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Solution for Card Issuers
CRM.COM software is a turnkey Real-time Cash Back Loyalty Solution that is designed to help card issuers implement and manage merchant funded cash back loyalty schemes.
Cash back is offered on purchases made at participating merchant outlets and is mostly, if not entirely, funded by merchant contributions. Advertising and direct marketing carried out by the card issuer (along with a prospect of increased sales to the card issuer’s cardholder base) provide a powerful incentive for merchants to join the card issuer’s loyalty scheme.
Unlike traditional loyalty schemes funded by card issuers where cash back typically ranges between 1% and 2%, merchant funded schemes allow card issuers to control loyalty programme costs while rewarding cardholders with higher returns on purchases. Merchants are often willing to offer double digit cash rewards (10% - 20%) to drive traffic to their stores while costs to the card issuer are substantially reduced.
- Uses the CRM.COM web platform to run sophisticated loyalty schemes, however complex
- Signs up merchants willing to participate in and fund each scheme
- Defines which cards (credit, debit, VISA, MasterCard, etc.) participate in each scheme
- Works in close partnership with merchants to define unique loyalty offers for various cardholder segments
- Reconciles cash back reward and spend transactions with merchants (depending on merchant contribution)
- Utilises the CRM.COM reporting module on a regular basis to monitor scheme effectiveness
- Is assigned a loyalty account in CRM.COM with one or more cards associated with it
- Makes purchases at participating merchant outlets (using the card issuer’s cards) that are automatically matched against a set of loyalty offers defined by the merchant
- Earns cash back rewards at the point of sale (POS) and spends them on subsequent purchases
- Uses a cardholder web interface to access own account details (account balance, etc.)
- Agrees to fund a percentage of cash back offered to cardholders when they make qualifying purchases at the merchant’s outlets with the card issuer’s cards
- Uses the CRM.COM merchant web interface to access relevant cardholder data, manage targeted offers, promotions, adjust scheme contribution levels, view statements of account, etc.
- Accepts cardholder payments at the POS that are automatically matched against a set of loyalty offers
- Reconciles cash back reward and spend transactions with the card issuer (depending on merchant contribution percentage)
These business processes and functions are best illustrated using an example of a card issuer loyalty scheme that can be managed through CRM.COM Software. It demonstrates the system’s configurability and flexibility in accommodating the needs of card issuers and its capability to provide collaboration tools for a group of participating partners.