FINANCIAL INSTITUTIONS Start Issuing “Loyalty Rewards”Mission Statement:“To educate local communities on the importance of supportinglocal merchants, organizations, banks and the economic impactit has back on the community”.
Current adopters in the industry Bank of America (BankAmeriDeals) U.S. Corp (FreeMoney) Sovereign Bank (Sovereign Rewards) Ally Bank (AllyPerks) PNC (PNC CashBuilder) Region Bank
By the numbers: Merchant-FundedIncentives by 2015 $1.7 BILLION Estimated annual revenue from the incentives for card issuers $115 BILLION Est. dollar volume of transactions resulting from the programs 460 MILLION U.S. cardholders est. to subscribe 140 MILLION U.S. subscribers expected to actually redeem incentivesSource: Aite Group LLC
How we help community banks Making your bank card the most relevant in their wallets Grow your deposits Establish a broader enterprise offering around online banking Build a loyal community client base Reach new bank customers through the latest local channels, including mobile technology
Why your customers enroll Engaging online and offline marketing strategies Local retail partners that bring your customers relevant, high-value offers Purchase tips and interactive tools to help them make the right choice No enrollment fees, no extra fees
Turn-key Marketing & Promotions Your Banking Website Linked directly to LOCAL offers in your community
Latest Mobile Technology Offers can be directed directly to mobile bank users
Minimal Integration, Minimal Risk Keeping It Local is a system that enables merchants to accept credit cards, debit cards, gift cards and other proprietary cards online or in person. No integration is required since we only provide rebates/rewards (credit) back to your financial institution cardholders (checking accounts), minimizing risk.
About the Platform The platform where the Keeping It Local rewards are issued, is a PCI DSS (Payment Card Industry/ Data Security Standard) validated and compliant platform that adheres to all the requirements allowing it to handle cardholder information and processing of transactions for the major debit, credit, prepaid, ACH, ATM and POS cards. Our processor has been through an in-depth audit of their control objectives, control activities, including controls over information technology and related processes in accordance with SSAE 16 AUDIT
How it Works Existing Issued Bank Checking Debit Cards Bank Account holdersLoyalty Rebate Participating Merchant Your bank debit cardholders are OFFERED rebates at LOCAL participating merchants. They use your card to pay.
How it Works Existing Issued Bank Checking Debit Cards Bank Account holders Loyalty Rebate Participating MerchantYour bank debitcard now becomesmore important tothe cardholder andmoves to the topof the wallet
How it Works Existing Issued Bank Checking Debit Cards Bank Account holders Rebates are deposited back into your customers checkingLoyalty Rebate accounts, at your bank Participating Merchant
How it Works Existing Issued Bank Your cardholder is now more Checking Debit Cards loyal and more likely to use your bank card for purchases! Bank Account holdersLoyalty Rebate Participating Merchant
How we make it happen Each cardholder enrolled will be assigned an internal “matching” 16 digit number on our accounting system, that coincides with the 16 digit card number your bank issued. When your existing issued bank cards are swiped on the “Keeping It Local” terminals for rebates, the system will recognize the cardholder as an account at your bank
Service Level OptionsOPTIONS Self-Service Full ServiceFREE ENROLLMENTNo Set-CostFREE ACH credits(rebates) back into yourindividual bank accountsFREE ACH Aggregateamount (total rebates)Your bank credits youraccounts
Requirements for Service Levels Full Service- We would ACH credits (rebates) directly to checking account holders. This would require having the bank account numbers associated with the card enrolled on the program Self- Service - We would ACH the bank an aggregate amount (total rebates) and the bank would credit the bank account numbers associated with the card enrolled in the program
Local Rewards Network Your Bank POS Terminal Debit Cards MerchantPCI CompliantProcessor Your cardholders purchase from merchant with Your Bank Card Your Bank Bank Cardholder
Local Rewards Network Your Bank POS Terminal Debit Cards MerchantPCI CompliantProcessor Merchants swipe the SAME bank card on the Keeping It Local POS to get rebates Your Bank Bank Cardholder
Local Rewards Network Your Bank POS Terminal Debit Cards MerchantPCI CompliantProcessor No Training Required. Cashier simply swipes and enters the amount of the sale (excluding tax or tips) Your Bank Bank Cardholder
Local Rewards Network Your Bank POS Terminal Debit Cards MerchantPCI CompliantProcessor The system automatically batches the rebates, ONLY after purchases have been authorized on the POS. Your Bank Bank Cardholder
Local Rewards Network Your Bank POS Terminal Debit Cards MerchantPCI CompliantProcessor The processor then sends the ACH credit directly to the cardholders bank account at your Financial Institution Your Bank Bank Cardholder