What if you could make one change to your product offerings to potentially increase their activation and utilization, create a better customer experience, and simultaneously improve operational efficiencies?
It turns out that it’s possible. By applying instant issuance to a prepaid debit card program, payment card providers could offer immediate satisfaction to their customers and help grow their revenue in the process.
The benefits of instant issuance
For years, banks and credit unions have benefited from introducing an instant issuance strategy that creates multiple advantages for their institutions. Reducing the number of days that a customer must wait to start using a card can help drive more revenue. Industry providers suggest that nearly half of cardholders who are instantly issued cards will begin transacting on the same day. Instant issuance may also contribute to cost savings by eliminating the expense of mailing cards as well as the worry and cost of lost, stolen or damaged cards. 1
What’s more, instant issuance delivers increased customer satisfaction, making it an integral way to meet consumer expectations in the on-demand era. Strong customer experiences can pave the way for loyalty and more business in the future.
Prepaid debit card instant issuance comes into play
These attributes make instant issuance a strong product offering, but historically, it has been available only in a traditional banking environment. Now, given advancements in cloud-based programs, it’s becoming possible for non-bank payment card providers to offer prepaid debit card instant issuance.
Through software-as-a-service (SaaS) functionality, payment providers could cost-effectively and efficiently meet customer demand. They simply log into a secure portal, pull up their product, and print cards at their location.
This innovative card issuance solution could allow the provider to offer a card product in real-time and customers walk away with funds that are quickly accessible. Plus, the fully personalized card is designed to work with mag stripe, EMV®, and contactless terminals, so once it’s issued, it can become a primary banking tool that’s reloadable and enables the same transactional experiences as a debit card.
The immediate issuance of this personalized card may help to deepen customer engagement and drive a high level of satisfaction by becoming a permanent banking solution. In addition, it offers a solution that helps providers keep physical card costs down thanks to a reloadable feature for when customers want to add value.
A natural step in market evolution
While prepaid debit card instant issuance is an innovative offering, this combination of a prepaid card and instant issuance comes as a natural step in market evolution, combining the benefits of both. When looking to offer this solution, it’s important to have an experienced and trusted provider like CPI Card Group. We’re already a market leader in both prepaid and SaaS-based instant issuance cards and are in the process of bringing the offering to market.
Whether you're just beginning your card journey or are already engaged, instant issuance prepaid debit may not be as complex as you think. Considering the future possibilities now can help you get a leg up on your competition.
For more information on Card@Once, CPI Card Group’s instant issuance product, click the button below.
Peggy O’Leary is the SVP Prepaid Solutions