A voucher management system can be a stand-alone system that is designed to manage the end-to-end lifecycle of vouchers. It manages vouchers from the time of creation to redemption. An effective Voucher Management System allows for the support of payment gateways. A good voucher or coupon system makes the management and processing of thousands of transactions easy while tracking and auditing ensures security and reduces risk of fraud. But how do you pick the right voucher management system for your company?
1. Clarity in the purpose of how the voucher will be used
The first thing that needs to be done is to understand the purpose of the vouchers you will be using. Do you need vouchers to help lure more customers in or just to increase purchases from existing customers? Do you want to promote cross buying or move customers from one product to another? You have to clearly understand what you want to achieve with the vouchers. This is what will help you decide on whether to use the e-voucher or the paper based vouchers. With a clear understanding of what needs to be accomplished, you will be able to decide on the best voucher or coupon management system.
2. How fit the voucher system will be in your business processes and in realizing IT processes
Knowing what you need is not enough. Second, you have to determine how the system you select will fit in your business’ processes and in realizing your goals. For example, if you need a voucher system to issue vouchers at the time of sale, you should pick a system that can be integrated at the point of sale. For issues and control, the voucher management system needs to be amiable to those processes and control.
The cost is always important. How much it costs to run the system will impact your profits. This is why you need to keep an eye on the cost of the system, cost of the media, cost of the paper, cost of manpower behind the scene and so on. If the cost of manpower outweighs the benefits, then you are focusing on the wrong system.
The ideal system should be up gradable. It should not restrict you to just one type of voucher. If the VMS does not offer you more flexibility, you will end up discarding it, adopting to new vendors or simply being forced to use two or more types of systems at once.
5. Type of control and MIS the voucher offer
Last but not least, you have to consider the type of control and Management Information Systems (MIS) you get with the system. The system should give you enough tools to combat fraud, boost security and offer great MIS.
Picking the right voucher or coupon management system will help reduce risks, lower operating costs and reduce complexity. Weigh your options keenly before you settle on a system. The ideal system should make your work easier.