Safe & Connected – How to Keep Members Going with Prepaid Cards
If you’re not already offering a prepaid product, now would be a good time to start. With the game-changer of COVID-19, cashless payment methods are becoming increasingly important as people have been staying home and buying food and other items online.
Prepaid cards can help credit unions better serve their members in these uncertain times. Members can use prepaid cards to budget long-term or special occasion spending, receive tax refunds, and go cashless without incurring interest rates or risking account information. Reloable prepaid cards that allow members to load funds online or through a mobile app help limit the need for in-branch visits.
As more of your members go online to buy what they need, be sure to keep them going with these safety tips for shopping online.
- Only shop on trustworthy websites
- Do not shop on public Wi-Fi networks
- Protect your home computer with anti-virus software and secure your internet access with a password
- Ensure the card entry page is secure
- Shop with a prepaid card
- Print or save receipts as .pdfs
By advising members on these online best practices and offering them the convenient benefits of prepaid cards, credit unions can help members keep going during these unprecedented times. We know serving members and communities is at the heart of the credit union mission. Prepaid cards are one way to accomplish that goal, helping members shop and access their money safely from home.
Branded prepaid cards can also help a credit unions connect with a wider audience. As a good-will gesture, credit unions can use gift cards to thank first responders, health care employees, and essential workers for their contributions to the community. Gift cards are also a great way to thank staff for their dedication and encourage a positive team spirit that will radiate into member relationships.
From sharing good will to helping members shop safely online, prepaid cards are an important part of how credit unions can serve their members even during uncertain times.
As a trusted payments provider for over fifty years, LSC is here to serve credit unions in their united mission. If you have questions about prepaid card programs, please contact our sales department at 1-800-942-7124.