Inflation is leading more consumers to seek out cashback incentive programs as a way to save money while shopping at their favorite retailers, but with the majority of top-tier programs led by banks and credit card companies, smaller merchants are largely left out. Now that might be changing with a new partnership between the loyalty commerce network Valuedynamx and Plink, a technology company that leverages open banking data and digital payment processing. This partnership is providing a way for local businesses to get involved in cashback programs managed by large banks and other financial institutions.
Valuedynamx’s program offers a way for financial institutions to identify the merchants that matter most to their cardholders—essentially, where shoppers spend their money—and include those merchants in their cashback programs. The program creates a closed loop between merchants and cardholders, as it ties together each business’ digital presence with basic consumer data.
According to Valuedynamx, this marks the first time core processing data has been combined with a financial institution’s omnichannel digital communication capability to deliver value to merchants and cardholders. The program itself is actually an extension of the Valuedynamx marketplace.
The partnership between Valuedynamx and Plink comes at a time when many banks are looking at how they can maximize data and digital infrastructure to provide more relevant value to their customers.
“More than ever, financial institutions want to demonstrate their commitment to the customer by rewarding them for frequenting their favorite local businesses,” said Plink CEO Mitch Jacobs in a press release. “Our partnership with Valuedynamx puts financial technology to work to create a win-win between financial institutions, particularly for credit unions and community banks, and merchants.”
Valuedynamx and Plink each bring something different to the table. As a loyalty commerce network, Valuedynamx has the ability to deliver relevant offers to shoppers in real time. What Plink brings to the table is access, thanks to its partnerships with top financial institutions.
Benefits to Local Merchants
The partnership between Valuedynamx and Plink should benefit local merchants in a few different ways. Having a custom audience of verified spenders gives merchants a new channel to reach customers who consistently spend near their physical locations.
Valuedynamx will also be giving merchants access to a community data feed, which provides them with the changing lifetime value of each customer with each transaction.
“Valuedynamx is all about delivering relevant, timely offers,” said Ed Wogan, Valuedynamx’s senior vice president and chief merchant officer, in a press release. “Because Plink is able to recruit community-centric merchants based on FI recommendations, we are able to add them to the program quickly, complementing national merchant and travel offers, adding 360 degrees of value to the program.”
