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27/08/2009 -
For businesses looking to increase their cash flow, sales of gift cards can be a valuable option.The use of gift cards has been growing in popularity in recent years, as consumers increasingly "have everything" and are therefore giving and receiving gifts that let the recipient choose.
According to research from Statistics Canada, the number of stores offering gift cards increased from 53 percent in 2003 to 68 percent in 2004, and has likely grown since then.
Gift cards can actually help a store's bottom line, Statistics Canada found, reporting that sales at stores that introduced gift cards grew by an average of $600,000 within the year.
In addition, Statistics Canada found that people usually spend more than the face value of the gift card - the average amount spent was nearly double.
Especially during the holiday season, gift cards can help boost the typical sales lag seen in January after people have finished their holiday shopping, helping to smooth out a business' balance sheet.
Furthermore, gift cards are not easily counterfeited, and allow the cardholder to be more in control of their finances because only set amounts can be preloaded - a particularly appealing characteristic during a recession.
Businesses who do not offer gift cards are encouraged to find a merchant account provider that includes the cards in their payment processing offerings.
