Barclaycard Business launches Prepaid Solutions

Barclaycard Business has launched Prepaid Solutions, a product that will enable retailers to offer gift cards and other stored value solutions to their customers in a more cost effective and convenient way, with the ultimate aim of increased sales and enhanced customer loyalty.

The nationwide launch follows the completion of a successful three month pilot of a Gift Card with Autonomy, a ladies tailoring and special occasion clothes chain with 27 stores nationwide.

Barclaycard Business developed Prepaid Solutions in partnership with Card Commerce. The product is highly flexible and enables the user to package the card in the most beneficial way to their business. Options come in the form of a gift card, a savings club card or a refund card. As an own-branded card, the card will also help promote a retailer’s brand.

Prepaid Solutions from Barclaycard Business is launched at a time when paper vouchers are becoming less popular and there is an increasing demand from retailers for prepaid card technology. Barclaycard Business customers will be able to benefit from a quick and easy set-up with minimal investment, as the technology can be integrated into existing Barclaycard Business payment terminals, with no additional equipment required.

With Prepaid Solutions, Barclaycard Business also offers its customers real time online Management Information (MI), enabling the retailer to track transaction details and monitor the outstanding balance of the card. The store’s own customers are able to track their transactions and outstanding balance by visiting a dedicated website.

Niru Hunwicks, Marketing and Operations Manager of Autonomy stores, said: “Barclaycard Business Prepaid Solutions is hassle free as all we had to do was set it up through our existing onsite pdq terminals. We were up and running very quickly and it means we only have to deal with one supplier for all our transactional queries needs.”

“The Prepaid Card has definitely been a success so far for us. In the first 3 weeks of the trial we sold 127 cards for a total of £3,851.25 which we know will encourage return customer visits as well as attract new customers.”

“We were looking to enter the prepaid card market for some time but were put off by the heavy financial and administrative investment required. Usually you have to buy third party software which takes a while to set-up and get going but we didn’t need to do any of this with the Barclaycard Business solution.”

Bill Thomson, Managing Director of Barclaycard Business, said: “In developing Barclaycard Business Prepaid Solutions we’ve created a highly cost effective solution for our business customers who want to enter the prepaid and gift card market. The set-up is very quick and easy and retailers are attracted to the all in one solution whereby they only have to deal with one supplier. Barclaycard Business will be working with Card Commerce and its business customers in order to take a lead role in this market and we anticipate significant retailer demand for this product.”

The UK prepaid card market is in its infancy but currently accounts for 2% of retail sales, with industry experts predicting that by 2010 the cards will be responsible for 3.1 billion transactions in Europe and a turnover of €79bn.