A new “spend and reward” card scheme from Tuxedo Money Solution is giving charitable organisations the opportunity to maximise their income by encouraging supporters to change the way they make purchases. The MasterCard or Visa branded cards are loaded with the cardholders own money, without surcharges, and then used in participating retail outlets.
Tuxedo Money Solutions is one of the UKs leading e-money solutions providers, supplying a broad range of MasterCard and Visa prepaid payment options for some of the world’s most respected companies.
Working with a wide range of businesses, Tuxedo offers a straightforward solution to small and medium sized charities looking to provide benefits to their supporters whilst earning the charity a rebate from their shopping. This has historically been offered via credit cards with a cashback rate of between 0.5% and 1% but Tuxedo is generating cashback of 5% to 15% for its existing charity partners.
Tuxedo has developed a community of national retailers including Sainsbury’s, M&S, B&Q, Halfords and Comet that have agreed to pay cashback which can either be shared with the cardholder or retained as additional income for the charity. Cashback can be used to incentivise consumers to keep loading and using their card, therefore earning benefits for themselves as well as raising funds for the organisation.
A card payment solution that everyone is eligible for.
The Apprenticeship Trust is a charity set up to bring young people and young offenders back into the work place, and has benefited from Tuxedo’s general use prepayment card.
Apprentices are provided with a Tuxedo’s “eccount money” and card product into which their wages are paid. By doing this, The Trust has the ability to educate staff on modern financial management and more importantly, take them out of the cash society in which they are trapped and into financial inclusion. The Trust also earns cashback on card spend which can assist the charity in helping even more young people.
Pradip Daya of The Apprenticeship Trust said: “Our investment in Tuxedo Money Solutions has ensured that our apprentices are able to improve their money management skills whilst providing a safe and secure method of payment from our perspective.
Paul Smith of Tuxedo Money Solutions commented: “Our relationship with The Apprenticeship Trust clearly demonstrates how the Tuxedo scheme benefits all stakeholders. The charity sector can take advantage of much higher income generation by working with the most appropriate scheme provider.