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08/04/2010 -
Responding to media reports that prepaid cards such as gift cards often come with high, hidden fees, the Gerson Lehrman Group recently released a report detailing the cost-effectiveness - and the convenience - of prepaid cards.The study found that bank customers pay an average of US$300 to US$400 annually for a basic checking account, while - based on those same common usage patterns - prepaid card users pay just US$150 to US$250 a year.
Largely targeted to the unbanked population, the report also found that benefits of prepaid cards include convenience, financial control, and the ability to "enter the financial mainstream."
"Branded prepaid cards provide the convenience of ATM access and point-of-sale purchases, many with cash back features at no cost, bill payment capabilities and free account inquiries, all of which compare favorably to bank checking accounts," said the report. "Convenience of prepaid cards must also be compared to cash usage. Prepaid cards are vastly superior to cash."
Canadian businesses whose merchant services do not yet include prepaid card payment processing may want to reconsider that choice, as the Green Sheet recently reported that prepaid cards will be one of the largest trends in the Canadian payment processing industry in the coming year.
