DES MOINES, Iowa — The Members Group is working hard to convince more credit unions to consider offering gift cards and other prepaid products, even during non-Holiday times of year, and the Group has produced a white paper to make that case.
"We continue to be surprised by the number of credit unions waiting for the right time to get into the gift card market," said Jeff Falk, TMG director of product development.
"The right time really is now even though sales will be significantly less than the holiday season that stretches from late November through the first of the year. Credit unions need to establish their footing in the marketplace as a place to get a great gift card product."
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The white paper covers a number of topics that include how to evaluate a gift card program, as well has how to market a program in other buying seasons.
"We understand that credit unions have limited resources to launch new products," Falk said. "This has translated into a reluctance to get into the market before a product is established. With competition coming not only from banks but retailers, it is important for credit unions to stake out their market now."
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