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How Virtual Prepaid Cards are helping Reward, Motivate and Incentivize Employees during COVID-19

We are living in uncertain times; the COVID-19 pandemic is changing the world as we know it more specifically the work force. Although there have been thousands of layoffs, so many people are still working from home or through preventative measures at their workplaces and many employers are looking for ways to motivate those that are out there for them.

With COVID-19 measures in place, finding a suitable reward can be challenging. Motivation should be touch free, promote important safety and distancing measures and ultimately help the employee with the challenges they, and the world is facing.

Virtual prepaid cards are emerging as the top reward for a number of reasons, for both their speed and touch-free nature, being delivered online. On top of this, virtual cards can be used in a number of ways to give back to hard-working employees: 

  1. Virtual “thank you or bonus” rewards: Virtual rewards are delivered instantly, allowing personalization, immediate funds as well as ease of use for both management and users. Designed for use online, Virtual cards continue to promote important health and safety measures.
  2. Corporate incentive programs: Cards can be used to offer incentive programs for employees such as bonuses, cash cards or travel programs.  This can be very cost effective for companies and also very convenient for employees to use.
  3. Marketing and Sweepstakes: Virtual cards are great for marketing campaigns. It is easy for companies to offer value added promotions. With the rise in e-commerce and the shift to touch-less forms of payment, virtual cards have more appeal to customers. Some of the most common forms are virtual card rewards, instant win games, and sweepstakes. Sweepstakes and instant win games are exciting for participants. Having a virtual prepaid Visa is highly regarded as an incentive as they are a cash equivalent for participants. At DCR Strategies our incentive experts can offer loyalty, rebate or sales incentive ideas to help integrate digital rewards into your program.
  4. Corporate Expense Card: Virtual cards can be for “single use” or “recurring use”. Virtual cards are great for use as a “company card”. Cards can be set up as a corporate card and allows for better tracking of spending. Once approval for an expense is given, employers can send the virtual card information to be used for the purchase.
  5. Supplier Payments: Virtual cards are also great for payments between buyers and suppliers. Using a virtual card for payments enables buyers to mitigate risks, reduce costs and generate rebates or rewards on payments made.

 

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