Vouchers are great value for businesses. Here’s why:

• It’s a cash inflow, with a delayed outflow of stock or service
• Many vouchers never get redeemed or expire
• Vouchers rarely cover the cost of an item or service completely, thus more money is spent
• Change is rarely given if someone manages to spend less than the voucher amount
• People will spend more time looking around your retail space if they have a voucher to spend, than if they were just browsing. Optimal time to gain intelligence or upsell.
• Vouchers represent the sale amount, not the cost amount. Obvious I know, but businesses can put prices up while voucher amounts stay the same.
• Vouchers can be used as rewards for spending a certain amount, but can have a time period on them, therefore…
• Vouchers can be used to manipulate traffic to the store. Boost your slow days by having a voucher redeemable for a certain day or time.
• Vouchers are a great way to launch a business or run a promotion, as long as the time component is managed (as stated above). Groupon did not work for many businesses.
• Vouchers can have all sorts of conditions on them. Most cinemas do not make it easy for you to book using vouchers.
• Vouchers are the lazy person’s gift. Make it easy for them to buy vouchers, but make it look snazzy enough they don’t feel lazy. A special shaped voucher, business card case, etc may make all the difference. Many giftcard vouchers can have exact amounts placed on them; could businesses print out or include a brochure showing what the recipient can purchase with that amount? This would depend on the business of course.
• Vouchers get people to visit a business they may not otherwise visit, or consume in ways they ordinarily wouldn’t because it’s not ‘their’ money. Use this psychological effect to your advantage. Vouchers should have some difference from cash, but rarely do. Make the spending of a voucher a memorable experience.