Vancouver-based RewardLoop has announced the limited availability of it’s patent-pending RewardLoop Connect point-of-sale adaptor for restaurants and retailers interested in implementing transaction-based mobile loyalty programs in their stores.
RewardLoop differentiates itself from an ever-growing number of mobile ‘check-in’ -based loyalty programs by offering a first-of-its-kind transaction-based mobile loyalty platform that offers a level of security comparable to traditional card-based programs.
“For a mobile loyalty program to deliver value and be successful in our business, it needs to be transactional and secure. RewardLoop is the only solution we’ve seen that meets these criteria,” said Tim Kraus, Interactive Marketing Manager at Quiznos USA.
The solution delivers add-on functionality for printing QR codes on customer receipts and guest checks that can be scanned and read by the RewardLoop “stamp-card” app installed on the customer’s smartphone. Merchants set the earn and burn rates as well as stamp-card branding in the app.
Right now, the program is operating in a private beta and the company expects a general launch in October. The solution currently works only with Epson and Epson-compatible printers via serial cable ports, but expanded capability is already in development.
Universal POS Compatibility RewardLoop Connect is universally compatible with the world’s leading POS platforms. “The universal compatibility of RewardLoop Connect across a deeply fragmented global POS ecosystem is nothing short of groundbreaking,” says RewardLoop CTO, Jeff LaPorte. “This innovation provides unmatched reach across the merchant landscape for rapid scalability of our merchant network by RewardLoop and its strategic partners.” RewardLoop is ‘plug & play’ compatible with any POS system that prints to Epson or Epson-compatible receipt printers, which comprise an estimated 85% of the worldwide receipt printer market.
RewardLoop Connect – NFC In addition to QR code-based consumer transactions, RewardLoop Connect has been designed with ports for Near Field Communications (NFC) scanners that will be enabled when market penetration of NFC-enabled devices reaches a tipping point. “We view QR codes as a strategic, transitional technology between physical cards and NFC,” says RewardLoop CEO, Nigel Malkin, “Those who leverage QR code-based technologies to mass-transition their users onto mobile phones today, will have a strategic advantage in winning the NFC races of tomorrow.”
Partnerships with Point of Sale (POS) Industry In contrast to new mobile merchant offerings billing themselves as replacements for legacy POS systems, RewardLoop Connect has been designed to secure the role of POS platforms in the payments ecosystem. RewardLoop Connect enhances the value and relevance of existing POS infrastructure while helping POS platforms accelerate their evolution into mobile.
Forward-thinking POS platform vendors and service providers are readying to distribute the device. “The POS industry is embracing the RewardLoop Connect device and platform as a simple way to accelerate their evolution into mobile under a common set of standards,” says Malkin. For merchants whose POS vendors or service providers are slow in adopting the new standard, merchants can easily self-deploy RewardLoop Connect in a matter of minutes.”
Pricing RewardLoop Connect devices will be available exclusively on a rental basis for $19.95 per month. As a special introductory offer, merchants who order their RewardLoop Connect units on, or before July 31, 2011 will have their monthly RewardLoop Connect device rental fees waived for 6 months. Merchants can try out the benefits of RewardLoop for free for up to 50 customers before transitioning to RewardLoop’s performance-based pricing model.
Licensing Beyond the company’s core focus on secure, transaction-based mobile loyalty programs, the RewardLoop Connect network, device and intellectual property (IP) have been designed to solve challenges faced by several parallel industries. These solutions and IP are available under license to market-leaders in these industries.
Recent Financing RewardLoop is also pleased to announce it has recently closed a seed financing round led by Canadian angel investor Boris Wertz (W Media Ventures) with the participation of prominent executives from leading online and offline retailers.