Cash prizes – the perfect solution

Cash prizes – the perfect solution

Prizes. I’ve written about them rather a lot in the past, which is hardly surprising since prizes are our business at Prizeology. Indeed, prize sourcing is one of the services we specialise in. Way back in the early days of lockdown – and in many ways that does seem a lifetime ago – I wrote about some of the alternatives you could offer as prizes now holidays, which have always been extremely popular, were off the agenda.

Of course, there are options, particularly now the postal system is up and running, and digital, in the form of downloadable vouchers or codes, is always a great choice, but do you know what? The fact of the matter is you can’t beat hard cash. To a certain extent that’s always been the case, but in the current situation it’s truer than ever before.

Cash is king

Winners love cash prizes and they’re good for clients, too, because cash has universal appeal. Who doesn’t want to be in with a chance of winning money, whether it’s a fiver or a life-changing amount. When we run promotions offering cash prizes they always do extremely well, because people can spend their prize money on anything they want – they can put it towards something they would never normally buy for themselves or, if they want to, the monthly bills (although I have to say that would be a bit of a shame).

There is an issue with cash, though, and that’s security. When we ran a promotion for Symington’s we went to extraordinary lengths (if I do say so myself) to keep bank notes worth £50,000, which we inserted into packs of One Shot, safe (you can read more about that here). Postal deliveries may be back to normal, but even so, stuffing a bundle of tenners into an envelope and dropping it the post box doesn’t really work for me.

Enter electronic transfers. We’ve used these to award cash prizes for many years, but increasingly winners don’t feel comfortable sharing their bank details and our clients would increasingly prefer not to ask winners for that personal financial information. To be honest, although our procedures are strict and our security measures stringent, when winners claim their prizes we at Prizeology would prefer not to store people’s bank details, whether it’s on the back-end of a promotion’s microsite or in emails.

Launching a new service

Ta-dah! Which is where the brilliant new Cash Win service Prizeology is offering our clients comes in. Run a promotion with us and your winners can withdraw their prizes from a local cash machine. They don’t need a bank account and they don’t need a card. All they need is a mobile phone, because we’ll send them a text message containing a secure PIN code, which they can use to access their funds.

Prizes can be taken out at any time of the day or night at one of 17,000 cash machines across the country. It’s incredibly simple and just such a neat solution. I’m very excited and reckon our clients will be, too! This is a pretty special service, because it makes easy to run promotions with cash prizes.

If you’d like to run a promotion making use of Prizeology’s new Cash Win service to put some loot into your customers’ hands, do get in touch by emailing hello@prizeology.com.

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