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Why Prepaid Cards are Great for Budgeting

July 21, 2021

The dreaded budget! As a store owner you’re doubly challenged by this difficult and sometimes frustrating task balancing both business and personal finances. We all know the tips and tricks;

  • Price comparative shopping
  • Use software to help track budgetary items
  • Use cash for purchases and avoid unnecessary debt

The use of cash is a tried and true method for sticking to a budget. With online shopping nearly doubling during the pandemic1, a number of people are treating prepaid cards as a proxy for cash when shopping online, which can be very helpful!

Using prepaid cards, consumers can allocate a set amount of money to spend, and because of this, they are less likely to go over their budgeted amount. Now Prepay retailers can offer customers a variety of products to help them with budgeting. Whether it is Visa and Mastercard prepaid cards, a PayPower reloadable Mastercard or an assortment of retail gift cards, these all perform as an effective budgeting method.

As a c-store owner, you can offer your customers a variety of products featuring payment methods that will help them stay on track. Some popular prepaid cards include:

  1. Prepaid Visa and Mastercards - customers can choose to load a set amount of funds onto their card which are redeemable at millions of retailers nationwide. These are perfect for individuals who are looking to shop at multiple locations, while staying within a set budget 
  2. Gift Cards - These cards are preloaded with funds for a specific retailer such as Tim Hortons, Google Play, and more. These are perfect for customers scoping out deals at specific retailers.

By offering these prepaid cards to your customers, you are growing your business as you keep up with the prepaid market, one of the fastest and most innovative growing areas of  payments in Canada2. According to the Prepaid Advisory Service at Mercator Advisory Group, prepaid cards are still in the early phase of their growth and will continue to meet the needs of the Canadian market3.

With the ongoing need to maintain budgets, as well as the growth of the prepaid market, c-store owners should ensure they are well stocked  with these prepaid products that will help their customers, and in turn, grow their business.

Learn more about the Now Prepay Prepaid Program.

1 https://www150.statcan.gc.ca/n1/pub/45-28-0001/2020001/article/00064-eng.htm

2 https://www.paymentsjournal.com/heres-what-you-need-to-know-about-the-prepaid-market-in-canada/

3 https://cppo.ca/study-canadian-open-loop-prepaid-market-tops-4-8-billion-in-2019-2/#:~:text=EN-,Study%3A%20Canadian%20Open%2DLoop%20Prepaid%20Market%20Tops%20%244.8%20billion%20in,onto%20open%2Dloop%20prepaid%20cards 

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