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Managing gift-card risk associated with escheatment.
Escheatment is the process of turning over unclaimed or abandoned property to a state authority. When it comes to gift cards, states have the right to claim funds from the business that have gone un-redeemed. Each state has different escheatment laws — is your business remaining compliant?
If your business has sold gift cards that hold un-redeemed balances, your business could be liable for escheatment. This is when the state collects those un-redeemed balances directly from your business. At a large scale, escheatment can be detrimental to your bottom line — (Most states collect gift card's value from merchant 5 years from purchase or activity.)
KYROS puts data and insights directly in your hands. Enjoy predictive breakage and escheatment liability estimation from KYROS' proprietary tools backed by expert actuaries. KYROS can ensure escheatment filing compliance through integrated partnerships with leading unclaimed property experts that serve some of the worlds largest companies.