Provides New Cross-sell Opportunities
Strengthens Existing Customer Relationships
Provides New Fee Income Source
The VISA Gift Card is a prepaid Visa Card that can be purchased at the bank and can be used anywhere that VISA is accepted. The funding is immediate and can be used for gifts to anyone.
Benefits to the Bank
- Provides New Cross-sell Opportunities . VISA Gift Cards have been popular with both customers and non-customers. By attracting non-customers to the bank, it provides a great opportunity for the bank to offer other products and services.
- Strengthens Existing Customer Relationships . This is a relatively new VISA product and is currently only being offered through larger banks. Businesses and Individuals will appreciate the extension of this product.
- Provides New Fee Income Source . Your branch collects the issue fee for every card that is issued in their branch.
Benefits to Your Customers
- The Perfect Gift . VISA Gift Cards can be given to teens, college students, parents, and grandparents. It is a great gift for businesses to give to their employees or customers. It is the gift that everyone will love, because they can use it however they would like.
- Choose Your Gift . The customer may choose the amount that they would like to put on the card. Amounts may vary between $25 up to $500.
- Accepted Worldwide . Since the Gift Card is a VISA card, it can be used anywhere that this VISA card is accepted. The VISA Gift Card can be used as a travel card, or at your local grocery store.
Customer Education is Essential
How does the customer use their VISA Gift Card?
Visa requires the term “DEBIT” on the card due to a litigation requirement. However, the card is used just like a VISA Credit Card and they must sign their name when presenting at a merchant. If they are making a purchase where they have a choice to either press Debit or Credit, they should always PRESS CREDIT. A cardholder can also use their card to make a purchase on the Internet or by phone.
The VISA Gift Card is a prepaid card, so a customer cannot spend more than the balance on the card. If attempted the purchase will be declined .
How does the customer check the balance on their card?
The balance may be checked online at www.payment-card.com 24 hours a day, seven days a week. It can also be checked by calling 1-888-621-1397.
What should a customer do if the card is declined?
The customer needs to check their balance on the card. They also need to make sure that the merchant is only authorizing an amount that is equal to or less than the current balance remaining on the card .
Some merchants, such as restaurants and gasoline stations where you “pay at the pump,” may obtain an authorization that exceeds the actual amount of the purchase. If the amount of an authorization exceeds the value remaining on the card, the transaction may not be honored. If this occurs you should ask the cashier to authorize an amount that is within the remaining balance of the card.
What are the fees associated with the VISA Gift Card?
Each Bank chooses the Purchasing fee structure. These fees are collected by the bank when the card is sold. See Establishing Retail Price of Cards.
