As part of a move to “strengthen issuer relationships,” Visa Offers announced a processing enhancement on May 13 that aims to make altering and redeeming discounts through the platform an easier, more effective experience for both merchants and their customers.
“Visa has a long history of delivering payment tools that transform the ways consumers shop, and Visa’s new offers redemption platform is another innovative example of making the payment process more efficient for banks, merchants and consumers,” Nick Holland, a senior payments analyst for Javelin Strategy & Research, said in a press release.
In this statement, the company went on to say that the update will create “smarter commerce” by eliminating coupons and allowing retailers and merchants to better target exclusive offers. Visa cardholders, on the other hand, can now reap more personalized incentives at checkout.
However, these aren’t the only ways Visa Offers will be improved for merchants and consumers.
The Benefits For Merchants
Merchants that opt in to Visa Offers were the winner of this update, as they will be able to gain new data insights and analytics. For instance, the point-of-sale redemption data of specific offers can now be easily measured by merchants through the service: an improvement that will allow them to create more highly customized, relevant offers for loyal customers.
Vantiv is providing the point-of-sale redemption technology.
“By making this unique platform available to our merchants, we can help clients drive even more loyalty for their brand by enabling them to deliver customized sale offers directly to consumers enrolled in Visa Offers programs, including during their shopping experience,” Donald Boeding, Vantiv’s president of merchant services, said.
Further, these tailored offers can now be sent in a wider variety of formats – email marketing, traditional web advertising or mobile outreach.
Still, the main benefit may not lie with the issuing of the deals. The Next Web says merchants will be able to use this information to calculate, in real time, whether certain offers are working or need specific adjustments.
Advantages for Consumers
The Next Web says that in addition receiving deals that more directly reflect their buying habits, location and interests, the updates to Visa Offers will notify Visa customers of their savings via text message or email.
Additionally, with coupons removed – the rewards will be tied directly to the individual’s credit card – this is likely to eliminate the confusion that can cause shoppers to abandon purchases or lose out on deals due to frustration.
Visa customers can also choose to opt out of the program whenever they choose.
What Does This Update Mean For Visa Offers?
Introduced in 2012, Visa Offers was created to become a free personalized deals program, so the latest move by the company arguably brings the product closer to its original mission statement.
With improved analytics for merchants and fewer annoying roadblocks for consumers, this Visa Offers update may be able to win fans in the often fickle daily deals market, though it remains to be seen if other daily deals providers will answer back with new analytic updates.
To read more about Visa Offers, click the full press release here.
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