Reward programs are often a significant investment for companies—and they can be complicated. Knowing which questions to ask a potential reward provider is half the battle. It’s important to understand reward offerings, supporting services, financial stability and the level of care they provide. Finding out can help keep your participants happy, and help your program save company time and money.
COLLOQUY recently published tips from our own Jennifer Worley about what you should ask a reward provider before doing business with them.
Here is an excerpt:
1. Are you a full-service provider? Your provider should be able to manage your program from end-to-end. This includes what the program and rewards look like and where they can be used, to the approval process and how they’re delivered.
2. Do you offer opportunities for customization? Look for a full-service provider that has a comprehensive reward portfolio and wide range of customization capabilities. The brand basics should include custom logo and artwork, branded packaging and single-load and reloadable cards with various fulfillment options.
3. What is the breadth and depth of choice in rewards? An effective reward program must offer choice for your participants. A provider’s breadth of products and options needs to be able to satisfy a variety of customers. Also make sure your provider has the portfolio to evolve with your customers.
4. What is your scale and track record? There are many reward providers that can execute things quickly, but it is always wise to verify their track record and current throughput.
5. What are your fraud control measures? Great reward providers use multiple levels of fraud control and monitoring—on both the transactional and program level—to keep you protected.
6. How easy is it to do business with you? Rewards providers should offer a quick onboarding process and an extensive suite of customized and off-the-shelf, web-based applications. This allows for ease of program administration, communication, ordering, tracking and integration into third-party systems.
7. How financially stable is your company? If you are issuing hundreds of thousands or millions of dollars, ensure your money and customers are in good hands.
8. Do you have robust client service and cardholder support programs? With any reward program, no matter who your provider is, questions always come up. Check if your potential reward provider has dedicated support staff for you and your program participants, both online and in-person.