US payment processor launches loyalty payment cards
The US credit card processing company Fiserv Credit Processing Services has expanded its cardholder loyalty programme offering with the 'PLUS One Rewards' programme, aided by ESC Loyalty.
Fiserv implemented PLUS One Rewards to provide an integrated, end-to-end loyalty solution that meets specific needs of its lending institution clients. The programme provides a range of tools to add value to a bank's branded credit cards, such as travel incentives, gift certificates, merchandise, programme management, marketing support, and customer service.
Encouraging behaviour According to Patricia Hewitt, Fiserv Credit Processing Services' vice president: "The importance of a credit issuer being able to deliver a variety of loyalty programmes to consumers cannot be overstated. We want our clients to be able to design programmes that can be specific to their portfolio base. PLUS One Rewards gives financial institutions the ability to closely manage and encourage consumer behaviour by stimulating their credit card spending as well as connecting rewards to other lending activities."
Through the programme, a bank cardholder using a branded credit card earns points for their entire spend on the card. Those points then go into a PLUS One Rewards account that can be used to obtain a range of airline and travel rewards, brand-name merchandise, and gift cards or certificates from participating restaurants and retailers.
Reward redemption Consumers access their reward accounts through the programme's web site, where they can browse the rewards catalogue and redeem their points. Customer service representatives are also available to assist cardholders with specific questions or travel redemptions.
Bank benefits Financial institutions stand to benefit from the new programme, too. The financial institution itself defines when points are awarded and can incorporate first-time bonus points, points tied to transaction amounts, and tiered point programmes. And, according to Hewitt, "A lender might also decide to add extra points for a customer's spending behaviour outside of existing card-based programmes through an easy-to-use desktop tool; for example, they could offer an extra 5,000 points to consumers who are approved for a vehicle loan or home equity account."
David Tate, director of marketing for ESC Loyalty, said: "We've had great success with the Bonus Check Card programme through Fiserv EFT over the past three years. This new alliance with Fiserv Credit Processing Services enhances our position as Fiserv's end-to-end loyalty provider and extends an even stronger loyalty value to all their debit and credit issuers."