Springbok Increases Prepaid Card Fulfillment Capacity Three-Fold

Capacity Expansion Results from Corporate Growth and Industry Maturation

ENGLEWOOD, Colo.--(AllPayNews.com)--The adoption of custom prepaid card incentive and rewards programs is on the rise, according to industry experts. To accommodate the increased demand for its prepaid cards, Springbok Services has expanded its production facilities and can now generate more than 60 million cards per year, more than tripling its fulfillment capacity. This enables Springbok to support even the largest prepaid card programs with the same speed, customization options and superior service its more than 6,000 clients have experienced.

Between 2007 and 2008, Springbok’s card production grew by 146 percent and is on track to surpass the aggressive growth rate it projected for 2009. Springbok attributes its growth to the maturation of the prepaid card industry and to its unique vertical integration value proposition.

According to a January 2009 report issued by Mercator Advisory Group, Brent Watters, principal analyst, wrote, “The rate of growth and market acceptance of prepaid applications in the reward, recognition and incentive market is amazing by any measure. Key drivers have been increased market familiarity with the applications and consumers’ growing preference for plastic over paper-based payments.” In the same research paper, it is reported that prepaid incentives totaled $17.6 billion in 2007, a 22.7 percent increase from 2006.1

“This expanding market acceptance for prepaid cards bodes well for Springbok as we are one of the only companies that provides complete vertical integration to the prepaid marketplace,” said Taylor Ohlsen, co-founder and CEO, Springbok Services. “By offering our clients single-vendor access to everything they need to establish and manage a successful prepaid card program, we are helping businesses reduce costs, simplify program management and realize a measurable return on their reward or incentive investment.”

Due to the escalating demand for Springbok’s prepaid card solutions, the company has increased its employee base by 42 percent in the last year and continues to hire for several positions (http://www.springbokservices.com/Careers.aspx). To accommodate its growing staff, Springbok recently relocated its corporate headquarters to a new facility that is twice the size of its previous location. Springbok has also invested in technology and the expansion of its production facilities and, as a result, has tripled the size of its existing fulfillment center.

For more information about Springbok Services, visit http://www.springbokservices.com.

About Springbok Services, Inc.

Established in 1998, Springbok Services provides customized, multi-touch prepaid MasterCard® card and Visa® prepaid card programs to positively motivate behavior and enhance loyalty among corporate employees and/or their customers. Springbok is the leading prepaid card provider that offers complete lifecycle management of prepaid card programs from program development and card fulfillment to transaction processing and reporting. The company is SAS 70 Type II and PCI certified and supports more than 6,000 clients, including 225 of the Fortune 500. Springbok, headquartered in Englewood, Colorado, is a founding member of the Network Branded Prepaid Card Association (NBPCA).

1 Mercator Advisory Group, Prepaid Cards & the Incentives Market: Challenges of Bringing a High Value Feature Rich Product into an Already Complex Market, January 2009

MasterCard is a registered trademark of MasterCard International Incorporated.

Contacts

Springbok Services
Michelle Chase, 303-409-4136
michelle.chase@springbokservices.com