Global Vision Partner with BSP Rewards

Monday 26 July 2004 10:11 CET | News

Global Vision Holdings (GVHL), has entered into an agreement with BSP Rewards, to build Global Rewards, a consumer purchases incentive program that links to thousands of merchants and is available to all debit/stored value and credit card holders around the world.

BSP currently has enrolled more than 4,000 restaurants and chain restaurants as well as more than 400 merchants in the program. The merchants include department stores (such as Target and Macys), office supply stores (such as OfficeMax), drug stores (such as Eckerd), grocery stores, specialty stores, sporting goods stores and travel services providers. To enhance the value of their bankcards, a credit card or debit/stored value card distributor, working also as a Global Rewards distributor, can automatically enroll (register) all of their bankcard holders into the rewards program. A bankcard holder can join the Global Rewards program free by signing up on the website of their bankcard provider, if the provider is a Global Rewards distributor. A bankcard holder can also sign up for the program for free on the website of any of the Global Rewards distributors, a list of which will be made available via a special website managed by GVHL. Under the terms of the agreement, GVHL will function as the mass-distribution marketer of the program and set up major channel distributors. Global Rewards distributors will earn a percentage of the rewards as commissions. The targeted distributors are current credit, debit, and stored value card distributors and high traffic website operators already in place in the industry. BSP will sign up merchants for Global Rewards and provide all back office operations for the program. GVHL and BSP will both share in the revenues. Participating cardholders can also purchase merchandise certificates from any of the participating certificate merchants or restaurants at up to a 50 percent discount and earn reward dollars at the same time. Reward dollars can be redeemed at US$1.00 per reward dollar through virtual shopping at online stores, at certificate merchant stores, or they can be gifted or donated to others via web-transfer to another member, who may be another consumer or an organization. Merchants like the program because it creates sales through customer loyalty. Merchants can also sign up as authorized redemption centers so they receive the redemption sales. This program not only provides more benefits to prepaid debit/stored value or credit cardholders it also provides additional monthly recurring revenue to the distributors, since a percentage of the rewards go to the distributors, including GVHL, the master distributor. Other planned GVHL debit card benefits and features for cardholders and distributors will include: low cost life insurance, discounted health plans, and debit cards with long distance calling features. Combining competitively rated long distance calling features with prepaid debit cards will be a welcome feature to many cardholders. Prepaid debit cards are in great demand by businesses and individuals that do not qualify for bank accounts or credit cards throughout the world. The market for prepaid debit cards is just in its infancy domestically and virtually untapped outside the United States.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce