Digital Punch Cards and Rewards for Money Transfers
In the past, customers could receive loyalty rewards from a paper punch card system. However, the money transfer industry has become digital. Today, customers who order money transfers expect the same digitized experience that they receive from a coffee shop order, and service providers are offering international money transfer services that are catching up.
For families that send money internationally every month, loyalty reward programs are essential and financially support the family. Recognizing that digital punch cards and reward systems help customers appreciate a service that they use monthly and, additionally, do not make them have to switch to a different service provider in order to gain reward benefits.
What Are Digital Punch Cards, and How Do They Work for Money Transfers
A digital punch card uses an automatic tracker to record each visit or transaction. This replaces the old paper stamp system. Instead of bringing a paper card, customers use their phone numbers or accounts when sending transfers, cashing checks, or picking up money orders. It automatically tracks every purchase and gives customers discounts and rewards with no extra work for the customer.
1. From Paper Stamps to Digital Loyalty Tracking
Paper punch cards were so much easier to lose or leave at home that they seemed to be made for forgetting, especially on those stressful errand days for checking and paying bills. Digital tracking works around that traditional loyalty card system and links rewards to a phone number or account, so loyalty no longer is left behind on a little piece of cardboard.
It becomes easier for businesses to see which of their services is most used and thus most rewarded, so instead of providing the customary blanket discount, rewards can be offered in line with how customers customarily spend. For the customers, they can enjoy a more adequate and appropriate personalized system.
2. Why Frequent Senders Benefit Most From Reward Programs
A weekly customer accumulates loyalty points much faster than an infrequent customer. Over the months and years, those small visits that add up contribute to some pretty good savings for a customer, especially for families that bank with them for almost all financial transactions.
Service providers get to enjoy savings, quality, and ease of small changes in service fees over the long run. Loyalty benefits both customer and service providers even more when the relationship is built on repeat visits instead of one-time purchases.
How Rewards Programs Add Value to Everyday Financial Services
Don’t miss out on rewards for international transfers. Most programs award points for all transactions, including domestic money transfers, bill payments, and check cashing. In fact, these programs may be more rewarding and recognize the value of your entire relationship with a provider, not just one service. Different financial services may involve separate transactions on your end, but they also recognize how customers manage their money in one visit instead of several.
1. Earning Rewards While Cashing Checks and Paying Bills
Routinely cashing checks will benefit small businesses in the same way as an individual customer, with bank loyalty programs. Small businesses that cash payroll checks can also pay their businesses’ phone bills, thereby collecting points. An added benefit is that a reliable and consistent business provides benefits to the vendor as well.
Loyalty and reward programs from banks enhance customer retention. Programs from banks focus on transactions rather than on the value of a transaction. Business will be more profitable if customers stick to one bank. The bank reduces marketing expenses, whereas the business maintains a reliable vendor.
2. Making the Most of Loyalty Perks With International Transfers
Customers who employ the real-time currency exchange rate tracking feature in a mobile app know how important it is to time their currency transfers. Adding our loyalty program means that the same customers stand to benefit the most from timed currency transfers. Loyal customers earn discounts on deals in the form of currency exchange rate loyalty rewards, and those rewards help our customers save in the long run.
Loyalty rewards work best when they reward behavior that customers engage in, repeat, and/or are incentive to continue such transacting behavior. Families who regularly send money overseas will appreciate the discounts or priority service loyalty rewards over time.
Conclusion
Digital punch cards and rewards programs are changing customer perception of loyalty in the money transfer industry. Cheque Express understands that families that come back for money transfers, bill payments, and check cashing services should be recognized for their loyalty and not treated like first-time customers.
With more electronic record-keeping by service providers, customers should expect that, in the future, loyalty will be easier and more automatic. It is worth it for customers to consider sticking with a money transfer service provider that rewards their loyalty for people that must send money regularly or for those that have to do banking and money transfer charges on a frequent basis.
Frequently Asked Questions
Digital punch cards are electronic versions of a customer loyalty tracker. Each customer account/phone number is associated with the digital punch card, and each transaction is automatically recorded. Unlike paper punch cards, digital punch cards reward regular users of the transfer, bill pay and check cashing services by tracking progress toward rewards and/or discounts.
Most reward systems note international money transfers or check-cashing trips and give some sort of reward for achieving certain goals. The goals and rewards vary by the system used, though the aim is to encourage and reward customer loyalty by offering more than level one benefits.
Digital tracking can be used for bill pay, money order and check cashing transactions, not just international wire transfers. This means that customers will earn “credit” from their banking services providers for the number of banking transactions they do, like the multiple banking services consolidated in one place.
Digital rewards mean you no longer lose points when you lose the card. Instead, your accounts and phone numbers become your currency. Digital systems enable rewards programs to deliver incentives tailored to the user based on how the user engages the system. Previously, rewards systems were forced to offer a steep discount across the board because of the inability to deliver personalized rewards.
Check with your provider to see if they have a program that gives transfers, bill payments, or check cashing loyalty or rewards points. A lot of companies, including Cheque Express, are adding these perks, so it’s worth looking on their website and in their stores to see what they currently offer.
