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5 Ways Small Business Owners Can Grow Their Prepaid Category This Year

March 6, 2021

It’s the start of the year, with most people looking to put last year behind, and move forward towards a bright new beginning. The start of a year is the perfect time for small business owners to introduce new ways to grow and optimize their business. The right prepaid product and service selection can help achieve the growth goal, as the addition of prepaid products has been shown to increase revenue by as much as 9%.1

9% revenue increase sounds great, right? But many small business owners might be confused on where to get started, especially when deciding on what prepaid products and services to offer at their store. That is why it is important to find a knowledgeable vendor that can provide you with products that are innovative and increasing in demand. The traditional prepaid product mix consisting of gift cards, prepaid Visa and Mastercard, mobile top-ups, and long distance products is an important starting point to any prepaid category. However, at Now Prepay we are always evolving our prepaid services to meet customer demands. That is why we have expanded our prepaid product categories to go beyond the traditional prepaid product mix, offering new exciting product choices to help small businesses grow.  

Below are 5 products and services that every small business owner should consider adding to increase their bottom line: 

  1. Delivery Services - This service allows your store to become a package pick-up location for people shopping online. It is an important part of growing your business and keeping up with the competition. Many people are choosing to shop online and this service offering provides a way to bring those online customers to a physical retail store where they will usually purchase additional products in the store.
  2. SIM Cards - Most Canadians have a mobile phone, but the prepaid mobile category is growing. Customers are looking for affordable rate plans with data options. Offering them a wide selection of SIM cards will increase foot traffic as customers not only look for prepaid mobile plans but also the top-up minutes to keep their phone connected.
  3. Prepaid Reloadable Cards - General Purpose Reloadable (GPR) cards such as the PayPower Mastercard are activated with an initial denomination which, upon registration by the customer, can be reloaded, time and time again. They can be used in-store or for secure online shopping and can be reloaded at any participating retail location, bringing customers back time and time again.
  4. Alternative Payments - Mobile wallets. Pay In Person. Cash for online payments. There’s now several payment methods that vary outside of what people may consider ‘mainstream’ - and it is important to offer your customers a versatile payment solution for their favourite brands. For example, with Now Prepay, merchants can provide their customers with the option to make a payment or add money to their mobile wallet or account in person for a growing number of Now Prepay partners including Amazon Cash, Paytm, HPIBet, and paysafe:cash.
  5. Online Payment Vouchers - These vouchers provide customers with an alternative method to purchase products or services online without the need of a credit or debit card, providing a safe and secure experience.
Remember it’s a new year, and a perfect start to expanding your prepaid category and growing your business. Make success a part of your new year resolution and contact Now Prepay today!

1 https://www.paymentsource.ca/news/market-research-study-finds-that-51-of-convenience-store-customers-ask-for-prepaid-products

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