Prepaid cards have skyrocketed in popularity, become a favorite among consumers, employers, marketers and more – companies have nearly every department ordering prepaid cards, whether for consumer promotions from Marketing, employee rewards from HR or SPIFFS from Sales.
As such, many companies struggle with the incentives purchasing process, as individual departments manage unique contracts with a number of approved vendors, various pricing schedules and internal brand and legal review.
After issuing more than 10 million prepaid cards, corporate and consumer incentives provider Parago knew there was a great opportunity to provide a single destination for all incentive orders under a corporate umbrella. This enables departments to leverage the time and cost invested by a single user across multiple departments – giving easy (permission-based) access to branded materials and customized offerings. Parago often heard from clients that a single, web-based destination was needed to facilitate management all of prepaid card rewards. With this in mind, this month Parago launched PROP™ (Parago Reward Ordering Portal).
The reward ordering portal provides organizations a central destination for ordering, loading, activating and customizing Visa® prepaid cards for incentives and rewards. The one-stop online destination is a self-serve, customizable portal that allows companies to select cards, customize language and collateral, load, activate, pay and ship. Companies have the ability to select from a range of standard designs, or create custom designs to fit within a specific product line, promotion, achievement or theme. The platform provides a single destination, with one contract, for enterprises that before had to coordinate different incentives through different departments, such as Human Resources, Finance and Sales & Marketing.
“We aim to solve a genuine problem in the marketplace with PROP, which is simplifying the procurement of prepaid cards for incentives. At Parago we are always looking for ways to solve problems or innovate to make things work better for our clients; PROP does exactly that,” said Juli Spottiswood, Parago President & CEO. “The portal is designed to make rewards and incentives ordering quicker, simpler and more auditable by allowing users to place orders, manage budgets, customize reward amounts and track redemption.”
Parago hopes that the one-stop PROP will allow prepaid cards to permeate client organizations efficiently, making it easier to use prepaid cards for many promotions. Prepaid cards are consistently among the reward vehicles of choice for corporate employees and Parago expects that PROP will lead to a greater volume of card orders from clients.
PROP was launched in time to allow Parago clients to utilize it for holiday rewards. Additionally, the company said that PROP will eventually evolve into a reward-agnostic procurement portal, offering not only open-loop prepaid cards, but also closed-loop gift cards, e-codes and even merchandise.
Interested in learning more about PROP? Read Parago’s recent news release about the launch.