In Canada, we may not have Black Friday officially - but that doesn’t stop would be shoppers from taking advantage of the deals on both sides of the border during the season. In 2016, Black Friday continued to gain momentum in Canada with consumer spending up almost 6% from last year (see source). In fact, Black Friday was the biggest day for retailers in 2016 in terms of sales volume (see source) - which marks a huge shift from previously seen retail patterns in Canada where Boxing Day ruled.
A recent CPPO survey (see source) stated that this holiday season, Canadians want to give and receive prepaid cards that can be used wherever and whenever they want. So why do prepaid credit cards rule retail during the holiday season?
Here’s 3 Reasons:
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Ultimate Flexibility and Choice
This past holiday, 1 in 2 Canadians planned on purchasing at least two prepaid credit cards as gifts (see source). There simply is no better way to offer your gift recipient the option to choose the gift they want to receive and use it the way they want to. In fact, 63% of Canadians feel this way (see source).
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Security
50% of Canadians prefer giving prepaid cards because they feel it’s more secure than giving cash (see source). This feeling can be for a variety of reasons - but likely is especially true if you’re mailing your gift. Additionally, 66% of Canadians are also concerned about the security of their credit and debit cards for online purchases. But only 28% of Canadians expressed similar concerns about using prepaid cards online. When you’re shopping online for Black Friday sales - or for anything online frankly - having this extra feeling of security is vital for retailers to get that e-commerce sale.
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Satisfaction
Prepaid credit cards stands alone with the highest satisfaction rate of all payment tools. In 2016, 95% of Canadians say that they’re satisfied with prepaid credit card products, that’s up 22% from 2015. One of the key elements of prepaid cards that users appreciate is the belief that prepaid cards forces recipients to purchase something special for themselves (see source) (as opposed to spending cash on everyday or menial items).
Ready to start selling prepaid credit cards at your retail store? Get in touch with us today to get started with Now Prepay prepay solutions.
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