Fiserv Inc. announced new redemption options for its UChoose Rewards program, which supports consumer and small-business market segments for debit and credit card programs, and allows financial institutions to select from merchant-funded, issuer-funded, or a blended rewards programs.

UChoose Rewards now offers its participants the ability to redeem rewards via a new web-enabled, in-store pick-up redemption option. The in-store pick-up option allows participants to order merchandise online as usual, but instead of waiting for items to be shipped, participants can pick them up at participating retailers.

The merchandise will normally be available within 20 to 45 minutes with no waiting in line, thanks to reserved parking spaces and dedicated check-out lines. Currently this option is available for reward items redeemed at Best Buy with additional retailers to be added in the near future.

Since launching the UChoose Rewards in-store pick-up option, nearly 30% of cardholders redeeming rewards for merchandise at Best Buy choose the in-store pick up option. The average time between order placement and notification of in-store pick-up availability was 23 minutes.

"With rewards at the top of consumers' shopping list when they are selecting credit cards, issuers need a way to make their rewards programs stand out," says Ken Paterson, vice president, Research Operations, Mercator Advisory Group. "UChoose Rewards from Fiserv improves the immediacy of rewards, while featuring the brand recognition of retailers that consumers trust."

"UChoose Rewards has always been about choices," says Holly Krest, senior vice president, Loyalty Solutions, Fiserv. "Our financial institution clients have choices in the type of UChoose Rewards program they offer, including issuer-funded, merchant-funded, or blended; participants have loads of choices in rewards; and now participants have choices in redemption options as well."

Also available is a new ecertificate redemption option, which gives participants immediate access to their rewards. This option allows participants to redeem points for a gift card reward, but rather than waiting for a plastic gift card to arrive in the mail, an ecertificate is available immediately for download. Currently there are more than 80 merchants offering e-certificates, with more expected soon.

http://investors.fiserv.com/releasedetail.cfm?ReleaseID=647211

 

 

[This article was posted on February 22, 2012, on the website of ABA Banking Journal, www.ababj.com.]

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