It’s National Cashback Day, and we’ve got customer payouts on our mind. Whether your company’s sector is Gambling, Insurance, Car Sales, or any number of other industries that involve customer cash back or payouts; it can be difficult to navigate safety and accountability for both you and your clients.
Recent data from The Gambling Commission showed that UK gambling in 2023 has increased by £58 million compared to 2022. This increase in customers leads to an increase in payouts; meaning higher risk of fraud, movement of cash, and potential for unaccounted payments.
Paying out to customers using cash or direct transfer can be a concern to growing businesses within the cashback sector. Especially as suspected fraud within the UK gambling industry increased by 8% in 2022 according to the Transunion 2023 Fraud Guide, which only highlights the importance of a safe alternative for customers.
Unsafe, unreliable and untraceable; just some of the reasons modern businesses are moving towards a controlled solution to customer payouts.
Our Solution? A Crunch Card Plan!
Crunch provides its clients with branded payment cards, which are designed for paying out to customers in a safe and efficient way. Each prepaid card can be used like a standard debit card for making purchases, and can be used online as well as via contactless. Not only does this provide our clients and their customers with a safe and practical form of payment, it also allows our clients and their accounting teams to accurately log and track their outgoings.
Why Should I Invest In Crunch Cards, When Cash Is Free To Use?
Crunch may have a higher cost than using cash for payouts, however the long-term savings made in both admin time and customer service are simply unmatched!
– Wages spent on admin are reduced. Cash is difficult to track. Using Crunch will save your accounts admin time on consolidation and customer service, overall reducing the cost of staffing for your business.
– Offering a modern solution will attract customers. Cash limits your customers, and can be considered inconvenient. As well as a considerable amount of shops moving to card-only payments, your customers will be unable to pay for products on the internet; essential for sectors such as insurance firms, where customers often rely on the money they receive for their living costs.
– No interest, overdrafts or arrears. Help your customers to live within their means. Prepaid cards allow customers to only spend the money they have loaded into their card, meaning customers cannot go into an overdraft or get charged interest.
Keep customers coming back.
Whether it’s a one off payout scheme, or a reloadable format; your customers will love the freedom of a Crunch payout card, and repeat custom will follow as a result.
Interested in starting a payout card for your business and customers? Get in touch with Mark for more information by emailing mark.dillon@crunchpayments.com