Gift Codes or Store Credit?
Online company stores are an effective way to distribute company store funds to employees to select the branded items of their choice. By default, unless setup as a business user, an employee would typically need to personally pay for the merchandise with a credit card. However, there may be times that you want to distribute funds at the company’s expense for employees to order merchandise.
Gift Codes
One way to do this is gift codes. A gift code is a unique serial number that can only be used once. The code is loaded with a specified dollar amount. During checkout, the employee can add the gift code as a form of payment towards the order total. If the employee wants to order more merchandise in excess of the gift code amount, they can choose to pay the remaining balance of the order with their personal credit card.
Gift codes are great for a one-off rewards or giving all employees a small amount of funds to place an order. They are easy to use for a one time purchase. But what if you want to distribute larger amounts of funds that might be used for multiple orders? Enter store credit.
Store Credit
Store credit allows you to load funds directly to an employee’s account. The employee can login and immediately see their store credit balance. This is helpful if the employee has a large amount of funds as they do not have to worry about misplacing their gift code. If you expect the employee to use the newly received funds over multiple orders, then store credit is the recommended option.
Store credit can also be automated so that when an employee registers for the very first time, they automatically get a specified amount of store credit. This is an easy way to give new hires funds to place their very first order. There are also configuration option for automatically refreshing store credit balances periodically.
Providing funds to employees to order your amazing swag will certainly:
- Boost Morale and Engagement: branded swag can help employees feel valued and appreciated, fully engaged to perform at their best.
- Make Employees Feel Part of a Team: Branded swag will make employees feel as part of a team as they proudly use and wear your products with your corporate log.
- Create a Dynamic Culture: Branded swag can be exciting for the entire team creating a sense of fun and belonging.
- Recognize Important Events: Branded swag can help you celebrate company milestone, anniversaries and achievements.
- Create Ambassadors for Your Brand: When employees sport the corporate logo outside of the workplace they are promoting your brand to everyone they come in contact with.
At Coggins, we offer both Gift Code and Store Credit payment methods. Some of our stores use both payment methods. When setting up your next campaign, keep these helpful tips in mind when deciding whether to use gift codes or store credit to distribute company store funds to employees.
