HSBC – North America’s retail services business announced it will begin offering retailers a first-of-its-kind combination loyalty rewards and PIN-based dual payment card solution created through a new strategic alliance with Concept Shopping, Inc. Designed to enhance customer loyalty and increase sales, HSBC expects merchants nationwide to begin offering the new merchant-branded card within the next six months.
Retailers who choose this new payment platform will be able to take advantage of Concept Shopping’s unique ability to develop and issue personal rewards to cardholders as they enter the store. Selection of rewards is based on each shopper’s purchase history. Termed OptiPaysm, HSBC’s new loyalty rewards PIN-payment program allows retailers to both process card transactions at a lower cost and also uniquely reward their customers with an affinity-based payment solution.
Consumers who sign up for the merchant-branded card will be able to select from a variety of loyalty and payment options on one convenient card. During each shopping visit, cardholders will receive offers intended just for them. Shoppers will then be able to use their rewards for additional in-store purchases. Studies have shown that shoppers who receive relevant rewards as they enter the store return more often, spend more per visit and buy more items.
“Combining Concept Shopping’s best-in-class loyalty marketing services with HSBC’s OptiPaysm loyalty rewards PIN-payment solution is a win-win situation for the retailer and its customers,” said Joe Hoff, chief executive officer, HSBC Retail Services. “We believe this new program will help our merchant partners significantly reduce payment processing costs while providing a unique and rewarding shopping experience for their most loyal customers.”
“We are pleased to be working with an innovative organization like HSBC which has invested in a low-cost payment network, married that to a single card solution and realized that the best way to encourage shoppers to choose the card for payment is through a loyalty program that rewards shoppers based on their preferences,” said Joseph Battoe, chief executive officer, Concept Shopping, Inc.
HSBC Retail Services issues merchant-branded payment cards for premier retailers and manufacturers. Through the Tempo Payment Network, HSBC offers retailers significant payment processing savings without having to make any point-of-sale changes. More than 200,000 merchant locations in the U.S. participate in the Tempo Payment Network.
About HSBC Ã¢Â North America
HSBC – North America comprises all of HSBC’s U.S. and Canadian businesses. The company’s businesses serve nearly 60 million customers in five key areas: personal financial services, consumer finance, commercial banking, private banking and corporate investment banking and markets. Financial products and services are offered under the HSBC, HFC and Beneficial brands. For more information, visit www.hsbcusa.com.
About Concept Shopping
Concept Shopping is a Lisle, IL marketing firm that improves sales for retailers and marketers through the execution of relevant marketing programs based on the purchase history of individual shoppers. Shoppers discover offers based on their preferences as they enter the store; when their wallets are full and baskets are empty. Concept Shopping’s Automatic MarketingTM program handles everything from shopper purchase data analysis, to offer selection and communication, through offer redemption. For more information, visit www.conceptshopping.com
About Tempo Payments, Inc.
Tempo provides retailers a low-cost alternative to traditional card networks that delivers significant savings and revenue growth opportunities. The company operates the Tempo Payment Network, a PIN-based payment network for retailer-issued and branded debit cards. Founded in 2000 with a commitment to lowering payment processing costs for card transactions and generating revenue for card-issuing retailers, the company is privately held and headquartered in San Mateo, CA. For additional information, visit www.tempopay.com.