Loyalzoo’s Memberships & Recurring Payments software has revolutionized “payments as a strategy” for small businesses and continues to build innovative features
Global loyalty company Loyalzoo announced the launch today of a new credit feature to its Memberships and Recurring Payments software. Merchants will be able to collect subscription payments from customers, accumulating a credit balance which they can use to cover purchases on subsequent visits.
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‘There has been huge demand for the credit feature from merchants’, says Loyalzoo CEO Massimo Sirolla. ‘After more than a year of lockdown, merchants are much more open to innovative ways of increasing and securing revenue, offering customers flexible means of payment that will benefit both parties to the transaction. Think of it as the opposite of the customer spending in order to earn loyalty points. With the credit feature they buy the points in advance, then spend against them. In return, the customer may get special discounts or VIP treatment, but it’s down to the merchant how they want to do that’.
‘There was a time not so long ago when merchants would extend credit to their customers. Now the pendulum has swung the other way and customers are ready to extend credit to merchants. A lot of that change in culture is down to Amazon Prime which has made popular the up-front monthly fee in exchange for VIP treatment. Our recurring payments software takes the same approach but makes it available to small and medium-sized businesses everywhere. The credit feature is the first of many enhancements to the service that takes advantage of customers’ willingness to pay in advance and save themselves the trouble of having to pay each time they visit. A customer at a coffee shop for example, might spend $50 each month. So instead of paying each time, they could pay the $50 up front in return for some perk. It’s the principle of the Starbucks app and it’s been hugely successful for them’.
Memberships and Recurring Payments is available on Clover, Poynt and Epos Now point of sale systems, or it can be run independently on a PC or tablet, using the Stripe payment gateway.
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