L-A tests waters of retail reward program
A startup tech company offering a new buy-local rewards program is pitching the Androscoggin County Chamber of Commerce and local retailers.
Synderesis Technologies, based in Gainesville, Va., and Denver, Colo., has developed a loyalty program for card and app users geared toward encouraging local purchases, while saving merchants money on processing fees. The My Axis Point program also collects purchase-history data for each customer, making it possible for retailers to adjust promotions to individuals, according to Synderesis Vice President of Operations Development Pat Lightle.
For customers, the product offers loyalty or rewards points per purchase and an opportunity to opt-in to receive more discounts from stores. The mobile-device application will allow customers to pay with their phones.
A forum to introduce the program was held Dec. 8 at the Androscoggin County Chamber of Commerce to explain the card to the retail community. "Maine is the first pioneer in this venture," says Lightle. "Eventually, it'll be rolled out all over the country."
Auburn Mayor Dick Gleason, who owns an Internet service and radio stations, invited the company to Maine because he wants to boost Auburn's buy-local campaign. "We have got to get beyond a coupon punch card and coupon book," Gleason says in a press release. "The loyalty rewards and cash-back incentives would give people tangible financial reasons to shop locally."
The rewards program would be accepted by any retailer who decides to participate. The card is free to consumers, and with each purchase, a percentage returns to the customers in reward points. The merchant would be charged 0.8% per transaction, which is significantly lower than most swipe and processing fees, according to Lightle. The program also allows shoppers to use a website to manage their funds or purchase items from local retailers and be part of a larger online community.
Synderesis has a patent pending to allow the card to interface with merchants' cash registers and computer programs.
Rebecca Goldfine
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