Trump Has Announced He’s Rolling Back Prepaid Card Laws
If you are a store owner who has a lot of low income clients, you may have been aware of the laws that had been posted surrounding prepaid cards. For many people, prepaid cards are a good way to avoid the red tape that comes with banking while also ensuring that they have a place to store their money. Unfortunately, in many cases, prepaid cards were being targeted by lawmakers who wanted to eliminate their use as an informal bank account.
Though the laws came from concern over consumer spending and taxes, the truth is that these laws hurt many prepaid card users. Many business owners may have already noticed that prepaid cards were becoming increasingly rare – even among common users. Moreover, these same laws also impeded many retailers’ ability to sell prepaid cards to their clients. If you are a merchant who deals with a lot of prepaid cards, this may have also seriously hurt your business.
However, there is some good news for retailers who want to see those profits come back. The GOP and Trump administration have sent out a statement saying that they are intent on repealing the constrictive laws regarding prepaid cards within the following months. So, you may notice that the following months will mean that cards will become cheaper, more people will be okay with using them, and they will become more common once more.
So, What Does This Mean For Businesses?
If you are in the business of selling prepaid cards, this means that a lot of good is coming your way. You can expect to see higher profits per sale, and you also should expect to see a higher demand now that consumers are given more freedom to actually do what they want with these cards. Additionally, businesses that use prepaid gift cards will notice that the prices of each card will be a bit lower.
Stores that have their own prepaid card service also will have another perk. Because of the rule rollback, there’s a very good chance that the amount of work and maintenance that your store has to do in order to keep up each account will be lowered. With lower operating costs and less fee requirements, your company will get to enjoy better profits and easier operation methods.
And, If You Don’t Carry Prepaid Cards As Part Of Your Payment Methods...
This also can mean that you’re doing your company a huge disfavor. You need to be able to reach those customers, and soon! If you want to add prepaid card payments into your company’s arsenal, give Red Payments a call as soon as you can.