Does your employee reward and recognition scheme still rely on outdated magstripe technology?
The magnetic stripe card, also known as a swipe card or “magstripe”, was once the primary technology behind credit and debit cards in the UK. Magnetic stripe cards are read by swiping the card over a magnetic reading head. Chip-and-PIN first began to replace magnetic stripe technology back in 2004, before becoming a mandatory replacement in February 2006. 13 years later and many shops, somewhat understandably, no longer have the capacity (or the know-how) to read or accept magnetic stripe cards. Despite this, many pre-paid reward cards still rely on this technology.
Over a decade after chip-and-PIN officially replaced magnetic stripe technology in the UK, many shops will no longer accept magnetic stripe cards. Some may not even know how to; we will now be faced with a whole new generation of workers who will have been too young ever to have encountered magstripe technology. Despite this, many pre-paid reward cards still rely on this technology and this means that staff and/or channel partners are being rewarded via pre-paid cards that are very limited in their spending capabilities. This can cause huge amounts of stress to employees and almost negate the entire purpose of a reward and recognition scheme.
With Highfive Rewards, staff and/or channel partners are rewarded via a pre-paid Mastercard, which functions on chip-and-PIN technology. This means that these pre-paid Mastercards can be used absolutely anywhere that accepts Mastercard, worldwide. Alternatively, their rewards can be downloaded as a digital Mastercard to be spent online, which many workers, especially those belonging to younger generations, now favour over brick and mortar retail.
If you’re going to go to the effort of rewarding your staff or channel partners, it’s probably because you have recognised the benefits of doing so and are looking to exploit these benefits within your organisation to the fullest extent. For this reason, you’ll want to be sure that recipients are able to spend their rewards and, preferably, are free to spend them wherever they like. Otherwise, no one wins, because you’re forking out money for staff/partner rewards and your recipients aren’t even getting to spend those rewards where they’d like to.
Most of your staff/partners will be more than grateful to receive a reward in any form, but it goes without saying that a reward which can be spent anywhere is likely to be far better received than a reward with very limited spending options, which would undoubtedly be the case when rewarding via pre-paid magstripe cards. Because of this, a chip-and-PIN solution makes much more sense.
Chip-and-PIN pre-paid MasterCards with Highfive Rewards
When you set up your employee reward and recognition scheme with the help of Highfive Rewards, any rewards you choose to pay to your employees are gifted via a pre-paid Mastercard, accepted absolutely anywhere that takes Mastercard, worldwide. This gives your employees total freedom to spend their rewards wherever they choose, which is great for staff and partner engagement and motivation.
Highfive is able to supply reloadable chip-and-PIN Mastercards and single-use chip-and-PIN Mastercards, to meet the needs of any organisation recognition programme. Similarly, staff and/or partners can be rewarded purely via a digital Mastercard, delivered straight to their email inbox, to be spent online.
To find out how Highfive Rewards could revolutionise your employee reward and recognition scheme, you can arrange a demo by emailing email@example.com. Alternatively, you can call 07470 301913 or send us a message.