For today's consumers, the differentiation factor cashback adds for your business and the value provided to consumers can significantly enhance loyalty and customer satisfaction.
Wildfire's white-label rewards platform was designed to be a full-circle technology that allows businesses to simply “plug in” and begin offering a client-branded rewards program. From the participating merchant network, to the data integration and customer order / cashback tracking attribution - our platform makes it relatively easy.
Offering merchant-funded cashback rewards to your customers for their online shopping sounds great, right? But at the end of the day, you need to make sure that you can actually deliver those experience-enhancing, value-adding shopping rewards that your customers earned.
And that’s one more area that Wildfire can help with.
This blog post will guide you through the ways your customers can redeem their cashback rewards with Wildfire’s cashback rewards platform.
1) Cashback as a PayPal Payment
The first option for delivering your customers their earned cashback rewards is for your customers to be paid through PayPal. This option is actually the easiest for our clients to implement, because Wildfire manages the process of delivering rewards to customers’ PayPal accounts on the clients’ behalf. (The PayPal redemption option is part of our fully-turnkey browser extensions, making it even easier for you to manage your rewards program.)
For your customers, redeeming cashback through PayPal offers flexibility and security. They can use their PayPal funds for online shopping, transfer them to a bank account, or even send money to friends and family. And for your business, this ease of use increases customer satisfaction and convenience.
2) Cashback as a Gift Card
In the second option, you can choose to allow customers to redeem their rewards with a gift card at a supported merchant of their choice. This option requires a little more technical development on your side. It involves setting up calls to Wildfire’s Gift Card API so your customers can view their redeemable rewards balance, create a gift card redemption link, and view their reward/gift card redemption history.
Gift cards are great for customers who prefer to shop with them from popular retailers, restaurants, and e-commerce sites. Offering a gift card redemption can enhance customer engagement and loyalty, benefiting your business in the long run.
3) Cashback Paid Directly into a Customer's Account or as a Statement Credit
For businesses such as banks or credit card issuers who prefer to reward customers in their proprietary ecosystem, the third option is to have customer cashback rewards paid into a customer’s bank/card account or added as a statement credit.
With this option, your business will once again access Wildfire’s Commission APIs and integrate the calls outlined so you can monitor and arrange for any rewards eligible to be paid, to be routed into your proprietary system.
Direct credit into an account or a statement credit makes it easy for customers to see the benefits your shopping rewards program is delivering them. And a statement credit can help your customers reduce outstanding balances.
For a financial services business, this can mean stronger customer retention and simplified money management for your customers, and a way to reinforce the benefits your shopping reward program is delivering them.
Note: should you become a Wildfire client, with both the Gift Card and Commission APIs, you don’t have to go it alone. Our team is available to help you understand our API calls and integrate with your system(s) as needed!
4) Cashback as "Your Own Currency"
One unconventional method of shopping rewards payout is to pay your customers in your company's proprietary "currency." Some of Wildfire's clients have leveraged the flexibility of our platform to apply shopping rewards as payouts to customers in the form of points, crypto, and even credits for gaming. It's all possible!
What Cashback Reward Redemption Type is Best for You?
Ultimately, the type of reward redemption that suits your business will come from your assessing a combination of factors, including:
- The most efficient for your business
- The level of technical lift required vs. your available development resources
- The type of reward your customers prefer
- Your goals for the program
Knowing that you have the options above is one more way we hope Wildfire is able to power a successful cashback rewards program for you, driving greater engagement and retention for your customers.
