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This piece is presented by MetaBank.
The gift card industry is expected to reach $160 billion by next year.
For an industry that barely existed 20 years ago, the growth can only be called meteoric. Now, consumers are taking notice of a growing segment of gift cards: the open loop gift card. Unlike a gift card that can be used only at a certain store, open loop gift cards, issued by retailers or banks, can be used anywhere.
MetaBank is both an issuer and retailer of gift cards. The bank offers gift cards for sale at any of its three Sioux Falls locations. As an issuer of gift cards through its payments division, Meta distributes gift card products at 10,424 locations throughout the United States. Since founding the payments business in 2004, MetaBank has issued more than 204 million gift cards nationwide.
“We are seeing more business customers use gift cards for customers or employees,” said Kathy Thorson, Sioux Empire market president for MetaBank. “We get comments from businesses about how easy it is to order and that gift cards fit anyone’s taste. It really takes the stress out of buying gifts.”
Costello Cos. has been using gift cards from MetaBank for the past three years, primarily during the holiday season as bonuses for employees.
“We wanted a way to give a gift that appealed to an array of people but is also personal,” said Shawn Pritchett, chief operating officer.
“Gift cards were the perfect fit. We’re able to personalize the card with the employee’s name and managers can write them a note with the holiday card that comes with the gift card. They’re easy to give and use everywhere, which makes our employees happy.”
Ordering gift cards through MetaBank is easy, and cards can be personalized for businesses to create a unique gift card. Businesses can add their logo and even customize messages to clients or employees. Different balance amounts and direct shipping are included service features.
MetaBank has three locations in Sioux Falls: 4900 S. Western Ave., 33rd Street and Minnesota Avenue, and 2104 W. 12th St. Lobby hours for all three locations are 8 a.m. to 5 p.m. weekdays.
Whether as a gift for customers or a bonus for employees, gift cards make an ideal holiday item. And with this service, businesses can personalize the present.
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