Tag: Rewards & Incentives

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Virtual cards and the perks for gamification

prepaid digital cards
Encouraging employees to give their all to a special project or just their daily workflow can be tough. This is especially true in the current climate, when many employees are working out of their own homes and often feel more than a little removed from the office culture that their company has worked so hard to cultivate.

However, there are ways to encourage employees to put in their best work without resorting to tighter restrictions and deadlines. In fact, you will be rewarding them while they work harder than ever.

If you have been using gamification to encourage your employees, you can now give them a great gift to spur them on even more.

Gamification and employee engagement

Studies have shown that gamification is an excellent way to get employees fully engaged with the systems and processes involved with their work, and can encourage them to give more than ever before to their job.

By turning work into a game, you will know that your own employees feel more excited about reaching certain goals and milestones. But what about when they have achieved a certain quota or finished a project? Is it enough to simply say well done, or to give them a store card?
We think there is a better way to reward your employees!

Why choose prepaid digital cards?

A prepaid digital card gives your employees cashback, rather than a card they will need to spend in a specific store, or the promise of a team meal sometime in the future. While large financial bonuses are not always appropriate or possible in the workplace, these cards are suitable for both big and smaller wins.

It is no secret that during this current time, people need more encouragement and engagement than ever, but that can feel challenging at the best of times. With a prepaid digital gift card, there are so many perks on offer, including:

  • Being able to make the amount appropriate to the project/event
  • Showing your employees you value and trust them
  • Celebrating not just yearly achievements but smaller wins
  • Not having to worry about the gift being appropriate for the person
  • Giving a diverse reward that anyone can enjoy
  • Having a reward that is suitable for employees at all levels
  • Providing a gift that is suitable for lockdowns or more free times
  • Upping engagement in a simple step
  • Reminding employees that they are still part of a company culture
  • Showing that gamification is not just about fun, but getting a great “prize”
  • The happiness project

You will find, through the use of prepaid gift cards, that your employees are more involved in the gamification of systems and processes than ever. Not only that, but you can reward them for getting through a difficult year, and encourage them to do their best in whatever comes next. It’s a real win-win situation!

If you are an employer who knows the value of gamification in the workplace, then you will want to introduce this great “prize” for your employees to work towards. It really is the best choice for making them feel valued, happy, and eager to work hard.


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Why a virtual card is the perfect employee gift

prepaid-mastercard-for-gifts-and-incentives
Over the past year, both employers and employees have worked tirelessly to adapt to the “new normal”. While the last twelve months have not been without significant challenges, those who have seen it through and worked hard deserve some kind of reward for their commitment.

If you are an employer who has seen your employees go above and beyond during the pandemic, you will want to give back. However, in 2021 this may not be possible – many companies have seen financial losses. Not to mention that the traditional team meal cannot go ahead until further notice.

Rather than a salary increase, bonus, or lavish dinner out, you must find another way to say thank you to your employees. And we have found the perfect answer – with a prepaid digital card, you can show your gratitude and give a gift they really want.

Read on to find out what these cards are and the perks of giving them to your employees.

The perfect thank you

Gifting your employees with cashback on a prepaid digital card is the very best way to give them a gift that requires no guesswork. Anyone would be glad to receive this rather than a store-specific card or a physical gift. With these cards, they can spend the money you gift them as they see fit.

Whether just as a thank you for making it through a challenging year, as a replacement for an annual bonus, or as a birthday or Christmas gift, this card will ensure your employees feel valued, with their work being recognised. It can be especially challenging to relay this over Zoom calls and emails, so make sure you say it with a prepaid card.

Improving morale

When you give your employees a little boost with this card, you will see improvements in company morale overall. Even if some employees have been getting frequent praise, there will be a few who feel left out in lockdown. As they have been isolated in their homes, they may feel removed from your company culture.

A little gesture like this is really the best way to remind them that they are still part of a team and cared about no matter where they are.

Beating the lockdown blues

It can be easy to feel a little less than cheerful after a year of lockdowns and being away from friends and family. This pre-paid card is an incredible way to give your employees a little lift in their personal lives as well as at work. Times are tight for everyone, and this could be just what they need.

Reminding your employees that you are thinking of them will encourage them to reach out as and when they need to, and simply help them to feel a little brighter in these trying times.

As you can see, a virtual card really is the best way to keep connected to your employees when providing them with a gift that is also an incentive to keep up their hard work and remain as positive as possible in the current climate.

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Incentives & Perks Insights Newsroom Uncategorised

Introducing the best consumer incentive

Cashback incentives and rewards for consumers with prepaid business debit cards
Your customers are the backbone of your organisation. Whatever product or service you offer, reaching the right consumer is vital to your success, and loyal consumers are an important part of that. Getting in new business is great, but those consumers who keep coming back, again and again, are the ones who will be with you for years to come.

So it’s worth asking, do you offer an incentive programme to your consumers? This is an excellent way of encouraging them to either buy a certain product or service, or make a certain amount of purchases.

If you want to discover the best way to provide consumers with the incentives that will keep them excited about your company, read on.

Why use incentives?

Consumer incentives are not essential for the successful running of your organisation – however, it is an added bonus for consumers, and gives them an extra reason to come to you over and above your competition.

No matter how good you are in your own niche, in an often flooded market you can tend to disappear and struggle to beat the competition. The best way to foster long-term success is to create a loyal consumer base who have more than one reason to return to you.

The best incentive

Incentive programmes provide consumers with an extra feeling of being valued, and of getting something they would not otherwise have gained. However, it is important to note that this only works if the incentive is something they truly want.

If you are in the habit of using an incentive such as vouchers for a local restaurant, that might not be the best plan in the current climate. And should you use Amazon gift cards, you may find that some consumers take an ethical stand against larger companies.

Cashback on a prepaid gift card will suit a range of different people with differing tastes – no one will end up with something they cannot use.

Going virtual

Giving your consumers cashback on prepaid cards is great for use in a range of promotions and giveaways, whether it is a regular occurrence or something you only offer rarely.

Because of its broad appeal, it will encourage a wider range of people to become loyal consumers of your product or service, so you can enjoy a strong consumer base going forward.

Virtual gift cards have the added bonus of appealing to an increasingly digital marketplace. Not having to use the cards in a physical store is a bonus for those who do most of their shopping online and still like to use diverse online stories.

Marketing magic

Should you choose to offer this incredible incentive to your consumers, it can fit into whatever existing incentive programme you have currently and strengthen your company branding. However, you can be sure that when you choose a virtual gift card as an incentive, your consumers both old and new will be more likely to promote your organisation for you by word of mouth – and that is untapped marketing potential that money can’t buy!

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How Bunzl used B4B Payments to reward loyal staff

B4B Payments are happy to partner with global logistics and distribution group Bunzl plc. Bunzl is the hidden giant behind many businesses taking care of non-core processes from packaging to hygiene products, from cleaning services to catering infrastructure.

“We were looking for a solution that allows our employees the freedom to spend their reward where they wish,” says Krystle Siaw, HR Business Partner. “Working with B4B Payments we came up with the My Bunzl Rewards branded Mastercard.”

The cards have been distributed across the many Bunzl divisions in UK and Ireland. The B4B system allows companies to set up their account to mirror the structure of their business units. This is important in a large company such as Bunzl with many subsidiary companies who all demand different accesses and separate reporting.

“The feedback from the business divisions and Bunzl employees themselves has been really positive,” says Krystle. “We wanted the reward process to be as easy as possible for everyone and we’re very pleased to be working with B4B Payments to make this happen.”

To discuss how B4B Payments can help your company reward its employees, please get in touch here.

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A GUIDE TO THE NEW GIFT VOUCHER VAT CHANGES

The end of gift vouchers

Is this the end of vouchers for your business?

Does your company give gift vouchers as part of its employee recognition or incentive schemes? If so, you need to be aware that UK VAT rules have changed and your company can no longer claim back the VAT on gift cards purchased.

This 20% increase in the cost of gift cards is likely to come as a surprise to many companies as the demand for gift cards has continued to increase in recent years. Annual sales for gift cards and vouchers had been on the rise. According to Mercator, sales stood at £6 billion in 2017 with projections of that figure reaching £7.4 billion.

New VAT rules on gift vouchers were introduced on 1st January 2019. Unfortunately, every company using vouchers will have to learn some new and quite complicated rules and definitions as well as suffering a hike in the cost of their vouchers.

Why the change?

Last year, HMRC explained that previous VAT rules on gift vouchers resulted in vouchers being taxed double or not taxed at all. The new rules now define how vouchers with a single and/or multi-purpose should be treated and crucially, when VAT should be applied.

New definitions

You may be already be familiar with the current definitions of Single Purpose Vouchers (SPVs) and Multi-Purpose Vouchers (MPVs). The new legislation will change the current definitions. SPVs are vouchers where the place of supply of the goods and services, and the vat liability on the supply are all known at time of issue. This will mean that many MPVs will now be considered as SPVs.

VAT will be due when it is issued and not when the goods or services are actually provided, VAT will always be due even if it is never used. As a result, potential business cost has increased.

The new VAT gift voucher changes, implemented at the start of the new year, will cause many businesses to re-evaluate whether vouchers are worth the extra cost and complication for what is quite a dated concept. B4B have created a simple infographic that breaks down the changes using an example.

Download the Infographic

Is there an alternative to vouchers?

The introduction of the new VAT laws will prompt many companies to re-evaluate whether vouchers are worth the extra cost and complication for what is quite a dated concept. Gift vouchers have several drawbacks that your employees or other recipients will find irritating.

Gift vouchers can usually be used at only one retailer which limits their choice. Also, expiry dates on gift vouchers can lead to frustration and disappointment if your recipients don’t use it in time.

B4B are the alternative

The changes to the VAT rules mean that gift vouchers are now treated the same as prepaid cards yet prepaid cards offer a number of advantages. Prepaid cards such as those offered by B4B Payments are accepted worldwide anywhere that accepts Mastercard payments.

Now is the ideal time to take a fresh look at how your company uses cards and the most effective way to reward employees and partners. To find out more about how prepaid cards can be a much simpler alternative to vouchers, contact us at 020 3137 3420 or info@b4bpayments.com.