Fiserv EFT introduces prepaid gift card product line
17 November 2005 | 2453 views | 0
Fiserv EFT, a provider of electronic funds transfer services and a unit of Fiserv, Inc. (Nasdaq:FISV), has introduced a prepaid gift card product suite that can be used by financial institutions of every size.
The suite includes an off-the-shelf solution that can quickly establish a prepaid gift card program, a customizable solution for clients seeking to design a program specifically for their customers or members and a shared-revenue solution for financial institution groups and associations.
"Prepaid gift cards provide consumers with flexibility and choice and are a natural extension of our debit product line," said Kevin Gregoire, executive vice president of Fiserv EFT. "The program truly is a winning proposition for both consumers and financial institutions: gift card buyers choose how much value to load onto a card and recipients use them like cash wherever debit cards are accepted at the point-of-sale, and banks and credit unions have an opportunity to establish new one-on-one relationships and connections with their customers."
The off-the-shelf gift card program is a turn-key solution that allows financial institutions to offer a complete Visa or MasterCard gift card program that can be "live" within weeks. Participating institutions act only as card resellers, thereby eliminating risk and operational overhead. The Fiserv off-the-shelf solution arrives fully deployable and ready to market - complete with instructions for use and creative marketing ideas.
With the customizable gift card solution, each participant is the card issuer of a Visa or MasterCard gift card sold directly to buyers in a branch location or via a financial institution's Web site. Fiserv EFT provides the complete processing environment for the gift card program, including authorization and settlement services, card fulfillment, risk management controls and 24x7 customer service. Financial institutions can instantly issue gift cards in the branch - or have buyers complete their gift card purchases via the Internet.
The shared-revenue gift card solution uses a strategic issuing approach for large financial institution groups such as associations or credit union leagues. With this model, a single institution issues the cards to all interested association or league members, providing a combination of revenue enhancement and program control tailored to the group's needs.
The Fiserv EFT gift card product suite comes complete with a robust set of risk-mitigation tools, eliminating fraud threats - and costs - to the program. Value load and balance controls, spending and usage controls and chargeback management capabilities ensure that fraud, if it occurs, is kept to a minimum. These risk management program features are in force for every gift card issued.