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Our Top 10 Tips for Switching Gift Card Providers

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restaurant, Our Top 10 Tips for Switching Gift Card Providers, NFS Technology

Executive Summary

Why Switching Matters
Understanding the Need for Change
Selecting the Right Gift Card Provider
Ten tips to guide you through the process

In the intricate tapestry of restaurant operations, gift cards stand as not just transactional tools but powerful conduits of guest engagement. However, the dynamics of the industry demand that businesses evolve, and sometimes, this evolution involves a strategic switch in gift card providers. Embarking on such a transition may seem like a daunting task, but with careful planning, it can be a transformative step toward enhancing brand presence, optimizing operations, and delivering unparalleled customer experiences. This article is your guide to successfully navigating the process of switching gift card providers and making this transition a seamless success.

Why Switching Matters:

As of 2022, 32% of restaurateurs recognized the installation of a new Point of Sale (POS) system, including gift cards, as a priority. This signals a collective understanding in the industry that the choice of technology providers, including gift card platforms, plays a pivotal role in staying competitive and meeting evolving customer expectations. Switching gift card providers is not just about the physical or digital card itself; it’s about choosing a partner that aligns with your restaurant’s goals, enhances efficiency, and ensures a delightful experience for both guests and franchisees.

Understanding the Need for Change:

Before delving into the switch, it’s crucial to evaluate your current gift card provider. Identify its limitations, assess guest and franchisee satisfaction, and determine if it aligns with the evolving needs of your restaurant. Create a list of pain points and areas that could be improved, from the ease of purchase and redemption to the robustness of reporting and integration capabilities.

Finding the Right Gift Card Provider:

Choosing a new gift card provider is a critical decision that requires a strategic approach. Consider the following factors:

Automation and Efficiency:

Look for a provider that delivers automation to eliminate manual tracking of gift card costs and discounts. This is crucial for recognizing expenses accurately on a card-by-card and transaction-by-transaction basis.

Movement Tracking:

Ensure that the new provider can facilitate the tracking of money movement across different stores, franchises, and corporations. This includes both centralized and decentralized systems.

Reporting Capabilities:

Verify that the new provider offers reporting capabilities that match or exceed your current system. Reliable and robust reporting is essential for liability and redemption tracking, audit preparedness, and overall program management.

Tips for a Successful Transition:

Making the switch requires careful planning and execution.

Here are ten tips to guide you through the process:

1. Data Ownership: Ensure you own and can easily access your gift card data. This is critical for a smooth transition and ongoing management.

2. Cross-Functional Team: Assemble a cross-functional team comprising marketing, IT, finance, and operations to handle the migration process collaboratively.

3. Streamlined Process: Streamline the migration process by ensuring that all appropriate parties weigh in. Clear communication and collaboration are key.

4. Timeline Understanding: Clearly understand the timeline of the migration process and communicate this timeline effectively to your customers. Transparency builds trust.

5. POS Configuration and Testing: Perform thorough POS configuration and testing to identify and resolve any issues before the full implementation of the new system.

6. Inventory Management: Take inventory of your current gift card stock to ensure you can meet demand during and after the transition.

7. Online Ordering Integration: Integrate online ordering to provide a seamless experience for customers. The switch should not disrupt their ability to use gift cards for online orders.

8. Third-Party Consideration: If considering third-party channels, understand that they can add complexity to the program. Evaluate the benefits against the added complexities before making a decision.

9. E-Gift Card Exploration: Explore the possibility of introducing e-gift cards for added convenience and flexibility. This aligns with the mobile-oriented preferences of modern customers.

10. Reporting Alignment: Verify that your new provider not only meets but enhances your current reporting capabilities. This includes tracking sales fees, discounts, breakage across programs, and money movement.

Switching gift card providers is not just a logistical move; it’s a strategic decision that should align with your broader guest engagement strategy. Integrating gift cards into a holistic approach that includes loyalty programs, ordering systems, and comp cards can create real and lasting value for your restaurant and its patrons.

The switch is not just about upgrading technology; it’s about elevating the overall experience for your guests and streamlining operations for your team. With a well-thought-out plan and the right provider, this transition can be a transformative journey toward a more efficient, engaging, and successful restaurant operation.

The 4 signs it’s time to revamp your loyalty programme:

Chris Fletcher
Chris Fletcher Chris Fletcher Posted on: October 16, 2023

Executive Summary

Why Switching Matters
Understanding the Need for Change
Selecting the Right Gift Card Provider
Ten tips to guide you through the process
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