AccountNow Launches Innovative Cash Rewards Program for Underbanked/Unbanked Customer Base
SAN RAMON, Calif., Nov. 29, 2010 /PRNewswire/ -- AccountNow, Inc., (www.accountnow.com), one of the country's leading prepaid debit card companies today launched a cash rewards program normally seen only by those with traditional credit card relationships.
AccountNow Purchase Rewards provides customers with cash credits for using their cards to make purchases at the type of stores, restaurants and service providers they already frequent. And the program is free for AccountNow customers.
"This is a highly relevant and valuable program for our customers because it provides them with cash rewards for using their card to make everyday purchases at places where they likely already shop," said Greg Pacheco, senior vice president of marketing at AccountNow.
Based upon a cardholder's previous purchases, individualized cash rewards offers are presented on their online account pages. The customer simply clicks to activate the offer, uses their card at that specific merchant, and soon thereafter has a cash credit appear on their statement.
"Providing our cardholders additional value for using their AccountNow card while providing merchants opportunities to increase their business makes perfect sense to us," said Jim Jones, CEO of AccountNow. "I believe this is especially valuable to our ongoing business because the underbanked/unbanked population very seldom gets these types of offers and may be very favorably inclined to remain an AccountNow customer."
The rewards program is being administered by transaction marketing leader Cardlytics, which works to secure merchants and offers that are most relevant to the growing AccountNow cardholder base.
"The underbanked population has been growing dramatically over the past few years, and represents a tremendous opportunity to merchants and businesses who want to tap into this market," said Lynne Laube, president of Cardlytics.
About AccountNow, Inc.
AccountNow (www.accountnow.com), headquartered in San Ramon, CA, is a leading provider of financial solutions for the 40 million U.S. consumers who do not have established credit or traditional banking relationships. AccountNow provides consumers an alternative to "traditional" checking accounts and access to financial and payments systems, including Visa prepaid cards, Pay Anyone Bill Payment, Card-to-Card transfers, and FDIC-insured deposits.
Through a highly relevant, "market-of-one" approach, Cardlytics unites banks and merchants to provide rich rewards to customers based on their individual purchase behavior. Its technology tracks consumers' actual purchases, providing the first digital channel that can guarantee offline sales and help consumers realize savings of hundreds of dollars per year on the products they purchase every day. The rewards improve consumers' banking behavior by increasing usage, reducing attrition and strengthening engagement with online banking. Cardlytics' multi-channel approach includes online banking, SMS, e-mail, mobile, online-mall and social networks. For more information about Cardlytics, visit www.cardlytics.com.
SOURCE AccountNow, Inc.