Tracking gift card spend is more important (and easier!) than you think. You already know that gift cards are used far and wide – it’s actually one of the super fun parts of our Tango Card business because we can have impact in a lot of different areas. From birthday gifts for Uncle Jeff to to marketing incentives to thank you gifts for business clients, gift cards are always a top, if not the #1, requested gift.
A historically tough area: tracking gift card spend.
One of the historically difficult aspects of business-related gift cards has been visibility and tracking. Usually gift cards range in denomination from $5 to maybe $500 when used in the enterprise. When taken individually, this spend is negligible. But in aggregate, B2B gift card spend in the US is ball parked at $50 billion each year. Obviously this is a major category of spend that requires appropriate tracking and measurement.
A recent audit of Atlanta city records showed that the city spent at least $128,000 on gift cards to improve employee morale. Unfortunately record keeping was so lax there’s no way to tell if there were any wrongdoing. By tracking gift card spend, the city would have encouraged visibility, improved compliance with spend regulations, and added the ability to measure the impact of the gift card spend vs the goal to improve morale.
Correctly capturing this material expense doesn’t have to be challenging anymore.
But correctly capturing who gave what to whom and managing this material expense doesn’t have to be challenging anymore. Between digital receipts and our simple integration with Concur, Tango Card has got you covered. Tango Card gives you the ability to track balances and transaction history easily with added business intelligence, tracking and visibility. This example with the city of Atlanta shows how undocumented gift card programs can go seriously wrong and just how important Tango Card’s efforts to enable tracking gift card spend could be.