Local Business Currencies
In this blog, we describe how local currencies can have an important impact on local economies, in particular for local consumers and small businesses. We will discuss different tools that can be implemented to engage consumers more with local businesses.
A currency for buy-local
Local neighborhoods and cities thrive because of the people and the local businesses that make them great. However, local small businesses increasingly face fierce competition from online stores and big retailers.
Local currencies and buy-local payment solutions support the ecosystem of local consumers, shops, and small businesses. They ensure that resources circulate locally and are directed to targeted consumers, selected local businesses, or for particular purposes.
Local currencies can be implemented by local shops or businesses, local organizations, or local governments. We assist them with first-in-class software solutions, insights, and support.
Gift cards
A gift card is a prepaid card or digital voucher that allows the beneficiary or recipient to purchase goods or services up to a specific value from the issuer or affiliated stores and merchants.
Gift cards are a very popular way to give someone the flexibility to choose what they want while ensuring the gift is tied to local small businesses, a particular purpose, or a specific use. They can be issued by one retailer, a group of local businesses or shops, a financial institution, or a local government.
With our gift card platform, you can issue and manage both physical and digital gift cards, a QR code or a unique number sent via email or SMS. You can customize branding and add specific rules for buying, redeeming, and expiry.
Mobile wallets
With our customizable, dynamic, and white-label mobile wallet, consumers can upload and store money for purchases at affiliated shops and local retailers. The wallet replaces the need for physical cards or cash and offers a convenient and secure way to pay locally.
You can customize branding and add specific rules for uploading, redeeming, or even expiry. Consumers can receive extra benefits or cashback on uploading or redeeming. Multiple payment methods can be configured for shops (transfers, POS payments, QR payments, NFC cards).
Our mobile wallet is designed to be inclusive and easy to handle, without exposing sensitive personal information. Merchants' balances are cleared and converted according to specific rules and procedures.
Digital vouchers
Digital vouchers (or e-vouchers) are electronic versions of coupons that can be redeemed for goods or services at affiliated merchants and stores. They are very practical to reward people for certain actions, for discounts or promotional tools, and to direct financial assistance to target groups.
We offer customized branding with configurable rules for issuing (specific values, maximums per beneficiary, recycle and reload, cancel), redeeming (partially or totally, with or without PIN), and expiry settings.
E-vouchers can be delivered instantly through our platform via digital channels (email, SMS, WhatsApp, etc.). They can also be printed or uploaded by beneficiaries in our mobile wallet. The unique codes or QR codes stand for secure redemption and do not expose personal information.
Loyalty points
Loyalty points are rewards that customers earn when purchasing at an affiliated local shop or business. With our dynamic, white-label, and scalable solution, you can design a loyalty program to incentivize continued consumer engagement with local businesses.
Customize your branding and earning mechanisms! You can reward customers for each visit to a local shop. You can also reward customers as a percentage of their spending. Consumers only need to present their physical or digital QR code at the merchants' POS for scanning.
Redeeming of points at participating local businesses and shops is also very easy as a discount or payment method (transfers, POS payments, QR payments, NFC cards). Expiry rules can be set. A periodic and configurable clearing process settles balances of participating shops and merchants.
Marketplace
Today, online shopping has become an integral part of modern commerce. Surely local shops have lost market shares in favor of big online retail platforms. However, we can also use similar digital commercial tools to support local shops and businesses.
With our tools, you can set up and manage a flourishing online marketplace or e-commerce for affiliated local shops and merchants. Stock management, multiple delivery methods, promotion prices, purchase feedbacks can be easily managed by local shops and merchants.
Consumers can now save time and still shop locally. Payments can be made with our mobile wallets or integrated card payment gateways. Consumers may even earn extra loyalty points, special discounts, or coupons to engage more with local shops and businesses.
Management
We deliver solutions for a local business currency or mobile payments that support the local economy and small businesses. Our solutions are ready-to-use and scalable with minimum set-up and easy-to-run with low operational costs.
Our local payment solutions are all highly configurable, white-label, and multi-language. You can also set the rules for periodic settling of balances and define your business model with memberships and transaction fees for participating businesses.
The platform collects valuable data and insights on consumer habits so you can monitor and improve the buy-local program or apply targeted marketing. Data of merchants and customers are protected by privacy policies and securely handled and stored.
Takeaways
By fostering long-term relationships, local business currencies benefit both businesses and customers, creating a win-win scenario.
Multiple and complementary tools are available to engage consumers with local shops and businesses like gift cards, mobile wallets, digital vouchers, and even e-commerce.
Choose your starting strategy, evaluate with consumers and local businesses, and add more features as you go!