1. Why should I use plastic gift cards over paper?

2. What is the difference between a Gift Card and a Stored Value Card?

3. How does a consumer pay with a Gift Card or Stored Value Card?

4. How do I issue Gift Cards or Stored Value Cards to my customers?

5. Will I be able to utilize my existing equipment?

6.: What type of reporting will I receive with this program?

7. How long does it take for the customer to be able to use the card?

8. Can I limit the number of employees who can access my Gift Card/Stored Value Cards?

9. Can customers put more value on existing cards?

10. How do I determine the value on the Card when presented for payment?

11. What happens if a customer loses their Gift Card/Stored Value card that has a balance on it?

12. What happens if a customer never uses the Gift Card/Stored Value Card?

13. What is Escheatment and how might it affect me?

Q: Why should I use plastic gift cards over paper?
A: The plastic gift card concept has become the primary choice for retailers and consumers across the country. Primarily because it is more convenient for the retailer and the consumer and is saves time. When there's credit and no cash back, the consumer returns more often. Transactions are captured in real time and an electronic record is made.

Q: What is the difference between a Gift Card and a Stored Value Card?
A: There is virtually no difference between a gift card and a stored value card other than in name. The two cards operate the same, whether pre-paid value is either predetermined by the retailer or determined at the time of purchase. Value for both is loaded on the card and reduced during subsequent visits to the retailer.

Q: How does a consumer pay with a Gift Card or Stored Value Card?
A: After selecting an item to purchase or receiving requested services the consumer simply presents the gift card/stored value card to the retailer for payment. Using standard credit card processing technology, the merchant swipes the card and an electronic transaction occurs on secure lines. The card number and available balance is obtained. After verification occurs, an authorization is sent back to the terminal, a receipt (with new balance information) is printed, and the transaction is complete.

Q: How do I issue Gift Cards or Stored Value Cards to my customers?
A: Simply remove a card from your inventory and using the appropriate card-processing terminal, activate the card for the dollar amount desired by swiping the card through the appropriate terminal. The screen on the terminal will guide you through the entire process and the card will be ready to be used at any participating store location.

Q: Will I be able to utilize my existing equipment?
A: If you are a PayRight merchant account, your terminal can be programmed to accept a gift card program. This does not apply to all terminals therefore it is always best to let us know your terminal make and model prior to program implementation. If your terminal is outdated and cannot process our gift card program or combined credit cards and gift cards, PayRight will make arrangement to provide you with the proper terminal for free or at greatly reduced cost. The use of a printer is recommended for production of receipts and reports.
If you choose not to process your transactions through PayRight, obtaining a gift card program-specific and exclusive terminal is suggested. Currently, PayRight offers a VeriFone Tranz 330 and P250 Printer for $195 to be used as gift card program-dedicated equipment.

Q: What type of reporting will I receive with this program?
A: Merchants have access to daily and monthly reporting. The Daily Totals report produces a totals count and total dollar amount by transaction type occurring since the terminal was last cleared. PayRight also generates a monthly Summary Report which details all transactions captured on the database during that time period, as well as total fees billed. Reports may be generated via your secure login to the database and run at your convenience. Hard copies and specially designed reports may also be provided if needed.

Q: How long does it take for the customer to be able to use the card?
A: Immediately - once activated, the customer will be able to use the card immediately or give it as a gift and know that the person receiving it has instant access to the funds stored on it.

Q: Can I limit the number of employees who can access my Gift Card/Stored Value Cards?
A: Yes, you can decide which of your employees you want to provide access to the functionality of the program. Working with you, we can provide various levels of security allowing limits on card activation, redemption or access to reports and online data.

Q: Can customers put more value on existing cards?
A: Yes, you have the option to allow "reloading" of the gift cards or stored value cards. In some cases like special promotions you may decide to preload the cards with $10 or $25 values and prohibit them from being recharged. You may even require one time use with no change given. We can help you decide what is best for your business.

Q: How do I determine the value on the Card when presented for payment?
A: Simply check the balance by swiping the card on the terminal. PayRight will send the answer back in a matter of seconds and you may then complete the transaction.

Q: What happens if a customer loses their Gift Card/Stored Value card that has a balance on it?
A: You can offer your customers the ability to register their cards so that if a card is lost or stolen the customer can call you and have the remaining balance transferred over to a new card.

Q: What happens if a customer never uses the Gift Card/Stored Value Card?
A: Most states require that unclaimed property be turned over to them (escheat) after a certain period of time. Some states allow the imposition of a maintenance fee if a card has not been used for an extended period of time. This in effect would allow you to ultimately keep that portion that was not used.

Q: What is Escheatment and how might it affect me?
A: The theory of escheatment provides that until the rightful owner is located, all citizens of the state, rather than an individual holder, derive benefits from the unclaimed property. In the United States, the laws of the individual states govern abandoned property and escheatment. The meaning of escheatment has broadened to include property of every kind and description that remits to the state for want of individual ownership. Accordingly, the definition of unclaimed property involves hundreds of categories of property. As a rule of thumb, if a person or entity has a legal or equitable right to the property, then a state's unclaimed property law governs it. Under limited circumstances, a holder may deduct charges to maintain the unclaimed property during the dormancy period. In order to deduct charges, the holder must have a valid written contract with the owner, regularly impose the charge, and the amount of the deduction may not be unconscionable.