Tuxedo Money Solutions, a leading payment technology provider has launched a new instant-issue line of Escape Travel Money Prepaid MasterCard® Cards, allowing travel agents to sell currency cards, which are immediately activated for use the same day.
Escape is a prepaid travel card programme, which integrates with travel agents’ internal sales software to offer customers a simple, safe and cost-effective way to manage overseas spending, and enables agents to generate an additional revenue stream through attractive commission payments.
A typical personalised card transaction would involve pre-ordering a currency card, before issuing to the customer’s address within approximately 7-10 days. Recognising the need for immediacy, Tuxedo developed the software to allow customers to purchase a currency card available for use the same day*.
In 2014, More than 1.6 million travellers bought their foreign currency at British airports on the same day of travel, showing forward planning for this kind of purchase is low down on the list of priorities for holidaymakers.
Instant gratification is now vital to the customer experience; thanks to online shopping and convenience stores, consumers have grown accustomed to immediacy and limitless supply of products. The concept of brand loyalty is being eclipsed by this demand for immediacy because consumers no longer have the time to spend waiting for an item to come in to stock or for their order to be processed – they will simply go elsewhere.
John Sharman, CEO of Tuxedo comments: “Consumers can order an Escape branded prepaid card and in seconds receive an encoded and activated card to use immediately*. Our eccount technology offers a secure website from which to manage funds and also protects the balance in the event the card is lost or stolen.
He continues “We expect businesses to see a minimum increase of 100 per cent in sales of the Escape Travel Money Prepaid MasterCardCards, thanks to instant issue, because the user experience of ordering and loading travel cards is now totally seamless and fuss-free.”
The programme eliminates the need to input customer information multiple times, creating a single basket transaction process. Not only does the streamlined system make the process of selling a prepaid card as quick and as simple as selling currency, it is safer and more traceable for consumers to use than currency, while simultaneously generating additional revenue for the agents via commission earned on every sale.
Sharman says: “We are passionate about making payments smarter and delivering seamless solutions that respond to current market trends. Instant issue is a perfect example of Tuxedo’s flexibility as a technology specialist, and it’s this forward-thinking attitude that keeps us at the forefront of corporate payment solutions. We can adapt to the requirements of each business and offer propositions that are bespoke to the individual.”
The Escape Travel Card
Tuxedo’s Escape Travel Money Prepaid MasterCard Card has been created to ensure that consumers can spend their money abroad safely and manage their transactions without difficulty, as well as offering distributing partners an attractive commission opportunity and valuable brand extension.
Sales of the Escape Travel Card can be tracked enabling the distributor to expand their database and customer MI (Management Information). The sale is tracked not only by source but also channel, branch and agent, giving distributors improved traceability, performance and channel analysis.
The set-up process is simple with minimum disruption to existing business practices or processes and zero or minimal set-up costs. Moreover, there are no hidden fees or load targets associated with the Escape Travel Card. Tuxedo’s Escape Travel Card programme offers a generous commission rate to distributing partners, paid over the life of the card for all loads.
Perhaps most compelling of all, the lead-time for setting up the card with new distributors is only four weeks, ensuring partners and customers alike can start to reap the rewards quickly.
As well as innovative SMS features, such as text to block/unblock and low balance alerts, another benefit of the Escape Travel Card is its flexible currency conversion. Unlike many competitor products, the card is loaded with GBP and conversion is done at the point of use, no matter where the cardholder is in the world. This gives the customer a much more flexible solution as the card can be used in multiple destinations, on the same trip or future holidays, without the need to pay to re-convert currencies. With the current exchange rate providing a five-year high for the pound, this card can promise competitive foreign exchange rates for tourists travelling between countries.
Founded in 2006, Tuxedo launched its first prepaid product in 2007 across the UK. Following strategic investment in educating both consumer and business audiences of the advantages of prepaid solutions, the business has gone on to build a client portfolio of more than 800 corporations and agencies.