SurgePays, Inc., a blockchain fintech company building a next generation supply chain network that offers wholesale goods and financial services for the underbanked more cost efficiently than traditional distribution models, announces a new program offering SurgePays clients the capability to create custom, closed loop, private label gift card programs for convenience store, mini-mart, tienda, and bodega owners to offer to their retail customers. These private label gift cards provide additional convenience and loyalty opportunities for these locations’ customers.
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Brian Cox, the Company’s Chief Executive Officer, commented, “This customizable loyalty card program is another of several differentiated products and services SurgePays utilizes to expand its network of independent stores. We intend to incorporate this in our “Blitz” initiative targeting the 34,000 inactive stores in our current database. In the same way that larger retail and grocery chains and other higher-end merchants offer customized gift cards to their customers, our program creates the opportunity to offer our clients, the thousands of store owners in our network, the similar ability to offer their retail customers the opportunity to purchase gift cards to use only in their owned stores. This is another example of our strategy of empowering these smaller merchants and providing their customers with the same benefits they may see in other larger retail stores, while acknowledging the specific needs of this underserved community.”
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In a four-store pilot of the program, SurgePays customers conducted approximately 6,300 transactions in one month using the customizable gift cards. The cards are only valid at the merchant that produces them and resembles a branded gift card in all ways, from the industry-standard plastic design to account numbers encoded on a magnetic stripe that allows terminals to read them when swiped. SurgePays believes that the benefits of the program include the continued development of customer loyalty, as well as an additional revenue stream through unused balances on the purchased cards.
