Virtual Gift Cards
For Employees In Ireland
Virtual gift cards are an online gift solution for businesses. It is a digital card that employees or customers can use to redeem at an online store. They make employee recognition for businesses simple by instantly delivering cards that can be redeemed online.
What Are Virtual Gift Cards?
Virtual gift cards are a digital version of physical cards. These cards come in the form of redeemable codes and are often tied to a specific brand, and can be used at that retailer's website. To redeem the card, the recipient needs to create an account with that retailer and enter the code at checkout to complete the purchase.
Virtual Gift Cards vs Traditional Vouchers
Traditionally, companies gave paper vouchers or physical store cards as employee rewards. These rewards come with their own challenges, like delayed delivery, risk of loss and limited flexibility. Here's what makes virtual cards different from traditional vouchers:
Benefits Of Virtual Gift Cards For Employees
Virtual gift cards are not only a simple gifting solution for businesses but also have numerous advantages for employees:
Easy Redemption
Virtual gift cards are simple to use. Employees don&apost need to carry physical vouchers; they receive a unique card number via email. At checkout, they enter the code and instantly apply it to their purchase.
Digital Accessibility
Since they are delivered online, virtual gift cards are always accessible from any device, from a desktop, tablet or mobile. Employees can redeem them from the comfort of their home or while on the go. Unlike physical cards that can be stolen, digital codes remain safe in the employee&aposs inbox.
Tax Benefits
For employees in Ireland, virtual gift cards are a non-cash benefit and are tax-free up to €1,500 annually under the Small Benefit Exemption Scheme. Cash bonuses are treated as regular income and trigger taxes like PRSI, USC and PAYE.
Suitable For Remote Teams
With hybrid and remote working as the new normal, recognising employees spread across different locations can be challenging. Virtual gift cards solve this problem by instantly delivering gifts via email, no matter where the employees are based.
How Do Prepaid Cards Work?
Prepaid cards are pre-funded, meaning they are ready for use as soon as employees receive them. Businesses can issue and activate business prepaid cards for employees in 3 easy steps:
Employee Milestones
Work anniversaries, promotions and birthdays are some moments where employees can be recognised with a thoughtful reward.
Performance Recognition
Rewarding employees who exceed targets or contribute to key projects ensures their hard work doesn&apost go unnoticed.
Employee Onboarding
Virtual gift cards can also be considered a great option for onboarding hampers for new employees.
Sales Incentives
Employees can be motivated with instant, performance-based recognition. Instead of waiting for quarterly reviews.
Seasonal Gifting
Seasonal rewards on occasions like Christmas, Easter, New Year&aposs, or other holidays are a great time to celebrate teams with a flexible gift.
Frequently Asked Questions (FAQs)
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