|FIS introduces merchant-funded cardholder loyalty program|
May 3, 2011
FIS launched ScoreMore Rewards, a new cardholder loyalty program with the unique benefit of no additional administrative fees to participating financial institutions.
An extension of FIS’ existing ScoreCard loyalty program, ScoreMore Rewards is a full-service, merchant-funded rewards program. Cardholders are rewarded with additional bonus points for shopping at select national, regional, and local retailers. In addition, financial institutions receive financial credit for bonus points earned by their customers who are ScoreMore Rewards participant cardholders for purchases made through the network of more than 8,000 participating retailers. There are 4 million card accounts currently benefiting from ScoreMore Rewards.
The ScoreMore Rewards program allows financial institutions to offer more value to their cardholders with the ability to earn bonus points more quickly, as well as to create value for retailers as consumers are more likely to frequent a retailer that offers bonus points. Because the bonus points offered through ScoreMore Rewards are guaranteed by FIS, there is no risk to the client for receiving the points. In addition, the ScoreMore Rewards program accumulates points more rapidly than the 30-60 days of traditional rewards programs—allowing the customer access to their bonus points more closely to the time of the transaction. Customers can also visit the ScoreCard website where they can search for offers based on a key word, retailer category, retailer type, or bonus points award offer.
“The Durbin Amendment has made it very difficult for financial institutions to offer loyalty programs to their customers due to the reduction of interchange revenue,” said Frank D’Angelo, executive vice-president, FIS Payment Solutions Group. “The new ScoreMore Rewards program takes the burden of offering a loyalty program off the shoulders of the financial institution and provides them with the means to offer a new and exciting program for their customers–all at no cost to them.”
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