Jeff Mankoff, Founder & CEOThe holy grail for retail establishments of all types and sizes is to know customers and understand buying behavior to drive repeat visits and sales. Brick-and-mortar and omnichannel retailers often turn to loyalty programs to acquire customer intelligence and engage with customers. However, conventional loyalty programs put retailers at the risk of alienating customers with cumbersome experiences surrounding program enrollment; rewards tracking; and redemption involving mobile apps, QR codes, and the always annoying question: “Are you in our loyalty program?” Simply put, loyalty today has too much friction.
With the convergence of several technologies, including card-linking and customer-facing touch screen payment terminals, Jeff Mankoff, founder and CEO of vPromos, saw an opportunity to streamline loyalty. “With the rapid pace of fintech innovation today, CIOs and CMOs are recognizing that payment terminals combined with terminal integrated card-linking technologies are the perfect loyalty engagement devices,” states Mankoff.
vPromos offers vLoyalty Enterprise for large retailers and vLoyalty SMB for small and mid-size businesses. vLoyalty Enterprise is a cloud-based customer loyalty and engagement platform that integrates with a retailer’s payment terminals. The platform eliminates the manual loyalty process of collecting shopper information and instead utilizes their credit or debit card data to track loyalty automatically. “Conventional, manually tracked loyalty can be hard for customers and merchants alike. We designed the system so that when the shopper pays with an enrolled credit card, the card linking tracks loyalty points earned and redeems rewards automatically,” explains Mankoff. “We also knew that we had to make it easy to enroll and agree to terms right at the terminal, and that is what the system does.”
A big issue many retailers face with conventional loyalty programs is maximizing enrollment. A major auto parts company reached out to vPromos wanting to improve their client facing loyalty program enrollment process.
CIOs and CMOs are recognizing that payment terminals combined with terminal integrated card-linking technologies are the perfect loyalty engagement devices
“With terminal integrated card-linking, when a payment card is not enrolled, vLoyalty systematically delivers a prompt on the payment terminal screen asking the customer to join the loyalty program,” says Mankoff. Following implementation of the vLoyalty Enterprise platform, enrollment rates increased somewhere between 60 to 70 percent.
Over their 10-year journey, the company has developed key patents and intellectual property, making them an ideal vendor of card and payment solutions in today’s growing economy of cashless and digital transactions. “Not only are card-linking loyalty and payment terminal technologies driving the future of loyalty, it is also an important part of the engagement equation for retailers,” states Mankoff. “With omnichannel shopping, customers expect a consistent shopping experience. For instance, when we shop online, retailers confirm the experience with an email. Terminal integrated card linking enables brick and mortar to do the same, with payment triggered mobile and email thank you confirmations.”
vPromos views the coming year to be engaging and thriving as the company’s next venture entails virtual gift cards. “We are pleased that we recently received a patent for card-linked gift cards” explains Mankoff. The future of card-linking loyalty, payments, and mobile engagement is in the making and vPromos is positioned well among the leaders in the retail marketplace.