Prepaid cards that offer generous commission rates are a crucial part of an agents? business, facilitating an additional revenue stream and bridging profit margins. The value of prepaid cards in consumer travel alone is expected to reach ?36 billion by 2017, indicating significant income potential.
Joanne Briggs, relationship manager for the travel sector at Tuxedo Money Solutions, offers her expert tips on selling prepaid cards to consumers, capitalising on this optimistic outlook.
1) Know the product and its benefits
When it comes to selling, you have to be the expert. Know the benefits of the product like the back of your hand. When it comes to prepaid cards, the benefits are transparent: convenience, control and safety. The benefits to you, the agent, are three-fold as well: by offering a prepaid currency card as part of the holiday transaction, loyalty programmes can be enhanced or created, MI is delivered on customers? wider travel habits, and customer revenue is maximised.
2) Offer a prepaid card as a solution
Travellers? cheques are out-dated and many outlets and hotels in Europe now refuse to accept them. American Express, once the major seller of travellers? cheques, claimed that its business is healthy, however its main rival in the market, Travelex, stopped selling cheques seven years ago. Furthermore, The Payments Council revealed last year the use of notes and coins are depleting steadily, with cash volumes expected to reduce by a further 30% in the next ten years.
Remind the customer that prepaid cards are safer than notes and coins, and more convenient than travellers? cheques. With prepaid cards, currency conversion is done at the point of use, no matter where the cardholder is in the world. This gives the cardholder a much more flexible solution as the card can be used in multiple destinations, without the need to pay to re-convert currencies. Although some retailers will charge a commission fee for loading cards in GBP, the more cost-effective prepaid cards on the market will not charge anything and agents need to be aware of this.
Prepaid cards also provide extra security and protection against loss, theft and fraud. They have chip and pin, and carry a pre-loaded, set amount of money rather than linking to a person?s bank account, which can leave them exposed.
3) Talk about the card throughout the sales process
Get your customers excited about the product and mention it throughout the sales process, from the initial booking onwards. Time-poor consumers are likely to be receptive to a one-stop-shop offering from travel agents. With limited time on their hands in an increasingly busy world, a business that can offer both travel and currency solutions at the same time will tick a box for convenience.
4) Get a card yourself
If you believe in your product, your customers will too. Try a prepaid card for yourself, that way you will understand the benefits clearly and the way it works. It?ll make it far easier to talk about the product when it comes to making a sale. You?ll also be able to draw on personal experiences.
5) Remember to promote the product
Most prepaid card providers will supply a business with educational leaflets, designed to give customers and agents alike a wealth of information on the product, driving sell-through. Don?t let the leaflets sit on your desk ? slot a leaflet into any correspondence with the consumer, putting the product front of mind.
Also, if you can, promote the cards on your business? social media channels. Running competitions to win a pre-loaded card is a fantastic way of building a loyal online fanbase.
For more information visit tuxedomoneysolutions.com
