The Ultimate Small Business Customer Engagement Tool

Published on
Feb 7, 2023
Written by
Jeremy Vaughn
Read time
8 mins

Key Takeaways

•  A business's co-branded card can promote the business to its existing and new customers
•  Implementing a co-branded credit or debit card program can be a dauntingly complex and costly task for small businesses
•  Rimark's card program doesn't require any specialized knowledge or technology
•  Rimark's co-branded cards offer the low risk of a debit card and the benefits of a premium credit card
•  Cardholders can earn rewards from multiple brands using a single debit card
•  When business opt to have their BrandCash™ points be redeemable only through their business, it creates a unique new revenue stream

Small businesses are the growth engine of America’s economy. But the increasing cost of acquiring and retaining customers is compelling them to reconsider their marketing strategies and scale back on advertising. To counter this trend, businesses are offering incentives and rewards like discounts, points, and cashbacks to increase sales. These types of programs can help build customer loyalty and encourage repeat business, which can be key in helping businesses weather economic headwinds.

However, it can still be challenging for businesses to maintain regular touch points with consumers in today's crowded and competitive market. With so many options and distractions, it can be hard to capture the attention and loyalty of their target audiences. This is where incentives and rewards can be particularly useful, as they provide a way for brands to stand out and engage with customers in a meaningful way. By using targeted marketing campaigns, building a community, and offering valuable rewards, businesses can build strong customer relations and prompt repeat business.

Rimark's co-branded card is a turnkey solution that will help small to medium-sized businesses achieve two things: regular touch points with customers and a new revenue stream of passive income. Acting as a marketing tool, the card will mitigate the need to use email and SMS campaigns as the preferred means for reaching customers to get their attention. Instead, every time a customer uses the business's co-branded card, the customer will be reminded of that business, especially when they continue to earn rewards in the redeemable points of that business. Not only will the business be able to increase revenue, it will also be able to use the very tools and resources that larger businesses skillfully employ to foster repeat business from a loyal user base.

How Big Businesses Do It

Big businesses have the financial and technological resources to engage customers in ways that small businesses can't by using expensive co-branded credit cards programs. Let's look at how they do it.

The MileagePlus program from United Airlines showcases the power of how a co-branded credit card rewards program can engage customers on a daily basis. Customers earn miles as rewards for using their MileagePlus credit card for purchases such as groceries, retail products, or subscriptions, and then redeem those miles for flights on United Airlines. By offering this incentive, United is able to encourage customer loyalty and keep them coming back to the airline for their travel needs. The rewards program not only promotes ticket sales, it also helps keep United top of mind and their card top-of-wallet.

Small business Branded Cards

Implementing a branded credit or debit card program can be a dauntingly complex and costly task for small businesses, requiring in-house technical teams, software integrations, compliance, and policy considerations. While card program managers may offer a packaged solution that include application programming interfaces (APIs), know your customer (KYC) procedures, banking partnerships, and customer service, businesses will still need their own tech team and application that can be integrated with the card issuer's API.

For small businesses looking for the benefits of a cash back program without an onerous commitment, Rimark's debit card offers a turnkey solution. Our cash back program enables daily interactions with customers, creating a new source of income, all without requiring any specialized knowledge or technology.

The Ultimate Online to Offline Connector

Rimark's debit card is the ultimate online to offline connector. It offers the low risk of a debit card with the benefits of a premium credit card, including physical and virtual options that are compatible with Apple and Google Pay.

How it works. The Rimark debit card allows customers to earn cashback rewards on daily purchases. Each time they earn a cashback, it is deposited directly into their account in the BrandCash™ points of the businesses they select. Unlike most retail cards, the Rimark debit card also allows customers to earn rewards from multiple brands using a single debit card. This added benefit is a feature unique to Rimark's app and a key differentiator from other cashback debit cards.

The Rimark card not only rewards the cardholder, it also benefits the participating businesses in several ways:

  1. it gives the business a touchpoint every time the customer earns a cashback;
  2. it creates a unique new revenue stream as the business can opt to have those points be redeemable only through their business;
  3. it serves to keep the business top of mind; and
  4. the co-branded card serves as an effective marketing tool for the business—acting as a reminder to its existing customers and promoting the business to attract new ones.

Benefiting Businesses of Any Size

The Rimark debit card benefits businesses of any size. A small town ice cream shop with only one location, for instance, may not see any merit in issuing a co-branded Rimark debit card. However, if that same ice cream shop was a member of a local merchant organization that did issue a co-branded Rimark debit card, they could potentially benefit from the association as customers could earn and spend rewards at any participating business, or use the debit card at non-member businesses to earn cashbacks and spend them at member businesses. If the co-branded card was supporting a community initiative or a charitable cause, customers could choose to donate their cashback rewards to the organization, which could then distribute the rewards to its intended beneficiaries. Both options would be an excellent way to support local businesses.

Other companies may also benefit from offering a customized Rimark debit card to their customers. For example, a luxury travel company that wanted to offer AmEx Black level benefits to its members could also use BrandCash™ rewards. Every time their members used their Rimark debit card to make a purchase, they would earn cashbacks in the travel company's BrandCash™, which could be redeemed exclusively for travel discounts using their concierge services.

While there are many different types of businesses that could benefit from using BrandCash™, an ideal business would have an established customer base that's eager to participate in their program to earn rewards. Rimark's co-branded debit card program is entirely unique because it gives businesses the ability to customize their rewards and benefits to meet their specific needs. It is also the only debit card that rewards cardholders with BrandCash™ points from multiple businesses, making it a versatile option for consumers as well.

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