RANCHO CUCAMONGA, Calif. CO-OP Financial Services announced this morning the introduction of “Shop Main Street,” a card-based local merchant rewards program.
CO-OP Financial is teaming with RewardsNOW Inc. for the local rewards program, which can be added as a feature of the credit union’s CO-OP Member Rewards loyalty program or can be included as part of the standalone CO-OP Merchant Funded Rewards program, in which credit union members earn points for online purchases at national retailers.
CO-OP and RewardsNOW will work with participating credit unions to enroll local merchants in Shop Main Street. Whenever members use their credit union-issued debit or credit card at a participating local merchant, the merchant credits the member with bonus points, which are entered into their credit union loyalty program. Members may then redeem their earned points for local merchant gift cards or other redemption options.
The program provides credit unions with additional income opportunities through increased card usage and interchange revenue from everyday purchases by members, and through a rebate on every transaction amount, paid by the merchant, to offset the cost of the bonus points.
“For credit unions, it means closer ties with their members, increased income and enhanced commercial relationships with local merchants,” said Stan hollen, president of CO-OP Financial. “For merchants, it provides the opportunity to build repeat-customer business; and for credit union members, it means good deals at local establishments and a more useful rewards program from their credit union.”
Credit union members participating in the rewards program will receive communications that includes a welcome email, program activity confirmations and periodic marketing messages highlighting special offers from the network of merchants. Members can also view their Shop Main Street activity via the credit union’s loyalty program website.
