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Speed Launches Bitcoin Cashback: Reward Your Customers’ Every Purchase

At Speed, we are nothing if not user-centric. That’s why our team is constantly working with users to find ways we can make Speed better for everyone.  We are thrilled to introduce yet another irresistible feature that will encourage your customers to spend more with you — Cashback.

Now, you can offer cashback to your customers when they shop with you. You can set custom rules for cashback based on your preferences. Speed lets you offer a fixed amount or percentage-based cashback.

If you are not familiar with the idea of cashback, read on to find out what it’s all about, how it works, and how can you start rewarding your customers with Speed.

What is Speed Cashback?

Speed Cashback lets you reward your customers if they meet certain spending criteria. You can pre-define the rules for cashback, and Speed will allow your customers to claim their cashback if they meet your criteria.

Speed cashback works similarly to discount. For example, if your customer makes a $100 purchase and is eligible for a 2% cashback, they can claim $2 back by scanning Speed’s cashback QR. While this may not seem much, cashbacks have proven to be a great way to retain customers.

How it works?

Setting up Speed Cashbacks is super easy. Once cashback rules are active, your customers can claim their rewards by scanning the cashback QR via their preferred Bitcoin wallet. Let’s learn how you can create your first cashback.

  • Sign in to your Speed account via this link. If you don’t have a Speed account yet, you can create one for free via this link.
  • Once in, head over to Send Payments > Cashback.
  • To create a new cashback, click on “Create New” and set the cashback name, rules, and schedule.
  • Upon successful activation, the cashback will be applicable to eligible purchases whenever your customers pay via Speed.

With Speed, there is no need to load an additional balance for cashback. The cashback reward will be deducted directly from your customer’s payment. Furthermore, there are no charges for using this feature. It comes bundled with a Speed merchant account for free.

Benefits of offering cashback

Loyalty programs are a win-win for the brands as well as the consumers. Companies offering cashback rewards see stronger brand loyalty, a lower acquisition cost, and an increase in revenues.

Consumers, on the other side, benefit from lower prices and instant cashback. In fact, 2/3 of consumers believe that earning rewards and loyalty points is one of the most valuable benefits of online shopping.

Here are a few benefits of offering cashback:

▸Attract new customers

Offering cashback is one of the most effective ways of attracting new customers. In a recent survey, Wildfire, a white-label loyalty, rewards, and cashback platform, 90% of consumers say that they are more interested in getting discounts, using coupons, and earning cashback rewards while they shop.

Cashbacks and customer rewards are no longer optional. Customers expect cashback and discounts on every purchase. Thus, if you are seeking to dominate your competition, it is time to enable cashback offers.

Sign up with Speed today to design and deploy attractive cashback campaigns with just a few clicks.

▸Is cheaper than other rewards and marketing activities

Most loyalty programs reward customers for spending a certain amount or visiting a certain number of times. The reward could be anything, a free product, complimentary coffee, or a service. It really depends on your industry.

Offering free products and services can end up costing you more than a cashback might. Let’s say you want to reward your customers with a free coffee if their order total exceeds $20. This will cost you $5 for every $20 spent by your customers.

On the other hand, if you decide to offer 1% cashback, you will only be giving away $0.2 for every $20 spent. Even if you offer higher cashback, let’s say 5%, even then, you will end up saving $4 with cashback rewards.

▸Boost customer loyalty

A recent report from TidalCommerce revealed roughly 83% of consumers say that they are more likely to return to a business if it has a rewards program than a business without any incentives.

Cashbacks can significantly boost your customer loyalty. Over 46 percent of consumers consider cashback a vital step in their purchase decisions. If you don’t have an active rewards program, they are less likely to purchase from you. Thus, if you are seeking to boost customer loyalty, a rewards program is a necessity.

▸Maximize sales

Cashback rewards can boost your sales significantly. After all, who doesn’t like getting additional benefits on their purchases? Everyone is inclined to cash in on rewards for purchasing an item they already need.

According to a report by Statista, retailers who have participated in cashback grew their revenue up to 2.5x faster than competitors who do not use them. Cashback not only attracts new users but also encourages existing customers to buy often from you. Thus, cashback rewards are an effective way of maximizing sales, irrespective of the industry you are in.

Start offering cashback today with Speed

Cashbacks are undoubtedly one of the most effective ways to boost customer loyalty, maximize sales, and attract new customers. With Speed, you can start rewarding customers for every purchase in just a few clicks. Sending invoices via Speed is simple, convenient, and completely free.

Get started today to start sending professional-looking invoices to your customers right from your vendor dashboard. With the lowest transaction fees, 99.99% uptime guarantee, and world-class customer support, Speed is one of the best Bitcoin payment processors on the internet. Sign up for a merchant account today to experience Bitcoin payments at the speed of light.

FAQs

What is cashback?

Cashback is a type of reward program that gives customers a percentage of their purchase price back in the form of money. Merchants can offer cashback to customers as a way to incentivize them to shop at their stores or businesses.

When a customer completes a purchase via Speed, they earn a percentage of their purchase price back. The customers can claim their reward by scanning the cashback QR via their preferred Bitcoin wallet.

By offering cashback, you can not only boost sales but also increase customer loyalty and brand awareness.By offering cashback, you can not only boost sales but also increase customer loyalty and brand awareness.

Speed Team

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