Open-Loop & Closed-Loop Prepaid Payments
As companies and governments move towards more electronic payments, prepaid (stored value) solutions offer substitutes for checks, vouchers, tokens and other paper-based payment forms. Often, payment processing is silo'd outside loyalty, membership, incentives or rewards, and customer information gathering - which also typically operate as standalone services.
Through our eMoney platform, we offer a comprehensive solutions platform that allows payments, membership, loyalty, rewards and customer information to be seamlessly integrated with an array of prepaid functionality. We overcome disparate in-house systems and services and enable clients to get to market quickly and efficiently with creative multi-function solutions that delight marketing, business managers, finance, compliance and IT. We develop flexible yet industry-specific payment and remittance solutions that can be configured to our client's unique requirements. We also provide various value-added services such as client support solutions, mobile solutions and ongoing program management.
Wave Crest designs, implements and operates both open-loop and closed-loop prepaid card programs with all major payment brands in multiple currencies, multiple languages across all geographic and demographic markets. We have expertise with programs in
- » Gaming and lottery
- » Network marketing
- » Promotions and incentives
- » Affiliate aggregators
- » Charities and fund raisers
- » Consumer rebates
Open-loop Payments
Open-loop prepaid solutions give cardholders the opportunity to spend money or access cash wherever the card brand is accepted - Visa, MasterCard, Discover, American Express, Interlink, Cirrus, NYCE merchants --in face-to-face locations, online, mail order, and telephone order transactions. Cardholders can get cash at branded ATMs and bank branch or kiosk locations. Wave Crest's processing center locations are end-points on those networks, so when you choose to set up programs using one of those brands, you can be assured that all authorized transactions will be processed correctly.
Closed-loop Payments
Closed-loop or private label prepaid solutions are designed to only be used at the issuer's locations. Examples of closed-loop issuers include retail stores, casinos, oil companies, e-commerce businesses, telecommunications companies, and restaurants. Closed-loop payment schemes allow companies to reward loyalty and increase customer intimacy.
Loyalty Rewards
Loyalty programs and cards are a form of closed-loop programs, where the currency used is typically "points" that can be redeemed as rewards within the loyalty point issuer's domain. Wave Crest multi-currency eMoney platform goes beyond managing dollars, euros, pounds and pesos - we can support the conversion of points into cash enhancing the value of points and the reward program.
Wave Crest's Hybrid Payment and Loyalty Solutions
New technology allows us to combine open-loop prepaid programs together with closed-loop payments and loyalty rewards programs. Wave Crest has designed customized card issuing and data processing applications that enable our clients to offer this hybrid combination of payments and rewards. By owning multiple sides of the payment relationship, the client gains new insights about the customers and partners - and has the opportunity to win a far deeper and broader mindshare and wallet share with their stakeholders.
Wave Crest's Global Payment Solutions
Globalization is expanding the definition of customer, prospect, employee and partner relationships. Programs that once were narrowly defined by geography, language and national borders are now visible and available 24/7 on a worldwide basis. When competing in this new "world is flat" environment, Wave Crest can assist you in designing and implementing your payment programs to really work on a global basis.
Wave Crest offers flexible solutions that enable you to launch and simultaneously operate many inter-connected programs in multiple languages, multiple currencies, in multiple jurisdictions worldwide. From account opening and issuing, to card fulfillment, transaction processing, risk management and customer care Wave Crest deploys customized global payment solutions, designed to solve our client's broader strategic needs.