We all “know” managing money is important. Being good with money means we can buy a round of drinks for our friends and purchase “that outfit” guilt-free. But knowing doesn’t make it easy. As with anything, action is key, and behaviour is what drives change. It turns out there are three simple tips that, when combined with behaviour, can pay off big time!
We looked at our own offering at Vasco Pay and how companies can launch prepaid card programs to bring these tips to life.
1. Lifestyle — Make “living frugally” easier with your card products
Affiliate marketing is where you can promote another brand and get a percentage of each sale. Affiliates promote temporary sales—quite often—and if you have a large enough audience size you can even negotiate exclusive discounts for your customers. Find out what your customers need and aim to get these products to them for less.
2. Tracking — Eliminate surprises and know what’s going in and what’s coming out
So how do Prepaid card products help do this? With prepaid cards there are no surprise bills, overdraft fees, or contracts; to put it simply you only spend what you have. So, when customers check their account, the cash that is in there can be theirs. With Vasco pay you can set your own fee structure for your reloadable prepaid card products. However, when it comes to fees less is truly more and creating products that lessen these is a great way to create card programs that help customers stick to a budget.
3. Savings — Putting money aside is about mindset but also having the funds to do so
In point one, we talked about affiliate marketing and how you can get the products your customers need at a lower cost to them. We can go one step further. Remember the commission you can earn on a sale? Some or all of it can be passed back to the customer. In turn you can create brand loyalty and incentive to have customers use your card or product to purchase their items. In short, this means you can create a prepaid card program where customers can get cash in while cash goes out and create an additional revenue stream for yourself.
Being good with money is about making slight adjustments to what we do and how we do it. If your goal as a fintech it to do this, Vasco Pay has a lot of knowledge we would love to share with you. Because helping your customers save can lead to some big wins in the cash department for everyone, and who doesn’t love that?