February 9, 2021 Blog

Moneris Gift Cards 101: Boost Your Online Sales

Deciding on gifts is undoubtedly one of the difficult tasks for many. Hence, if you face the same difficulty, then do not worry. The world of digitization has come up with a fantastic way to help you out. Yes, we are talking about the ‘Gift Cards.’ 

Basically, it works like a Debit Card. It is preloaded with the amount decided by the one who gifts it. Once the receiver gets it, they can conveniently spend this preloaded money on various electronic payment purchases made online or in retail shops. One more fact is that one cannot withdraw the money from the gift card. Furthermore, every card comes with a pre-decided expiry date before it needs to be used. Usually, the duration of the expiry date might be between 3-12 months. 

But how as a business owner, a gift card can benefit you? Well, there are several ways. It is one of the best marketing tools these days. So, let us jump into the pool of information regarding Gift Cards.

How Do Gift Cards Function?

Gift cards are a mode of payment that one can use to purchase products online, at retail stores, restaurants, and many other places. For the purchase of a product or service, the first thing you do is load the money onto the card, and after that, you or the receiver can then spend on products and services using said gift card.

There are two kinds of gift cards available: the open-loop, and the closed-loop. An open-loop gift card is a card that can be used anywhere where that specific brand card is accepted. For example, you can use a visa brand gift card at any locations where Visa is accepted.

On the other hand, a closed-loop card can only be used at specific shops. For example, if you purchase a gift card from, let’s say, Amazon, you can use them to make purchases at amazon only. Some prepaid cards charge a fee to purchase them. You also pay some fee for reloading money to the gift card if you wish it to use in the future.

Digital Gift Cards vs. Physical Gift Cards

Gift cards can be present in both physical and digital ways. A physical gift card means a plastic card that is physically present with you. On the other side, digital gift cards have no physical form, which means you don’t have a plastic card with you; instead, you will be given a unique code that you can redeem at online stores when making purchases. Nowadays, physical gift cards are more popular, but this is expected to change in the future as digital money evolves.

There are companies like Amazon, Target, and Walmart that offer physical and digital gift cards. Also, major restaurant joints such as Chili’s, Starbucks, and Chipotle offer customers digital and physical gift cards. These cards make the buying process more convenient and allow consumers to pay for their drinks and meals using the authorized app or the card readers present at these restaurants.

Mobile wallets such as Google Pay or Apple Pay offer services to store codes of digital gift cards inside them. So while using these wallets, you can checkout as digital gift cards as your preferred payment method. 

US federal law places restrictions on the expiration date of gift cards; the law prevents gift cards from lapsing up to five years after they get activated, but if one fails to use it, they can get charged a fee for inactivity.

Benefits of Gift Cards

Fascinate New Customers

Usually, the Gift Cards are useful as businesses accepting credit cards for products/services that most consumers would need at an electronics store, for example, an item with a hefty price tag that most consumers will not purchase usually. These Gift Cards encourage the consumers to visit your business to take a look. Hence, it might result in the consumers’ future return and making additional purchases. 

Increases Brand Awareness

As we said, Gift Cards are an efficient marketing tool. Yes, if your Gift Card is designed to match your firm’s logo, then it will work as a promotional tool. If someone sends your gift card to their friend, family, or anyone else, it will create awareness about your brand. Your dispersed cards among the people will directly or indirectly attract consumers’ eyes.

Increase Sales

Gifts Card is set to a certain amount, but many customers spend more. It is evident that Gifts Cards encourage the buyers to come and browse the products/services. There are many chances that the consumer will end up finding a product that costs more than the limit of the Gift card. In this manner, it can enhance the sales!

Minimize Fraud

The electronic gift cards allow partial redemption, eliminating cash backs and leaving the remaining balance on the gift card. One can use these cards to store credit to curtail fraud that usually happens when customers try to swap fraudulent returns for cash.

Demerits of Gift cards

There are some downsides to gift cards. Following are some of the demerits.

  •  After using a gift card for a purchase, there are chances that less money will be left in the card, which if you don’t use due to inertia or you forget to use it, the money in the card gets wasted.
  •  There may be some fee for reloading cash in the card.
  • Cards with closed loop systems reduce the purchasing power of a consumer.
  • Losing a gift card can be a headache if you fail to register them or keep the gift card number written down somewhere.

You may be charged for not using your gift card as an inactivity fee.

Why Pick Moneris Gift Cards?

Be it a giant or small scale business, and the Moneris Gift Cards can fit any business. Here are a few of the reasons why you should invest in Moneris perfect gift card for every occasion to boost sales.

1. Customized Gift Cards

Moneris gives you the option to customize your gift cards. You can also pick from their unique card designs. In addition to this, if you have a specific idea in mind regarding the design of gift cards, you can contact Moneris for further assistance. The customized gift cards have many benefits for business such as:

  • It enhances brand awareness
  • Improves customer engagement
  • It leaves a positive impression on customers

2. Quick Delivery

Usually, what happens is that we receive customized items very late. But you do not have to wait much when dealing with Moneris. Yes, Moneris’ personalized gift cards will be delivered to you within a week, which is a speedy turnaround time. 

3. Hassle-Free Usage

Moneris’s gift cards will be seamless and straightforward and will work on your prior Moneris POS terminal. Hence, you do not have to stress much about adding any additional equipment.

4. Portable eGift Cards

Moneris enables your customers to keep the eGift cards always with them. It has mobile compatibility and Apple Wallet integration. So your consumers can keep their eGift Cards with them wherever they go! It is just an advanced version of Gift Cards for the digitized generation.

How To Integrate Moneris Gift Cards With Odoo?

If you wish to use Moneris gift cards for Odoo, you should use the ‘Moneris – Gift Card + Online Payments (Hosted Pay Page)’ app. It allows payment using credit cards, and gift cards on Moneris’s hosted page option. Here are steps to install it:

  • Once you buy the module from the Odoo store, you will get a link to download the module’s zip file.
  • Extract that file on your system after the download ends. You will see a folder named- payment_moneris_hosted.
  • You have to copy and paste this folder inside your Odoo Add-Ons path.
  • Then restart the server.
  • Open the Odoo, then click on the Settings menu. Here, you have to click on Activate the Developer Mode. Developer Mode can be activated simply by typing ‘debug’ after typing ‘web?’ in the URL field.
  • Open the Apps menu, and now click on ‘Update Modules List.’
  • Go to the search bar and remove all the filters as well as search payment_moneris_hosted.
  • Now you will see the module name ‘Moneris Gift Cards (Hosted Pay Page)’ in the search result. Click on ‘Install’ to finally install it.

Conclusion

The Moneris Gift Cards are meant specially for this advanced world. It has all the features required in this fast digitized era. Furthermore, it can easily be integrated with Odoo. Get your customized Gift Card today!

Get in Touch

We’re an exceptional team of engineers & design thinkers based in Toronto, Canada. We respond efficiently to the challenges of business & technology challenges of the modern day.