gift card market,” said Jeff Falk, TMG director of product development. “The right time really is now even though sales will be significantly less than the holiday season that stretches from late November through the first of the year. Credit unions need to establish their footing in the marketplace as a place to get a great gift card product.”
The white paper covers a number of topics that include how to evaluate a gift card program, as well has how to market a program in other buying seasons.
“We understand that credit unions have limited resources to launch new products,” Falk said. “This has translated into a reluctance to get into the market before a product is established. With competition coming not only from banks but retailers, it is important for credit unions to stake out their market now.”
Among the many selling points of a Visa or similarly branded gift card, Falk noted, is that it can be a stepping stone in the future of the payment solutions field.
“There are so many opportunities that fall under the prepaid product – payroll, HSA and teen to name a few,” he said. “Gift cards provide credit unions an opportunity to reach out to their membership and show there are other convenient payment strategies that can meet the needs of a growing, diverse membership.”
For More Information:
Kelly Moore
Public Relations Consultant
866.355.5736
pr [at] themembersgroup.com
