RANCHO CUCAMONGA, Calif. (4/30/13)--CO-OP Financial Services will offer "Shop Main Street" from RewardsNOW Inc., a card-based local merchant rewards program for credit unions, their members and businesses.
CO-OP and RewardsNOW 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.
"For credit unions, it means closer ties with their members, increased income and enhanced commercial relationships with local merchants," said Stan Hollen, CO-OP Financial Services president/CEO.
"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," said Hollen. "It all adds up to creating a sense of community, with a program that keeps local dollars in the local economy."
The program provides credit unions with additional income opportunities through increased card use and interchange revenue from members everyday purchases, and through a rebate on every transaction amount, paid by the merchant, to offset the cost of the bonus points.
Shop Main Street can be added to the credit union's CO-OP Member Rewards loyalty program or to the standalone CO-OP Merchant Funded Rewards program, in which credit union members earn points for online purchases at national retailers.
Credit union members participating in the rewards program receive communications that include a welcome e-mail, program activity confirmations and periodic marketing messages highlighting special offers from merchants. Members can also view their Shop Main Street activity via the credit union's loyalty program website.