With CentralPay, independent retailers and franchisees can automate the clearing of prepaid values exchanged within their network (gift cards, etc.) and meet the legal requirements of European regulators.
Unlike 100% branch networks, independent or franchised networks cannot consider prepaid values (e.g. gift cards) as stored sales in the form of customer credit note.
A customer doesn’t buy a gift card, he exchanges a currency value (e.g. EUROS) for an equivalent value accepted only in a defined network of participants.
To market a gift card that can be used throughout the network of independents, chains must submit an annual application for exemption to the ACPR, or delegate responsibility to an approved Electronic Money Establishment.
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The brands concerned are those issuing prepaid values (gift cards or other cards) accepted by separate legal entities:
If the network is national and mono-brand / mono-product, a request for exemption may be submitted to the ACPR.
If the network is international or national and multi-brand / multi-product, an Electronic Money Establishment distribution contract is required.
Only integrated or 100% branch networks are not concerned.