RANCHO CUCAMONGA, Calif., April 29, 2013 - CO-OP Financial Services is announcing it will offer "Shop Main Street" from RewardsNOW, Inc., an innovative, card-based local merchant rewards program that benefits 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.
The program provides credit unions with additional income opportunities through increased card usage and interchange revenue from everyday purchases by members, and through a rebate on every transaction amount, paid by the merchant, to offset the cost of the bonus points.
"The Shop Main Street rewards program is a winner in every respect," said Stan Hollen, President/CEO, CO-OP Financial Services. "For credit unions, it means closer ties with their members, increased income and enhanced commercial relationships with local merchants.
"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."
Shop Main Street can be added as a feature of the credit union's CO-OP Member Rewards loyalty program or it can be included as part of 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 includes a welcome email, program activity confirmations and periodic marketing messages highlighting special offers from the network of merchants. Members can also view their Shop Main Street activity via the credit union's loyalty program website.
For more information on Shop Main Street from CO-OP Financial Services, visit www.co-opfs.org.
About RewardsNOW, Inc.
Loyalty programs generate incremental profits from increased customer retention and acquisition, increased product usage, and a higher level of customer engagement. As the premier provider of turnkey loyalty programs, RewardsNOW, Inc., and its exclusive Extended Rewards Network(ERN) encompass all the critical elements for a customer loyalty program to be successful. This includes design, implementation, analysis and reporting, marketing and rewards offerings and redemptions as well as 24/7/365 customer service. For more information on the Dover, N.H.-based company, visit www.rewardsnow.com.
About CO-OP Financial Services
Based in Rancho Cucamonga, Calif., and founded in 1981, CO-OP Financial Services is the nation's largest credit union service organization in terms of number of credit unions, assets and members. The company specializes in helping credit unions thrive by providing products and services that make it more convenient for members to do business with them. With a motto of "Be There. Be More," CO-OP's products fall into three business lines, including "Locations," (ATM, shared branching and call center services); "Card Payments" (debit and credit processing) and "Mobile/ Virtual" (mobile, online, check imaging, bill pay services). To learn more visit www.co-opfs.org.