EIPCards are a fast emerging alternative to debit and credit cards. EIPCards are a digital “smart” card that contains your own private key instead of a stored account number and can be used like an ATM card, with the added security of not having to carry cash. The beauty of this is that you never have to worry about overdrawing on your card. If you have ever paid with a debit card, you know how easy it is to exceed your spending limit and run up charges – if you don't pay by the due date, for example. With an EIP Card, you never have to worry about this because the money you charge is only deposited when you make a purchase or write a check.
EIPCards are ideal for many reasons, and especially for the first economic impact payments made during a disaster. For the first period, people need to have access to a telephone line and a reliable Internet connection to be able to deposit their payments. For those living in areas where power outages may occur, or cell phone signals may be weak, it is also difficult to send a post outage payment to family members or friends. With an EIPCard, you can have electronic checks accepted anywhere. The replacement card for a damaged or non-working telephone line will give families peace of mind as they can send electronic checks for purchases, online bill payments, and emergency funds to friends and relatives.
When sending an EIPcard for the first time, be sure to use a four-digit pin number. This might sound obvious, but you would be surprised at how many people type in the phone number for the purchase. If they have to wade through different digits for each different account and they don't have a PIN number, then they aren't going to know which account holder sent what transaction amount, how much that balance is, or where it should go. In the case of a debit EIP Card, it is important to have a four-digit pin so that the withdrawal can be funded directly from that account. If you don't have a debit EIP Card with a four-digit pin, then the best thing you can do is have the purchase sent to your savings account or direct deposit.
You can also opt for a standard, regular black and white envelope as well. If you use a regular envelope, then you are making an investment in your company's goodwill and you are showing your clients that you care about the visual appearance of your business. On the other hand, if you use a return address label or a sticker for a return address, then you are making an investment in your own company as well. Any of these kinds of return address labels or stickers will display the terms and conditions of your contract with your customers. These are very visible statements that . . . . . . you have on the front of the eIP billing envelope that you send out monthly to your customers.
One great advantage of EIP Cards is that they allow you to have automatic deposits into your bank account every month. The second eip billing statement you receive in January will display the automatic deposits you made in December and your clients will know that you took that step to stay on top of your spending and repayment responsibilities. This second eip billing trend helps you maintain better control over expenses, which is something you should always strive for.
Finally, you should update your customer relationship management software (CRM) so that your customers no longer enter their contact information online. They may still be using Internet Explorer or Firefox, but chances are that they are no longer entering their information in the secure portion of the form. You need to verify that your eIP card processing software and the secure part of your website are working well together. You can accomplish this with an update by contacting your eIP card provider and requesting an update.