Prepaid Startup Using Pop Branches to Win Customers

by Ben Jackson 0

Bee, a new prepaid card company, is relying on the personal touch to try to win new customers.

Bee is sending representatives, a truck and tables to city streets at set times and days to woo passersby. Rather than peddle Vietnamese gourmet sandwiches or overpriced cupcakes, the company is pitching potential customers on a mobile prepaid account.

The pop-up branch approach is meant to entice urban dwellers with smartphones to sign up for and download an app – and an account for $5.95 per month – on the spot.

The company is bringing the product to the underserved in a way that has the potential to get them to try it, but they will need to be careful to strike the right tone with the people they are trying to reach. Many prepaid card users are more used to a self-serve sales process. That said, the ability to talk to someone in person, have questions answered, and the physical presence may convince some people to try the service. Those potential customers who feel like they have been marginalized by mainstream institutions may appreciate the effort made by a company that comes to them. Bee will have to make sure that is keeps up good customer service to deliver on that implicit promise.

Overview by Ben Jackson, Director, Prepaid Advisory Service at Mercator Advisory Group

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