The difference between gift cards and store credits

Are you unsure about the difference between gift cards and store credits? This guide helps you understand the important differences so you can choose the right solution for your business.

What is a gift card?

A gift card is a prepaid payment method that can be used as payment for goods or services. The gift card has a fixed value and can often be used at multiple store locations or in the store's online shop. With a modern POS system, you can easily manage and issue gift cards to your customers.  

The advantages of gift cards:

• Valid for at least 3 years according to Norwegian legislation
• Can be used as full or partial payment
• Easy to manage digitally
• Popular gift idea among customers

What is a store credit?

A store credit is different from a gift card, as it is often tied to a specific product or service. For example, it might be a store credit for a particular treatment or a specific product. With WeOrder, you can efficiently manage both store credits and orders in your business.

Characteristics of store credits:

• Often limited to specific products or services
• May have a shorter validity period
• Typically used for exchanges or complaints
• May be subject to specific conditions

Legal differences

It is important to be aware of the legal differences between gift cards and store credits:

1. Validity period
   
   • Gift card: Minimum 3 years of validity according to legal requirements
   • Store credit: May have a shorter validity period
2. Use
   • Gift card: Can be used as regular payment
   • Store credit: Often limited to specific purposesTilgodebevis: Ofte begrænset til specifikke formål

Tips for implementation in your business

To get the most out of both gift cards and store credits in your business, you should:

1. Have clear guidelines for both gift cards and store credits
2. Implement a digital system for management
3. Train staff on the differences
4. Communicate the terms clearly to customers

Conclusion

Although both gift cards and store credits can be used as payment methods in your business, they have different uses and legal frameworks. By understanding these differences, you can better guide your customers and manage your business efficiently.

With the right digital tools, you can easily manage both gift cards and store credits in your business. This ensures a good customer experience and efficient management of your business.