RewardLoop is a startup with a new concept to reward programs that has raised more than $1 million in funding.
To start with RewardLoop, the retailers need to place an adapter on their POS systems at checkouts.
Everytime a person makes a payment, a QR Code is printed on the receipt, which the customer scans in order to receive points at the store.
The RewardLoop system has many advantages over the other mobile campaigns, since most of those campaigns are based on check-ins, so the businesses will know only that someone has visited the store, unlike RewardLoop that is directly connected to the receipt and the POS system and gives information on how much a person has already paid.
The RewardLoop adapter supports NFC payment systems and it takes about 20 minutes to install.
The company started the technology in August and it is expanding the network of merchants and customers.
The Milano Coffee in Vancouver started using the system 3 months ago and now 23% of their daily transactions are made by consumers engaged in the program.