Most companies have loyalty programs that drive sales and reward loyal customers. However, many of these companies miss the mark because they drive customers to third parties like credit cards when it comes time to make purchases.
By using third party payment providers, companies miss a chance to brand themselves. These companies also pay more for transactions by using outdated payment infrastructure, many of which were constructed 50 years ago. Finally, when people use credit cards to buy good and services, companies are not able to capture purchase data from their customers.
BitRail is a fintech and service provider whose platform includes technology, licensing, and compliance to help partners create their own branded, regulated, digital payments (tokens and wallets). These branded tokens live next to other legacy (generally more expensive) payment options at checkout and are designed to drive sales and improve loyalty programs.
“BitRail branded digital tokens allow companies to keep their customers within their loyalty programs and not drive them away to third party payment providers”, said Jeff Siegel, President and CEO of BitRail. “We help companies create their own regulated, branded digital currencies that drive sales, track loyalty points and typically save money when compared to legacy, outdated, expensive payment providers like credit cards”, Siegel continued.
While many companies understand the value of their own branded currency, creating brand-owned digital payments is a challenge due to compliance, licenses, security and a host of other issues. BitRail has done all the heavy lifting so that companies can focus on their business.
Over the past 5 years, BitRail has secured Money Transmitter Licenses (MTLs) and exemptions in most states and Washington DC. MTLs are required for any business engaged in receiving money or some form of monetary value to transmit it. These MTLs take significant time, resources and money to acquire. They also require ongoing compliance to keep them current.