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Posted March 27, 2019 by FreedomPay

Tokenization and data – the value in unlocking loyalty at the Point of Sale

Merchants are no stranger to the transformational power of point of sale (POS) data. They already use it to link demand with inventory, create customer profiles for marketing and to spot buying trends in individual and across multiple locations.

However, the true commercial value of sales data lies in being able to drill down to individual customer’s buying behaviors – what they’re buying, where and when, and how they paid for it while staying data compliant.

Revenue hungry brands are eager to tap into this rich vein of data to re-energize their loyalty programs with seamless access to personalized content and tailored rewards. But, without the technology to link it securely to a specific customer, and across business functions, the prospect of meaningfully monetizing is lost.

Smart and safe: Harnessing data and tokenization

So how to unlock it? For omnichannel brands focused on driving stickier relationships, the easiest way to harness data and ID is using tokenization. This works by generating a customer identifier code or ‘token’ which is linked to the payment mechanism. Data from an individual’s sales journey can then be tracked invisibly, with no friction, and without compromising sensitive cardholder details.

Used in tandem with a connected commerce platform, tokens can be shared across business functions breaking down operational silos and connecting sales, CRM, social and marketing activities.

Near-money loyalty: Expanding tokenization

Not only that but tokenized points are 100% transferable and tradeable so they become a near-money currency across brands and outlets. This lends itself seamlessly for loyalty programs. Loyalty suddenly becomes more versatile, usable and attractive for customers – and a potential source of revenue for the merchant.

Using customer data in this way allows brands to execute loyalty as part of their business operations – as a platform not as a ‘point’ solution.

By doing so they can make the shift to truly seamless customer centric loyalty programs, delivering highly targeted and fluid rewards that flow smoothly between multiple vendors. Creating more value-rich experiences, boosting uplift and connecting with customers for longer.

All of this and more is just sitting on the POS waiting to be freed.

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Posted March 27, 2019 by FreedomPay

Identifying the Shift in Alternative Payment Methods and what it means for Consumers

 

 

Customers want more. they want better experiences and that is really what our whitepaper and participation is about this year [at NRF], is really focusing on the consumerization of payments, and allowing customers to be the center of the ecosystem, so that when retailers want to engage, that consumer has the best experience possible.

 

Some of the exciting trends we are seeing [in 2020] are the interests in alternative payment methods, and that’s one of the areas that FreedomPay takes that concept of having a lot of variable payment methods but also tying that back to a merchant to make sure that they can integrate those payment methods into their loyalty program, into their existing business intelligence assets,  so they can get that great 360-degree profile of their customer, and really start to embrace the way they change within their business.

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