Increased competition makes it more important than ever for financial institutions and retailers to gain new cardholders and increase customer loyalty. New card issuing technologies enable issuers to reach the cardholder at retails stores rather than being limited to traditional bank branch and/or direct mail channels. This provides a great opportunity for retail card issuers to enhance customer convenience and differentiate themselves in the marketplace.
Retail stores are prime locations for financial institutions and their retail partners to capture new cardholders and grow loyalty programs. Delivering secure retail credit cards instantly at store locations, which can be used the same-day for purchases, is an ideal way to do this. Retailers who instantly issue personalized cards can increase customer satisfaction, activation rates and profits.
Here’s how it works: As with traditional credit cards, customers who want to sign up for an instantly issued retail credit card must complete the application process. Upon approval, the customer can instantly receive a permanent, personalized, activated store loyalty credit card. Prepaid cards simply need to be funded by the purchaser at the time of issuance, and retailers have the option to attach store promotions, reward programs or first-time discounts to individual cards which increases the sales penetration of the card program.
Instantly issuing personalized payment cards in retail locations is a technology investment that is designed to meet the needs of today’s consumers while increasing profitability.
What has your experience been as a consumer or issuer either using or issuing instant issuance retail credit cards?