Recognizing the convenience and service it offers cardholders, more financial institutions are taking advantage of instant issuance. As more adopt the technology and the market matures, customer expectations rise and new opportunities emerge. Offer your customers instant issuance of credit, debit, gift and prepaid cards anywhere, including:
Many traditional bank/credit union’s branches have already eliminated the 7-14 day wait time for their customers. Providing payment cards instantly and enabling immediate usage is increasingly recognized as a competitive advantage. Some banks and credit unions even offer instant-issue cards with custom background photos, helping them achieve instant gratification for their customers and “top of wallet” stature for their cards.
Financial institutions and their retail partners can instantly issue customized Visa® and MasterCard® co-branded credit cards from retail locations. Customers instantly receive a personalized, activated store credit card and can make a purchase during the same visit. Instant issuance software can be integrated with core applications, card management systems, and data preparation systems and services. Retail stores can quickly set up individual kiosks or member service areas in store or franchise locations.
Electronic Benefit Transfer (EBT) programs allow government benefits departments to instantly issue reloadable open-loop prepaid cards. Instantly issuing prepaid cards under municipally-managed benefit programs significantly reduces costs because it eliminates the need to produce and mail checks.
Instant issuance can be used for programs that include prepaid payroll cards – or instantly issued check cashing card. With instant issuance, prepaid cards can be issued to employees on site rather than giving out cash.
Instant issuance technology is great for self-service kiosks, including those that issue personalized gift cards. A customer can simply walk up to the kiosk, input an image, enter the gift card amount, and within seconds receive a personalized gift card.