By: Michael Keenan
Payments and Exits
February 4, 2022
15-minute read
Benefits of Accepting Gift Cards as a Payment Method
Increased Revenue
Gift cards are sold to generate funds when purchased, but they also provide an opportunity to gain additional revenue when redeemed. For this reason, many merchants like Amazon, Adidas, Michaels, Macy’s, Best Buy, Home Depot, and Lowe’s incorporate gift cards into their sales strategies.
Additionally, customers who hold gift cards are more likely to purchase some higher-priced items because they consider the gift card as “free money” to spend. Here’s another interesting fact: 61% of consumers spend an amount greater than the value of the gift card, exceeding the amount by an average of $31.75. More than half of consumers spend an amount greater than the value of the gift card when using it.
Types of Retail Gift Cards
There are three different types of gift card services for businesses in retail: closed-loop, open-loop, and digital gift cards.
How to Accept Gift Cards in Your Retail Business
Get a Point of Sale (POS) system that accepts gift cards
Understand the rules of gift cards
Create physical and/or digital gift cards
Use a gift card app
How to Process Gift Cards for Small Businesses
Your POS system may come with built-in gift card functionality. If not, you may have to pay an additional fee to access this feature. If that’s not possible, try integrating a third-party gift card app to help you process transactions.
Tips to Improve Your Gift Card Program
Offer gift cards for returns and exchanges
Link gift cards to a loyalty program
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available wherever you sell
How to Accept Gift Cards in Your Retail Store
Create a Point of Sale (POS) system that accepts gift cards
Understand the rules of gift cards
Create physical and/or digital gift cards
Use a gift card app
How to Process Gift Cards for Small Businesses
Your POS system may come with built-in gift card functionality. If not, you may have to pay an additional fee to access this feature. If that’s not possible, try integrating a third-party gift card app to help you process transactions.
Tips to Improve Your Gift Card Program
Offer gift cards for returns and exchanges
Link gift cards to a loyalty program
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available wherever you sell
How to Accept Gift Cards in Your Retail Store
Create a Point of Sale (POS) system that accepts gift cards
Understand the rules of gift cards
Create physical and/or digital gift cards
Use a gift card app
How to Process Gift Cards for Small Businesses
Your POS system may come with built-in gift card functionality. If not, you may have to pay an additional fee to access this feature. If that’s not possible, try integrating a third-party gift card app to help you process transactions.
Tips
To Improve Your Gift Card Program
Offer gift cards for returns and exchanges
Link gift cards to loyalty programs
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available everywhere you sell
How to Accept Gift Cards in Your Retail Store
Create a point of sale (POS) system that accepts gift cards
Understand the laws regarding gift cards
Create physical and/or digital gift cards
Use a gift card application
How to Process Gift Cards for Small Businesses
Your point of sale system may come with a built-in gift card feature. If not, you may need to pay extra fees to obtain this feature. If that’s not feasible, try integrating a third-party gift card application to help you process transactions.
Tips to Improve Your Gift Card Program
Offer gift cards for returns and exchanges
Link gift cards to loyalty programs
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available everywhere you sell
How to Accept Gift Cards in Your Retail Store
Create a point of sale (POS) system that accepts gift cards
Understand the laws regarding gift cards
Create physical and/or digital gift cards
Use a gift card application
How to Process Gift Cards for Small Businesses
Your point of sale system may come with a built-in gift card feature. If not, you may need to pay extra fees to obtain this feature. If that’s not feasible, try integrating a third-party gift card application to help you process transactions.
Tips to Improve Your Gift Card Program
Offer gift cards for returns and exchanges
Link gift cards to loyalty programs
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available everywhere you sell
How to Accept Gift Cards in Your Retail Store
Create a point of sale (POS) system that accepts gift cards
Understand the laws regarding gift cards
Create physical and/or digital gift cards
Use a gift card application
How to Process Gift Cards for Small Businesses
Your point of sale system may come with a built-in gift card feature. If not, you may need to pay extra fees to obtain this feature. If that’s not feasible, try integrating a third-party gift card application to help you process transactions.
Tips to Improve Your Gift Card Program
Offer gift cards for returns and exchanges
Link gift cards to loyalty programs
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available everywhere you sell
How to Accept Gift Cards in Your Retail Store
Create a point of sale (POS) system that accepts gift cards
Understand the laws regarding gift cards
Create physical and/or digital gift cards
Use a gift card application
How to Process Gift Cards for Small Businesses
Your point of sale system may come with a built-in gift card feature. If not, you may need to pay extra fees to obtain this feature. If that’s not feasible, try integrating a third-party gift card application to help you process transactions.
Tips
To Improve Your Gift Card Program
Offer gift cards for returns and exchanges
Link gift cards to loyalty programs
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available everywhere you sell
How to Accept Gift Cards in Your Retail Store
Set up a point of sale (POS) system that accepts gift cards
Understand gift card regulations
Create physical and/or digital gift cards
Use a gift card app
How to Process Gift Cards for Small Businesses
Your point of sale system may come with integrated gift card functionality. If not, you might need to pay additional fees to obtain this feature. If that’s not possible, try integrating a third-party gift card app to help you process transactions.
Tips to Improve Your Gift Card Program
Offer gift cards for returns and exchanges
Link gift cards to loyalty programs
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available everywhere you sell
How to Accept Gift Cards in Your Retail Store
Set up a point of sale (POS) system that accepts gift cards
Understand gift card regulations
Create physical and/or digital gift cards
Use a gift card app
How to Process Gift Cards for Small Businesses
Your point of sale system may come with integrated gift card functionality. If not, you might need to pay additional fees to obtain this feature. If that’s not possible, try integrating a third-party gift card app to help you process transactions.
Tips to Improve Your Gift Card Program
Offer gift cards for returns and exchanges
Link gift cards to loyalty programs
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available everywhere you sell
How to Accept Gift Cards in Your Retail Store
Set up a point of sale (POS) system that accepts gift cards
Understand gift card regulations
Create physical and/or digital gift cards
Use a gift card app
How to Process Gift Cards for Small Businesses
Your point of sale system may come with integrated gift card functionality. If not, you might need to pay additional fees to obtain this feature. If that’s not possible, try integrating a third-party gift card app to help you process transactions.
Tips to Improve Your Gift Card Program
Offer gift cards for returns and exchanges
Link gift cards to loyalty programs
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available everywhere you sell
How to Accept Gift Cards in Your Retail Store
Set up a point of sale (POS) system that accepts gift cards
Understand gift card regulations
Create physical and/or digital gift cards
Use a gift card app
How to Process Gift Cards for Small Businesses
Your point of sale system may come with integrated gift card functionality. If not, you might need to pay additional fees to obtain this feature. If that’s not possible, try integrating a third-party gift card app to help you process transactions.
Tips to Improve Your Gift Card Program
Offer gift cards for returns and exchanges
Link gift cards to loyalty programs
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available everywhere you sell
How to Accept Gift Cards in Your Retail Store
Set up a point of sale (POS) system that accepts gift cards
Understand gift card regulations
Create physical and/or digital gift cards
Use a gift card app
How to Process Gift Cards for Small Businesses
Your point of sale system may come with integrated gift card functionality. If not, you might need to pay additional fees to obtain this feature. If that’s not possible, try integrating a third-party gift card app to help you process transactions.
To improve your gift card program
Offer gift cards for returns and exchanges
Link gift cards to your loyalty program
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available wherever you sell
How to accept gift cards in your retail store
Set up a point-of-sale (POS) system that accepts gift cards
Understand gift card laws
Create physical and/or digital gift cards
Use a gift card app
How to process gift cards for small businesses
Your point-of-sale system may come with a built-in gift card feature. If not, you may have to pay extra fees to get this feature. If that’s not feasible, try integrating a third-party gift card app to help you process transactions.
Tips to improve your gift card program
Offer gift cards for returns and exchanges
Link gift cards to your loyalty program
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available wherever you sell
How to accept gift cards in your retail store
Set up a point-of-sale (POS) system that accepts gift cards
Understand gift card laws
Create physical and/or digital gift cards
Use a gift card app
How to process gift cards for small businesses
Your point-of-sale system may come with a built-in gift card feature. If not, you may have to pay extra fees to get this feature. If that’s not feasible, try integrating a third-party gift card app to help you process transactions.
Tips to improve your gift card program
Offer gift cards for returns and exchanges
Link gift cards to your loyalty program
Reward referrals with gift cards
Offer digital gift cards
Make gift cards available wherever you sell
Source: https://www.shopify.com/retail/gift-cards-for-retail
Leave a Reply