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National Restaurant Association - What happens to unused gift card balances?

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What happens to unused gift card balances?

Do you sell gift cards in your restaurant? Sell them in multiple restaurants in multiple states? Depending on your answer, there is much to know about where your unused card balances are ending up. National Restaurant Association partner Card Compliant helps you navigate this complex topic.

Most gift card program managers are aware, even if slightly so, that there are regulations that speak to the obligations of the gift card issuer. 

Some managers might be aware of the CARD Act of 2009 and what it means to their program. Fewer still might be aware of the recent proposed legislation in New Jersey that would require the restaurant to capture and retain address information on any person who buys a gift card.  Similarly, a New York committee recently proposed that funds from gift card sales be held in escrow.

These are the issues that fly under the radar until a state auditor knocks on your door. And just as the laws that regulate gift cards have become more complex, so too have the options used to address them. The days of noncompliance or limited compliance, like gift company subsidiaries, are coming under additional scrutiny as states grow more aggressive in their collection efforts due to budget deficits. Companies need to be well informed about their exposure and have the foresight to address the issues prior to an intrusive and damaging audit.

Today there are stronger and more dynamic options available to mitigate the possible risks of a non-compliant gift card program. From third-party gift-card issuing to advanced automated systems that give each gift card its own audit trail, the solutions to the problem are out there just waiting to be implemented. 

National Restaurant Association partner Card Compliant can help you find the right solution to your problem. Visit them at www.cardcompliant.com.

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