Merchants accepting PayPal payments can now operate a turn-key reward program for their customers. The new MyStoreRewards customer loyalty service is offered by MyStoreCredit. Inc., and is available to all merchants who accept PayPal payments.
Major retailers offer customer reward programs through private-labeled credit cards or unique buyer ID cards. Until now, smaller online merchants could neither afford the expense nor could they dedicate resources to operate a customer rewards program.
“MyStoreRewards is a simple, low-cost reward program for online merchants, and we’re pleased to be able to offer this service to merchants that accept PayPal,” said Brian Lawe, CEO or MyStoreCredit, Inc. “Merchants can segment their customer base and offer customized rewards to drive increased sales and profits. Our service automatically tracks buyer activity, issues any cash reward and provides reporting for participating merchants.”
Reward programs stimulate repeat sales and drive profitability. According to Frederick Reichheld, author of “The Loyalty Effect”, a 5% increase in customer retention can increase lifetime profits from a customer by 75%.
“At PayPal, our merchants are always looking for new technologies which help them sell more effectively,” said Tim Villanueva, general manager of the PayPal platform and PayPal Developer Network. “The MyStoreRewards solution can help merchants drive repeat sales, which is a key goal for any business.”
The creation of MyStoreRewards is another example of the mashup phenomenon known as Web 2.0. According to Wikipedia.org, a mashup is a website or web application that seamlessly combines content from more than one source into an integrated experience. To encourage innovation, PayPal provides an interface to its payments platform so new services, like MyStoreRewards, can create useful tools for PayPal merchants.
Likewise, the MyStoreRewards service becomes incredibly efficient. According to a MyStoreRewards spokesperson, MyStoreRewards requires no added technical skills, hardware or software. Additionally, it takes as little as 15 minutes to create a merchant’s MyStoreRewards program and the average monthly fees, excluding buyer rewards, is only about $20.00 for every $20,000 in payments processed, or 1/10th of 1% of a merchant’s payment revenue.
About MyStoreCredit, Inc
MyStoreCredit, Inc. helps merchants increase sales through innovative online marketing tools. MyStoreCredit serves over 1,000 customers in 28 countries around the globe. The company has been operating the leading loyalty program on the eBay platform for four years.