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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
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.