Leveraging Global Incentive Payments . - INSIGHT
Leveraging Global Incentive Paymentsto Maximize Respondent ParticipationJune 2015Greg Cicatelli, SVP Sales
OverviewIn this session, Hyperwallet, a domestic and international incentive paymentsprovider, will present its cash-based rewards distribution platform, alongsideoverarching industry trends, in order to showcase the merits of a choice-driven,panelist & respondent-decision approach to incentives fulfillment.Key Topics:1. Why?Why do incentives matter to market research firms and survey respondents?2. What?What incentive fulfillment challenges impact the market research industry?3. How?How a market research panelist choice approach to incentive fulfillment can havea significant impact on respondent retention rates and participant satisfaction
What Are Incentives?in·cen·tivenoun \in-ˈsen-tiv\ “a thing that motivates or encouragesone to do something.” “a payment or concession to stimulategreater output or investment.According to the Market ResearchSociety, an incentive is defined as “anybenefit offered to respondents toencourage participation in a project.”BenefitsIncentives increase response rates tosurveys in all modes including theWeb, panels and cross-sectional studies*Monetary incentives increaseresponse rates more than gifts*Incentives that are prepaid increaseresponse rates even more thanpromised incentives or lotteries**Source: ngerOctober.pdf
Why Are Cash-Based Incentives Better?More appealing redemption options for respondentsDrive respondent engagement, response/participation and retention ratesReduce churn as survey respondents less likely to quit if paid promptlyReduced admin costs for market research firms, via incentive payment outsourcingINCREASE Join RatesResponse RatesRetention RatesScalability of programREDUCE Cost of AcquisitionChurn RatesAdministrative Costs
Common Incentive Fulfillment Methods Gift Cards Checks Lotteries Gifts Coupons
What Incentive Fulfillment Challenges Affect the Industry?Current Incentive Payment Methods are a Hassle forMarket Research Firms and Respondents
What Incentive Fulfillment Challenges Affect the Industry? Panel churn, recruitment & retainment, diminishing responses over time Current incentive (compensation) methods for survey participants are not tailored for theindustry and are administratively burdensome.LIMITATIONS Narrow appeal Not universal No brand connection Regulations Timeliness Transaction costs Administration costs
What Incentive Fulfillment Challenges Affect the Industry? Check payments are slow, expensive and inconvenient. They are gradually being replaced by more efficient alternatives.
What Incentive Fulfillment Challenges Affect the Industry? International bank deposit services are typically complex & costly
Is There A Better Way?Give Research Panellistsa Choice Method of CashPayment
Respondent’s Cash-Based Incentive OptionsBank DepositPrepaid CardsCash Pickup via AgentBrandable ChecksVirtual CardsInternational WireTransfers
Survey Incentive Payments to 170 Countries Issue local currency payments directly to yourrespondent's bank accounts in the USA and 60 countries and 30 currencies using Hyperwallet’sextensive network of settlement accounts International wire transfers available in 170 Countries Prepaid and virtual prepaid products availableglobally Branded check delivery in select U.S. states andCanada Cash via agent delivery at 700,000 money agentlocations globally
Success Story: Vision Critical Background: Vision Critical is a leading cloud-based customer intelligence platform provider They work with one in three Fortune 500 companies Vision Critical customers deploy tens of thousands of surveys each year to tensof millions of community members Their Challenge: Streamline incentive offerings to their community members worldwide The Solution: Vision Critical leveraged Hyperwallet’s global incentive fulfillment platform –www.payincentives.com Platform is branded for each of Vision Critical’s customers Global payout options: bank deposit, virtual prepaid card, checks Their Results: Quickly reward community members in a timely,cost-effective and convenient manner Higher member engagement
Additional Results From Large Market Research Clients1. Fulfillment speed Prize fulfillment reduced from 8 weeks to 5 weeks on average. Often 1 to 2 weeks, dependent on floating balance.2. Bank Deposit “Speed with which money is deposited is definitely substantially faster than most of our other fulfillment methods.”3. Currency Currency conversion automatically handled by Hyperwallet. Saves a great deal of time when making multi-currency payments. One lump sum payment into a wallet allows us to pay out in all currencies.4. Flexibility & Scalability “Ability to add additional fulfillment options make Hyperwallet much more flexible and attractive to our customersand respondents.”5. Checks Elimination of check fulfillment issues including late delivery, returned checks, bounced checks, etc.
Enhanced Cash-Payout Solution: Pay By Inbox Simple payment pickup processPayments accepted in as little as4 simple stepsAvailable payment options include: Bank deposit Virtual prepaid card Branded physical prepaid cardIdeal for one-time or infrequent payments. Thissolution offers similar payment capabilities to thePay by Portal solution but without the advancedoptions.Payment Features Bank accountVirtual Prepaid CardPhysical Prepaid CardPaper CheckExisting CardCash Pickup
Pay By Inbox: Respondent Sample User ExperienceThe panellist receives an email notification which includes a link to accept payment.
Pay By Inbox: Respondent Sample User ExperienceThe panellist can choose to transfer payments to a bank account or prepaid card.
Pay By Inbox: Respondent Sample User ExperienceOPTIONAL: The panellist may be required to answer a challenge question to verify their payment.
Pay By Inbox: Respondent Sample User Experience (Bank Account)If the panellist chooses to transfer to a bank account, they will enter the routing details for the bank transfer.
Pay By Inbox: Respondent Sample User Experience (Bank Account)Now that the funds have been transferred, the panellist can either end the process here, or they can click‘Create an Account’ and continue. At this stage, they will receive an email receipt in their email inbox.
Pay By Inbox: Respondent Sample User Experience (Bank Account)If the panellist chooses to create an account, they will enter their email addressand password, and select two security questions and answers.
Pay By Inbox: Respondent Sample User Experience (Bank Account)The panellist is now able to view their Account Dashboard.
Pay By Inbox: Respondent Sample User Experience (Prepaid Card)If the panellist chooses to transfer to a Prepaid Card, after opening the email notification, they willselect Prepaid Card from the Select Transfer Method page.
Pay By Inbox: Respondent Sample User Experience (Prepaid Card)The panellist then enters their personal information.
Pay By Inbox: Respondent Sample User Experience (Prepaid Card)The panellist enters their email address and password, selects twosecurity questions and answers, and agrees to the terms & conditions.
Pay By Inbox: Respondent Sample User Experience (Prepaid Card)The panellist is now able to view their Prepaid Account Dashboard.
Select Clients
Thank You! Questions?Please stop by the Hyperwallet table for more information.Greg CicatelliSVP, Strategic Partnerships & Global SalesHyperwalletgcicatelli@hyperwallet.com 1 (925) 699-9750
Virtual prepaid card Branded physical prepaid card Ideal for one-time or infrequent payments. This solution offers similar payment capabilities to the Pay by Portal solution but without the advanced options. Payment Features Bank account Virtual Prepaid Card Physical Prepaid Card P
2. Group Incentive Plans Team Incentive Plans – Compensation plans where all team members receive an incentive bonus payment when production or service standards are met or exceeded. Establishing Team Incentive Payments – Set performance measures upon which incentive payments are based – Determine the size of the incentive bonus.
Payments provided after commencement of lease term Reduce lease payments for periods in which incentive payments will be provided If incentive payments are fixed or fixed in substance oInclude in initial measurement or remeasurement as a reduction of right-to-use asset If variable or contingent lease incentive payments
The survey was aimed at incentive travel professionals all over the world and was available in English and Spanish, customised for 5 distinct incentive travel personas under the two main categories of buyers and suppliers. Buyer: 1. Incentive Travel End-User (e.g. corporate buyer) 2. Incentive Travel Agency (e.g. incentive house,
Airline Payments Airline Payments Handbook Thomas Helldorff Thomas Helldorff The Airline Payments Handbook : Understanding the Airline Payments World This book puts together "all there is to know about airline payments" into a single reference guide, helping you to answer some of the most prominent payments questions: How do payments work?
also includes Incentive Compensation functional areas and features for ease of access and more streamlined set up. CAUTION: Don't use the Incentive Compensation offering to implement Incentive Compensation. Instead, see the Implementing Incentive Compensation guide for implementation information.
incentive travel to be 'motivating at all'. This suggests that, currently, a group incentive travel award is a near universal sales incentive, with only rare exceptions to the rule. Like last year, both genders find group incentive travel highly motivating, with males being only slightly more enthusiastic.
Payments Innovation Summit is a unique platform for corporate practitioners to exchange practical solutions for optimizing your payments operations. Topics include: Global Payments Digital Currency Mobile Payments Innovating within the Current Payments Landscape
Artificial intelligence is a new digital frontier that will have a profound impact on the world, transforming the way we live and work. WIPO Director General, Francis Gurry. Preface 7 Foreword 8 About the contributors 10 Acknowl- edgments 12 Executive summary 13 1 Introduction The past, present and future of AI: what research and innovation trends can reveal; the data used in this report and .
