Have you wondered how to create a cashback system for your business but not sure where to start? You’re in the right place. Cashback has become more and more common for businesses of all sizes across the UK. It is now essential to know how you can take advantage of cashback practices for your business.
Let’s start by clarifying how cashback works. Firstly, there are two types of cashback systems that are substantially different.
First is the cashback given in the form of actual cash at the till. From the customer perspective, it works similarly to an ATM withdrawal. The second type is the cashback discounts. Cashback discounts involve creating a programme where customers can earn simple discounts as they spend. These discounts are automatically paid back to customers soon after they’ve made a purchase. This can be done by partnering with a cashback platform.
There are clear benefits to offering cashback discounts, such as growing your customer base and increasing revenue. The cashback offered at the counter has the added benefit of reducing the amount of cash held in-store. Your customers will also thank you for providing a convenient service. You can find out more about the many cashback benefits for merchants here.
How can you offer cashback services?
If you would like to start offering cashback to customers with their purchases, it’s easy enough to implement. Sign an agreement with your merchant payment provider, which details how much cashback your business can offer. The limit in the UK can range from £30 to £100.
To offer cashback discounts, you can affiliate yourself with one of the cashback platforms to provide your customers with cashback discount on the products purchased from your business. These kinds of cashback discounts are a great way to attract new customers and retain existing customers.
You can partner with the likes of Quidco and TopCashback. You will have to pay them a small commission on every purchase made through their platform.
You can also work directly with a company like OMG to create your own cashback discount scheme, which will put more control in your hands. Feel free to reach out to us at firstname.lastname@example.org to discuss how we can help you offer cashback.
Make sure that customers know about your cashback service
Implementing a cashback solution is the first step. Next, you will have to attract new customers and promote your latest offers effectively. Market your cashback offering by creating signage at the point of sale or by training your staff members to ask customers if they’d like cashback.
You can also promote your cashback solution online using your social media channels and email marketing. If you’re offering a cashback discount, it’s important to land the message to customers that they can earn as they spend. Cashback discount campaigns have been proven to incentivise customer loyalty. After all, if your customers can earn cash rewards for buying with you, why would they choose to buy elsewhere?
What cashback tools are available to help me with management?
There currently aren’t many tools available to help merchants with cashback management.
Big card companies hold most of the power and decision making in this area. There is also a lack of transparency and clarity for merchants and small business owners, leaving them with less control.
At OMG, we want to put the power back into your hands.
If you’re a business owner looking to create dynamic cashback offers for your customers, we can help. We are working hard to make it possible for you to create simple discount and cashback campaigns to grow your customer base and increase revenue.
Unlike other big companies in this sector, we want to give you simple, yet effective tools to take advantage of cashback discount campaigns.
With OMG Portal you can set up your cashback discount offers, whenever you want and just how you want to.
We also make it easier to market your cashback campaign to customers that are around you. And when all is said and done, we provide you with an easy to use dashboard that gives you helpful and actionable insights.
Learn more about OMG cashback solutions by joining our network at partners.omg.one. It's free!