Financial institutions (FIs) can garner a great deal of revenue from credit and debit cards. However, not every FI takes full advantage of payment card income.
By following these steps, you can be sure that you're maximizing this revenue, one swipe at a time.
1. Optimize Initial Meetings
From the outset, your customers should be enthusiastic about your payment cards. Whenever people come in to open accounts, the employees assisting them should mention your payment cards and succinctly describe their major benefits.
It also helps to have the machinery to make cards onsite. That way, before customers leave, staff members can produce the cards and hand them over. Many people are more amenable to things they can have right away. If they must wait days for a card to show up in the mail, they might lose interest. It's only human nature.
In addition, before a customer leaves, the employee can activate the card, set up the payment account, and get the contract signed.
2. Increase Credit Limits
As the issuer of a payment card, you have a high volume of competition. All kinds of Internet merchants and online payment systems now exist. So it's not enough to issue debit and credit cards. You must continually persuade your customers to use them as much as possible.
Be as generous as you can be with credit limits. The higher a person's limit, the less likely he or she will experiment with or rely on other payment methods.
3. Start an Alert System
It can help if you text and email alerts to your customers, letting them know that their payments are due within, say, a few days.
When people know that they'll receive these alerts, they won't worry about forgetting payment deadlines and incurring penalties. As a result, they may feel more comfortable with your card, and they'll probably use it more often.
4. Keep Those Rewards Coming
Your FI should offer the most tempting payment card rewards possible. Sign-up bonuses and cash-back programs are always appealing. When people earn enough points, they should be able to collect special merchandise, travel packages, or other goodies.
What's more, don't be shy about promoting those rewards via social media platforms, email and text marketing campaigns, and old-fashioned tools like brochures and signs in your physical locations.
5. Be Diligent About Staff Training
In the final analysis, so much of your payment card success will come down to training. Train your new hires and existing staff members extensively. Everyone should know how to talk to customers about payment card programs in a way that's warm, reassuring, and free of sales pressure. Your employees should also know every reward your cards provide.
Indeed, your team members need to have enough information about the system to answer just about any question customers have; that level of knowledge will inspire consumer confidence. They should likewise be adept at making cards, setting up accounts, and troubleshooting mobile payment issues.
Naturally, these efforts ought to be supported by top-of-the-line software solutions. Whether an employee is setting up an account or a customer is navigating the rewards portal, these systems must be easy to use, fast, and reliable.
With the right talent, the right software, and the right inducements, many customers will whip out your cards multiple times a day.