Gift cards are prepaid debit card that contain a specific amount of money for use by customers to pay for products or services. When activated, gift cards loaded with funds for future use. When using a gift card for a purchase, the card balance reduces by the amount of the transaction.
Some gift cards allow you to add funds (open loop), while others have a finite amount that cannot be reloaded (closed loop). Depending on your business, you can offer gift cards for use in specific locations or at all affiliated brands.
Gift cards can pay for products or services, in whole or in part, depending on the transaction and the funds balance remaining on the card. Gift cards cannot be used without prior activation.
![]()
Copyright © 2024 PayFacto Inc.