InteliSpend Prepaid Solutions, an independent entity within Maritz Holdings, Inc., announced on Nov. 8 that it has begun offering a prepaid Visa card for employee and customer incentives in Canada. The open-loop card is a step beyond InteliSpend’s restricted authorization network (RAN) cards that it has provided to companies in the past.
The new Universal Visa Prepaid Card is an incentive for reward programs in which maximum redemption choice and international spending power is important. It can be used at all merchants that accept Visa cards, including international locations. In addition to spending freedom, the new card boasts higher than industry standard load limits for personalized cards and customization options for company branding. Cards are also available in either preset amounts or as reloadable cards.
Open-loop products offer incentives recipients a wide variety of choice and often they are popular. However, managers are sometimes reluctant to use open-loop cards that are nearly as fungible as cash because they lack the trophy value of other types of rewards. However, in offering this card to multinational companies, InteliSpend may be solving a problem of what kind of reward can be distributed across an entire enterprise.
Read the InteliSpend press release here: http://www.marketwatch.com/story/intelispend-prepaid-solutions-expands-offerings-in-canada-with-universal-visar-prepaid-card-2011-11-08