New eBucks-linked debit card for SA farmers
South African farmers can now pay for goods and services at approved agricultural suppliers using a new 'Agri Purchasing Card' from First National Bank (FNB), which also rewards them with eBucks loyalty points.
The new card is available to FNB clients with an agricultural cheque or pre-plan crop finance account, allowing the nominated card holder to buy goods and services from approved agricultural suppliers, instead of having to present supplier invoices for electronic payment at their bank branch.
Less paperwork, more rewards The bank's Pre-plant Crop Finance clients - and their farm staff - can now use the card for direct purchases from approved suppliers without having to submit invoices at the bank. This eliminates a lot of the manual paperwork that farmers have traditionally had to keep up with, and allows agricultural merchants to have their invoices settled immediately at the time of each transaction.
In an effort to encourage farmers to switch to the new product, the bank has leveraged its existing alliance with the popular South African loyalty coalition, eBucks, to reward farmers with eBucks based on the amount spent on the card. Each transaction earns the farmer 0.5% of the value of the transaction back in eBucks (so, for example, a R20,000 purchase would yield 1,000 eBucks).
Redemption options The eBucks programme is free to join, and the currency does not expire. Although spend-to-earn ratios vary, when redeeming eBucks the exchange rate is fixed at 10 eBucks to 1 Rand (approx. US$0.14). eBucks can be redeemed either through the eBucks programme's rewards catalogues, or they can be redeemed at their cash value toward purchases from selected eBucks retail partners.
Farmers can request the card and register it with eBucks at their local bank branch, or they can contact eBucks to obtain it. Ernst Janovsky, head of FNB's agriculture division, said that the move means that FNB has become the first commercial bank in South Africa to offer farmers a loyalty rewards programme directly linked to their supply purchases.
For additional information: · Visit FNB at http://www.fnb.co.za · Visit eBucks at http://www.ebucks.com