SYLVANIA, Ohio, and HADLEY, Mass. (10/7/14)--Two credit unions have picked Buzz Points' merchant-funded loyalty product that will allow them to offer their members a program where they can earn rewards by shopping locally.
Great Lakes CU, Sylvania, Ohio, with $28 million in assets, said it is vital to search out ways to support the local economy--especially in places located in the rust belt, which has been ravaged by the loss of manufacturing jobs in recent years.
Buzz Points is a CUNA Strategic Services alliance provider.
Said Great Lakes President/CEO David Seeger: "Unlike any other loyalty program on the market, Buzz Points delivers concrete incentives and rewards to our members for shopping locally and also provides our local independent businesses with the market insights and targeted marketing techniques they need to compete with national chains that have access to sophisticated data analytics and customer segmentation tools."
"On top of the business benefits, members can donate their points to local nonprofits of their choice should they decide to give back to the community through Buzz Points," Seeger added.
Through the program, credit union members earn points by using their debit cards whenever they shop, but they earn more points when they shop at local businesses.
The points can then be redeemed for gift cards, cash cards or donations to local nonprofit organizations using Buzz Points' website or mobile app.
UMassFive College CU, with $388 million in assets, also found the program too valuable to pass up.
The Hadley, Mass.-based credit union serves the faculty, staff and students of the University of Massachusetts, as well as the colleges associated with the Five College Consortium.
"There is a strong sense of local support and sustainability in the communities we serve," said Katherine Hutchinson, UMassFive president/CEO. "When we learned about Buzz Points, we immediately recognized its tremendous potential as a support mechanism for the local economy."