The Future of Payment Linked Loyalty Schemes

LoyaltyPayments

Payment Linked Loyalty 

Loyalty programmes are an effective way to engage your customers and drive increased spending and visit frequency. However, loyalty programmes have become obsolete and are no longer used by many customers. 

Have you heard of payment linked loyalty? Payment linked loyalty reward schemes are the way of the future for businesses. New payment loyalty technology engages your customers and gives them a reason to spend, return, and earn rewards by leveraging your payment devices. 

But how exactly does the new payment linked loyalty system work? Customers are not required to provide any information or details for you to set up a payment loyalty programme. When they use their card or apple pay to make a purchase, the card machine remembers their card and offers them the option to join your loyalty programme. 

When a customer pays with that card, the technology adds a stamp to their digital loyalty card, without you or the customer having to do anything. 

Statistics from a recent Forbes report shows that ‘95% of consumers want to engage with their loyalty programme using emerging technology like chatbots, AI, VR and smart devices. ‘ 

Why are loyalty payments so important? 

loyalty paymentsDevelop customer connections – Payment linked loyalty aids in the development of emotions and connections with your customers. By providing incentives, loyalty programmes can help increase customer lifetime value. Maintaining positive customer relationships is critical for businesses. 

Customer lifetime value – Payment linked loyalty helps to retain customers while also saving money. Targeting new customers is typically much more difficult and expensive. It is critical to make efforts to retain current customers and increase their lifetime value at your company. Payment linked loyalty can help you avoid higher churn rates and retain high-value customers. These repeat customers will aid your company’s ROI. 

Reach new potential customers – Loyalty payments can also help you reach out to new customers. As new technology is an excellent tool for attracting new customers, this will set you apart from your competitors and propel your company to the forefront of its industry. Loyal customers will personally recommend your loyalty programme, which will help you obtain new customers. 

Gain customer insight – You could also use loyalty payment schemes to deliver customer insights that will benefit both your business and your customers. Making your reward scheme digital via payment devices allows you to view data in real-time and understand how your customers interact with your loyalty scheme and brand.  

Create your personalised payment loyalty 

If you believe that payment linked loyalty schemes are the future of your company. Creating personalised loyalty programmes is a great way to engage customers and raise brand awareness.

As each brand is unique, it is critical to incorporate your branding into a loyalty scheme; consider your logo, brand colours, and design elements to incorporate. When creating your loyalty programme, think about what kind of incentive you want to give to your customers. For example, if a customer visits five times, they get a £5 discount, or if you pay £10 each time, you’ll get a £10 discount on your fifth visit. 

Like what you’ve heard so far? Then get in touch

If we’ve piqued your interest, then get in touch. Take a look at some of our other blogs and case studies to see how we’ve assisted and supported a variety of businesses.

Please contact one of our friendly and knowledgeable sales reps if you are looking for Online Ordering, EPOS, Payments, or Loyalty systems. If you’re curious about how Emergo can assist you, fill out our form and get started on your Emergo journey today.

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