What Are the Benefits of a Gift Card Program?

Gift card programs are shown to have a high return on investment (ROI) and increase revenue for a few key reasons, including:

  • Boost your brand: Offering gift cards is a means of promoting your company’s brand, and it can even bring in new customers. Those who purchase gift cards are likely to give them to family and friends, meaning they are marketing your business and sending new customers your way. Even better, they are paying you for the opportunity to do so!
  • Retailers get paid upfront: Gift cards enable retailers to get paid upfront regardless of whether the card’s recipient ever chooses to redeem its value. This means your business is profiting even if that card sits unused.
  • Increase revenue: Did you know customers are more likely to spend the entire amount of money on a gift card than all the expendable cash they have on them? That is because while spare cash could be used elsewhere, your gift card can only be used at your store. This provides an incentive to spend more.
  • Customer convenience: Gift cards are often more convenient methods of payment, especially where cannabis remains a cash-only market. Since many consumers do not carry cash anymore, a gift card makes the buying process easier for them.

How It Works

Gift cards remain an effective way of making upfront sales and attracting new customers, and the industry is only expected to grow in the coming years.

At Paybotic, we offer gift card solutions for both brick-and-mortar and eCommerce cannabis businesses looking to offer their customers more options. When setting up a gift card program for your company, Paybotic ensures all details are compliant with federal and state regulations surrounding cannabis.

Different types of programs Paybotic offers include:

  • Promotional cards
  • Reloadable cards
  • e-Gift cards
  • PIN Security

Setting Up Your Gift Card Program

With the help of Paybotic, setting up a gift card program for your dispensary is a straightforward and easy process:

  1. Set up your gift card program with Paybotic.
  2. Design and order your gift cards.
  3. Place your gift cards in a visible area of your dispensary.
  4. Market your gift card program in person and online.
  5. Train your staff to sell your gift cards.
  6. Track gift card sales and measure progress.

FAQs

What types of gift card programs does Paybotic offer?

Paybotic offers promotional and reloadable and electronic gift cards. All have PIN enabled security. Paybotic can help you set up a gift card program that is compliant and user-friendly. Paybotic offers reloadable, promotional and e-gift cards. All have PIN security and compliant with cannabis banking regulations.

If you have questions about cannabis gift card programs, our team will help you with your questions and connect you with the best partners to fulfill your cannabis payment processing needs. To learn more, fill out a contact form or call us at 844.471.2078. The Paybotic team would be happy to chat about gift card options!

What are the benefits of adopting a gift card program?

Gift card programs offer customers easy solutions for payments. Gift card programs can also play a pivotal role in branding and marketing. Promotional material displayed online and/or in the dispensary increases brand visibility. Gift cards can be effective in attracting new customers and offering existing customers another option for facilitating purchases. Most customers exceed the amount on the gift card during a shopping event and end up spending additional cash on purchases, so dispensaries can increase the dollar amount of every potential gift card sale. The dispensary will receive the funds immediately when the card is purchased, even if the customer uses the gift card at a later date.

Gift card programs increase ROI and revenue. Gift cards are an effective way to increase traffic into your dispensary. You can track gift card sales for insights into purchasing trends. For example, if you run a customer birthday gift card program, you can analyze the sales generated in this specific category and determine ways to optimize future gift card sales.

If you have questions about cannabis Paybotic’s gift card program, our team of experts will help you with your questions and connect you with the best partners to fulfill your cannabis payment processing needs. To learn more, fill out a contact form or call us at 844.471.2078. The Paybotic team would be happy to chat about solutions to support your cannabis dispensary success!

Will my gift card stay in compliance with cannabis laws?

Yes, Paybotic gift cards are fully compliant with state and federal regulations. Customers do not have to worry about any compliance issues when they purchase or use the card, and it is very easy for them to use for transactions. It is also important to train dispensary staff so that they can explain how your gift card program is compliant with state and federal policy.

If you have questions about gift cards, our team of experts will help you with your questions and connect you with the best partners to fulfill your cannabis payment processing needs. Please fill out a contact form or call us at 844.471.2078. The Paybotic team would be delighted to help you with your gift card program.

How do I start a gift card program for my cannabis dispensary?

Starting a gift card program for your dispensary is easy, and Paybotic provides assistance with all aspects of your gift card program. First, contact a Paybotic team member to discuss your gift card needs. We will help you design the actual card and plan the most effective way to display and advertise the gift card program. Gift card programs can boost your marketing efforts and sales, and our team is ready to help you implement a gift card plan that will support your customers’ needs.

If you have questions about gift cards, our team of experts will help you with your questions. To learn more, fill out a contact form or call us at 844.471.2078. The Paybotic team would be happy to chat about solutions to support your cannabis dispensary success!

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