More Rewarding Pre-Paid Debit Cards Courtesy of Synchology
I had the pleasure to meet Doug Bobenhouse on my travels to Florida earlier this year while interviewing the executives at Kobie Marketing. Doug and I quickly realized we had two things in common. The first was that we were clients of the same PR agency, ThinkInkPR, and two, that we both had a passion for rewarding forms of payments. After hearing his story of how he and his co-founder did so well with their Jump Card pre-paid product a few years back, I was fascinated to hear what he was now offering to loyalty programs.
Co-Brand credit cards continue to be a big earner for loyalty programs and banks. However, people are looking for more pragmatic payment options that still deliver rewards, especially among young-student loan-burdened customers.
Post Durbin Amendment, many large banks have curtailed their debit card reward portfolios, however, Doug through his company called Synchology, is all in for the pre-paid reward card market. Synchology offers loyalty programs a completely white labeled pre-paid reward card solution that will allow customers to earn the program’s points on card transactions, plus a suite of other benefits including a sophisticated customer money management portal and advanced behavioral analytics for program managers to really know their customers.