Loyalty programs and point-based rewards are a great way to keep your users engaged. But what if they could use those rewards to pay anywhere, just like a debit card? With Mastercard virtual payment cards, you can offer exactly that.
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What is a Rewards & Loyalty Program?
A Rewards & Loyalty program is a strategy designed to turn one-time customers into loyal fans of your brand. It incentivizes repeat business by offering customers points, rewards, and other benefits for their purchases and interactions with your company.
Here's how the Verestro platform can help you create a powerful Loyalty & Rewards program:
Rich Features: We offer a variety of features to keep your customers engaged. This includes the ability to earn and redeem points for purchases, personalized offers, and integration with Mastercard programs like Mastercard Rewards and Mastercard Pay with Rewards.
Personalized Experiences: Our platform allows you to leverage API integration to create custom loyalty plans. This means you can reward customers for the actions that matter most to your business, building stronger relationships and increasing customer lifetime value.
Real-Time Engagement: Our platform is designed for real-time interaction, allowing you to deliver personalized rewards and offers to your customers in the moment. This creates a more exciting and rewarding experience, fostering brand loyalty and trust.
What Are the Benefits of Launching Loyalty Programs?
By implementing a Loyalty & Rewards program with our platform, you can:
Increase Customer Retention: Rewarding repeat business encourages customers to keep coming back for more.
Boost Sales: Loyalty programs incentivize customers to spend more to earn rewards.
Gather Valuable Data: Track customer behavior and preferences to personalize rewards and offers, further enhancing the customer experience.
In short, a Loyalty & Rewards program is a powerful tool to build stronger customer relationships and drive long-term business growth.
How to Launch a Loyalty & Rewards Program
Let's say you have a loyalty program where users earn points. You want to launch a program where they can use those points to pay at any merchant that accepts Mastercard. Here's how it would work:
Card Issuing: We provide card issuing services with our External Balance API. We'll launch a business card program for your company and perform verification. Every virtual card issued becomes a payment card for your company.
Integration: You'll integrate with our Lifecycle API to register users and request cards. Additionally, you'll integrate with the card issuing API to manage cards and the External Balance API to authorize transactions.
Mobile Wallet Integration: We'll integrate your solution with Apple Pay and Google Pay, allowing users to easily add your virtual cards to their wallets.
Transaction Authorization: You decide the value of a reward point. When a user wants to pay with points, we'll send an authorization request (e.g., 20 EUR) to your system for approval.
Mastercard Balance: You'll open an account with our partner payment institution. This account will have a Mastercard balance that covers transaction settlements. You can reload this balance daily.
Transaction Flow: Users pay with their virtual cards in Apple Pay or Google Pay. The transaction is routed to your system for authorization. We then use the Mastercard balance to cover the cost, while deducting the equivalent point amount from the user's account.
Merchant Limitations and Fees (optional): You can limit where users can pay with points and potentially earn additional fees from merchants for enabling such transactions.
Simple and Fast Implementation with Verestro
This program is readily available in today's payment landscape. The integration process is streamlined, allowing you to launch this new functionality within weeks.
By offering your users the ability to pay with rewards anywhere, you can significantly enhance their experience and boost user engagement.
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