Statistically, the prepaid market has grown rapidly over the past few years. With a diverse consumer base that stretches across numerous demographics, it has become the need of the hour for service providers to have an effective voucher management system to manage the prepaid cards/vouchers sold to end-subscribers. With an effective voucher management system in place, flexible and secure prepaid service solutions can be provided to consumers with support for multiple payment gateways.
Managing and processing thousands of transactions becomes easy, while auditing and tracking within the system ensures security and minimizes the risk of fraud. That’s not all, though. To learn more about the importance of effective voucher management, and what features the system entails, continue reading:
The Benefits of Effective Voucher Management
With an effective voucher management system, you can gain a whole range of other benefits as well, which are sure to make things easier. The following benefits can highlight the importance of effective voucher management:
1. Reduces Risk
A significant amount of revenue can be lost through the loss or theft of physical vouchers, which can affect the bottom-line of your business. Effective voucher management eliminates this risk as it ensures data integrity and security through the encryption of vouchers. Moreover, as transactions are recorded on the server, you need not worry about losing anything. You can always track the transactions which may get lost in the process, due to any reason.
2. Lowers Customer Churn Rate
You will be able to support offers based on the customer’s payment methods, spending power and choice of services. As you have everything under one roof, you can expect your customer churn rate to lower significantly.
3. Less Complexity
The deployment of effective voucher management systems ensures smooth integration. By punching in the required information and amount to be charged from the Point-of-Sale terminal, transactions can be performed more easily and accurately. Plus, as there is no need to print physical vouchers, you have the additional benefit of cost savings.
Features of an Effective Voucher Management System
An effective voucher management system can be extremely useful, as it will help you manage payments in a better way. However, for this, you have to find the right voucher management system and incorporate it into your business. Although there are numerous systems out there, the following are some important features you should look out for:
- Voucher Encryption – Allows you to secure voucher transactions during various stages of the life cycle.
- Audit Trail – Allows setting the limits for transactions and assignment of access rights for its features. IP-based authentication ensures secure access.
- Voucher Generation – Allows you to create vouchers with required user validity, prefix, periods, denomination and quantity.
- Multiple Channels – Allows recharge through a range of electronic and offline channels.
There you have it! Now, that you are aware of the importance of effective voucher management as well as the features that such a system entails – why not give it a try yourself and see how it works for your business?