Loyalty program

Last updated

Various loyalty cards Kundenkarten.JPG
Various loyalty cards

A loyalty program is a marketing strategy designed to encourage customers to continue to shop at or use the services of a business associated with the program. [1] A loyalty program typically involves the operator of a particular program set up an account for a customer of a business associated with the scheme, and then issue to the customer a loyalty card (variously called rewards card, points card, advantage card, club card, or some other name) which may be a plastic or paper card, visually similar to a credit card, that identifies the cardholder as a participant in the program. Cards may have a barcode or magstripe to more easily allow for scanning, although some are chip cards or proximity cards.

Contents

Today, such loyalty programs cover most types of commerce, each having varying features and rewards schemes, including in banking, entertainment, hospitality, retailing and travel. The market approach has shifted from product-centric to a customer-centric one due to a highly competitive market and a wide array of services offered to customers, therefore, it's important that marketing strategies prioritize growing a sustainable business and increasing customer satisfaction. [2]

By presenting a card, customers typically receive either a discount on the current purchase or an allotment of points that they can use for future purchases. Hence, the card is the visible means of implementing a type of what economists call a two-part tariff. Application forms for cards usually entail agreements by the store concerning customer privacy, typically non-disclosure (by the store) of non-aggregate data about customers. The store uses aggregate data internally (and sometimes externally) as part of its marketing research. Over time the data can reveal, for example, a given customer's favorite brand of beer, or whether they are a vegetarian. Where a customer has provided sufficient identifying information, the loyalty card may also be used to access such information to expedite verification during receipt of cheques or dispensing medical prescription preparations, or for other membership privileges such as access to an airport lounge using a frequent-flyer card. In recent years, businesses now offer these loyalty cards in the form of a loyalty app, which means users are less likely to lose their cards. Almost all major casino chains also have loyalty cards, which offer members tier credits, reward credits, comps, and other perks based on card members' "theo" from gambling, various demographic data, and spend patterns on various purchases at the casino, within the casino network, and with the casino's partners. [3] [4] Examples of such programs include Caesars Rewards [5] (formerly called Total Rewards [6] ) and MGM Resorts International's Mlife. [7]

Loyalty programs have been described as a form of centralized virtual currency, one with unidirectional cash flow, since reward points can be exchanged into a good or service but not into cash. [8]

History

Betty Crocker's loyalty points program, introduced 1929, ended in 2006, one of the longest running loyalty programs. [9]

By continent and country

Asia

Europe

Co-operative Membership: the Co-op Group offers a 2% (previously 5%) refund to members on Co-op branded products with 2% also going to the cardholder's nominated charity. This is only available in Co-op Group stores. It replaced the dividend benefit previously used. Other Co-op chains continue with the dividend scheme, e.g. Midcounties Co-operative. Many of these accept other Co-operative loyalty cards but generally without the same benefits. For instance Midcounties Co-operative accept Co-operative Group cards but there is no charity donation or cardholder refund.

North America

Oceania

Flybuys is the largest loyalty program in both Australia [64] [65] [66] and New Zealand. [67]

Mobile loyalty programs

Mobile online loyalty programs

There has been a move away from traditional magnetic card, stamp, or punchcard based schemes to online and mobile online loyalty programs. While these schemes vary, the common element is a push toward eradication of a traditional card, in favour of an electronic equivalent. The choice of medium is often a QR code. Some prominent examples are Austrian based mobile-pocket established in 2009, the US-based Punchd (discontinued from June 2013, [71] ), which became part of Google in 2011. [72] and an Australian-based loyalty card application called Stamp Me [73] which incorporates iBeacon technology. Others, like Loopy Loyalty (HK), Loyalli (UK), Perka (US), and Whisqr Loyalty (CA), have offered similar programs. [74] Passbook by Apple is the first attempt to standardize the format of mobile loyalty cards.

Mobile off-line loyalty programs

With the introduction of host card emulation (HCE) and near field communication (NFC) technology for mobile applications, traditional contactless smart cards for prepaid and loyalty programs are emulated in a smartphone. Google Wallet adopted these technologies for mobile off-line payment applications.

The major advantage of off-line over the online system is that the user's smartphone does not have to be online, and the transaction is fast. In addition, multiple emulated cards can be stored in a smartphone to support multi-merchant loyalty programs. Consequently, the user does not need to carry many physical cards anymore.

The term also is used regarding linking rewards for online and offline purchases. [75] [76]

Disloyalty cards

In Boston, Toronto and London, some independent coffee shops have set up experimental "disloyalty card" programs, which reward customers for visiting a variety of coffee shops. [77] [78]

Criticism

Evidence for the effectiveness of loyalty programs is controversial. Many companies are unsure whether and how to use customer loyalty programs profitably. Many programs (regardless of location, size, or industry) are run without the appropriate metrics or target parameters. [79]

Some companies complain that loyalty programs discount goods to people who are buying goods anyway. [53] Moreover, the expense of participating in these programs rarely generates a good return on investment. The Forte Consultancy Group regards loyalty programs as bribes. [80] In the case of infrequent spenders, loyalty fees provide a means of subsidizing discounts.

A 2015 study found that most supermarket loyalty cards in the United States do not offer any real value to their customers. [81] Furthermore, commercial use of customers' personal data – collected as part of loyalty programs – has the potential for abuse; it is highly likely that consumer purchases are tracked and used for marketing research to increase the efficiency of marketing and advertising, which is one of the purposes of offering the loyalty card. [82] [83] For some customers, participating in a loyalty program (even with a fake or anonymous card) funds activities that violate privacy. [84] Consumers have also expressed concern about the integration of RFID technology into loyalty-card systems. [85]

One may view loyalty and credit-card reward-plans as modern-day examples of kickbacks. [86] Employees who need to buy something (such as an airline flight or a hotel room) for a business trip, but who have discretion to decide which airline or hotel chain to use, have an incentive to choose the payment method that provides the most cash-back, [87] credit-card rewards or loyalty points instead of minimizing costs for their employer. [88]

See also

Related Research Articles

<span class="mw-page-title-main">Nectar (loyalty card)</span> Loyalty card scheme in the United Kingdom

Nectar is a loyalty card scheme in the United Kingdom run by Nectar 360 Ltd, a company wholly owned by Sainsbury's. The scheme is the largest in the United Kingdom, and comprises a number of partner companies including Sainsbury's, Esso, eBay and British Airways. It launched in 2002 with initially four partner companies, and by 2010 had grown to include over 14 companies and over 400 online retailers. Participating companies cover sectors including travel, retail, finance and newspapers.

<span class="mw-page-title-main">Woolworths Group (Australia)</span> Australian multinational retail company

Woolworths Group Limited is an Australian multinational retail and finance company, primarily known for the operation of its retail chain Woolworths Supermarkets across Australia, Woolworths in New Zealand and its discount department store Big W. Headquartered in Bella Vista, Sydney, it is the largest company in Australia by revenue and number of employees, and the second-largest in New Zealand.

<span class="mw-page-title-main">Flybuys (Australia)</span> Australian customer loyalty program jointly owned by Coles Group and Wesfarmers

Flybuys is an Australian customer loyalty program equally owned by the Coles Group and Wesfarmers through joint venture Loyalty Pacific. Members can accrue points by shopping at Coles Group brands, certain Wesfarmers brands, and some third-party partners like HCF Health Insurance, Coles Express and Optus. Points can then be redeemed for money off purchases at Coles Supermarkets, Coles Express, Liquorland, Kmart, Officeworks, Target and mycar, as well as holidays and household goods.

<span class="mw-page-title-main">Air Miles</span> Miles-based loyalty program

Air Miles is a group of loyalty programs operated by different companies in each region where the brand operates - the programs are available in Canada, the Netherlands, and the Middle East. Points are earned on purchases at participating merchants and can be redeemed against flights with specific airlines.

<span class="mw-page-title-main">Canadian Tire Financial Services</span> Financial services subsidiary of the Canadian Tire retail chain

Canadian Tire Services Ltd. (CTSL), doing business as Canadian Tire Bank, is the financial services subsidiary of the Canadian Tire retail chain. The bank is based in Oakville, Ontario, and has additional business operations in St. Catharines and Welland, Ontario. Between 1968 and 2016, Canadian Tire Services Ltd. was known as Canadian Tire Financial Services Ltd..

<span class="mw-page-title-main">PC Optimum</span> Canadian retail loyalty program by the Loblaw Companies

PC Optimum is a single loyalty program operated by Canadian retail conglomerate Loblaw Companies; it was created through the merger of Loblaws' PC Plus and Shoppers Drug Mart's Shoppers Optimum programs.

Online shopping rewards are a type of loyalty program to e-commerce shoppers.

<span class="mw-page-title-main">Woolworths Supermarkets</span> Australian multinational supermarket chain owned by Woolworths Group

Woolworths Supermarkets is an Australian chain of supermarkets and grocery stores owned by Woolworths Group. Founded in 1924, Woolworths today is Australia's biggest supermarket chain with a market share of 33% as of 2019.

<span class="mw-page-title-main">Tesco Clubcard</span> British supermarket loyalty card

Tesco Clubcard is the loyalty card of British supermarket chain Tesco.

Loyalty marketing is a marketing strategy in which a company focuses on growing and retaining existing customers through incentives. Branding, product marketing, and loyalty marketing all form part of the customer proposition – the subjective assessment by the customer of whether to purchase a brand or not based on the integrated combination of the value they receive from each of these marketing disciplines.

An incentive program is a formal scheme used to promote or encourage specific actions or behavior by a specific group of people during a defined period of time. Incentive programs are particularly used in business management to motivate employees and in sales to attract and retain customers. Scientific literature also refers to this concept as pay for performance.

<span class="mw-page-title-main">Everyday Rewards</span> Australian and New Zealand customer loyalty program

Everyday Rewards, formerly Woolworths Rewards, is a customer loyalty program owned and operated in Australia and New Zealand by Woolworths Group. Members can earn points in the program from Woolworths Group companies, as well as partner brands like Ampol, Bupa and Origin Energy. Qantas Frequent Flyer program members can convert 2,000 Everyday Rewards points to 1,000 Frequent Flyer points as part of a partnership between the two companies.

<span class="mw-page-title-main">Credit card</span> Card for financial transactions from a line of credit

A credit card is a payment card, usually issued by a bank, allowing its users to purchase goods or services or withdraw cash on credit. Using the card thus accrues debt that has to be repaid later. Credit cards are one of the most widely used forms of payment across the world.

A decoupled debit card is a debit card in the US that is not issued by and not tied to any particular retail financial institution, such as a bank or credit union. This is based on the ability in the US ACH Network payment system to make an electronic payment from any bank or credit union without needing to use a card issued by the bank or credit union. A third party, such as a retailer, can create a decoupled debit card which will use this system to make a payment from the customer's checking account. They may do this as part of a loyalty scheme or to reduce their own debit card processing costs.

Webloyalty is an online marketing company, part of Affinion Group, that runs reward programmes 'Shopper Discounts & Rewards' and 'Complete Savings'. These programmes require a monthly subscription in return for access to discounts similar to those on a cashback website. Previously, Webloyalty's marketing practices have attracted significant controversy and substantial lawsuits.

<span class="mw-page-title-main">SparkBase</span>

SparkBase, LLC was a stored-value and gift card transaction processor located in Cleveland, Ohio, United States from 2004 to 2016. It provided private-label, stored-value, specialty gift cards, customer loyalty, and community rewards programs to Independent Sales Organizations. ISOs then sold these gift and loyalty products to merchant customers along with credit card services and processing equipment.

Ritchies is the largest independent supermarket chain in Australia, owned by a group of private investors including Metcash. It is also known as "Ritchies Supa IGA". The majority of its stores are located throughout Victoria. Ritchies annual revenue is estimated to be approx. $1.4b annually.

Marks & Spencer Financial Services plc, trading as M&S Bank, is a retail bank operating in the United Kingdom. The company was founded in 1985 as St Michael Financial Services as the financial services division of Marks & Spencer and adopted its current name in 2012.

<span class="mw-page-title-main">Scene+</span> Canadian loyalty program

Scene+ is a Canadian loyalty program established in 2007. It is owned by Scene LP, which is jointly owned by Galaxy Entertainment, a subsidiary of Cineplex Inc., Scotiabank, and Empire Company.

<span class="mw-page-title-main">Hotel loyalty program</span> Marketing strategy used by hotels to attract business at their properties

A hotel loyalty program or hotel reward program is a loyalty program typically run by a hotel chain. It is a marketing strategy used by hotel chains to attract and retain business at their properties. The program works to entice customers, especially business or other frequent hotel guests, to favour that particular brand or group of hotels over others when selecting a hotel by offering discounts or privileges, such as upgrades.

References

  1. ↑ Sharp, Byron; Sharp, Anne (1997), "Loyalty programs and their impact on repeat-purchase loyalty patterns", International Journal of Research in Marketing, 14 (5): 473–486, doi:10.1016/S0167-8116(97)00022-0
  2. ↑ Fook, Andy Chin Woon; Dastane, Omkar (June 2021). "Effectiveness of Loyalty Programs in Customer Retention: A Multiple Mediation Analysis". Jindal Journal of Business Research. 10 (1): 7–32. doi:10.1177/22786821211000182. ISSN   2278-6821. S2CID   234771932.
  3. ↑ Dow, Natasha (26 January 2012). "Issue 2 Crowds and Clouds » THE TOUCH-POINT COLLECTIVE: CROWD CONTOURING ON THE CASINO FLOOR". Limn.
  4. ↑ Long, Emily (6 December 2018). "How Casinos Use Rewards Programs to Track Everything You Do". Lifehacker.
  5. ↑ "Caesars Rewards". Caesars.com.
  6. ↑ "Total Rewards Card". Las Vegas How To.
  7. ↑ "Mlife". MGM Resorts.
  8. ↑ European Central Bank (October 2012). "1" (PDF). Virtual Currency Schemes. Frankfurt am Main: European Central Bank. p. 5. ISBN   978-92-899-0862-7 . Retrieved 5 March 2014.
  9. ↑ Fred Reichheld (1996) The Loyalty Effect, Harvard Business School Press, Boston, 1996.
  10. ↑ "About Octopus Rewards". Octopus Cards Limited. Archived from the original on 5 January 2019. Retrieved 13 March 2018.
  11. ↑ MTR Club for regular customers of transport network "MTR Club". MTR Corporation. Archived from the original on 3 August 2020. Retrieved 13 March 2018.
  12. ↑ "MoneyBack Celebrates its 10th Anniversary – A.S. Watson Group | A member of CK Hutchison Holdings". A.S. Watson Group. 27 June 2017. Retrieved 13 March 2018.
  13. ↑ "The Club rewards HKT Premier customers for their loyalty". South China Morning Post. 22 January 2015. Retrieved 3 February 2020.
  14. ↑ "Even More Rewarding Experience for Asia Miles Members". www.asiamiles.com. Archived from the original on 26 January 2021. Retrieved 3 February 2020.
  15. 1 2 "PAYBACK India's bet". Business Standard. 20 July 2011. Retrieved 28 July 2011.
  16. 1 2 "i-mint and PAYBACK team up in India". Colloquy. 17 June 2010. Archived from the original on 13 August 2010. Retrieved 18 June 2010.
  17. ↑ "BPCL celebrates PetroBonus 10th anniversary". The Hindu . Chennai, India. 15 October 2009. Archived from the original on 19 October 2009. Retrieved 9 March 2010.
  18. ↑ "Indian Oil does a hat-trick at the 3rd loyalty summit". XTRAPOWER. Archived from the original on 2 August 2009. Retrieved 9 March 2010.
  19. ↑ "Home – گروه کارتهای اعتباری ایران" . Retrieved 22 November 2016.
  20. ↑ "گروه کارتهای اعتباری ایران" . Retrieved 22 November 2016.
  21. ↑ "Programme Partners". Resort World Genting. Genting Malaysia Berhad. Retrieved 3 December 2019.
  22. ↑ "List of Discount and Reward Cards in the Philippines". Primer.
  23. ↑ "FAQs". SM Advantage. Archived from the original on 27 November 2015.
  24. ↑ "FAQS: Rewards". BDO. 28 July 2014.
  25. ↑ "Go Rewards Card". Go Rewards.
  26. ↑ "Robinsons Rewards Is Now GoRewards". www.gorewards.com.ph. Retrieved 14 June 2021.
  27. ↑ "FAQs". HappyPlus.
  28. ↑ "GrabRewards - Grab Loyalty Programme | Grab PH".
  29. ↑ "FAQs". Mercury Drug.
  30. ↑ "GrabRewards – Grab Loyalty Programme". Grab SG. Retrieved 1 January 2021.
  31. ↑ "SAFRA home page". SAFRA. Retrieved 1 January 2021.
  32. ↑ "Plus! home page". plus.com.sg. Retrieved 1 January 2021.
  33. ↑ "Etukortit Suomessa". Helsingin Sanomat. 25 September 2014. Archived from the original on 18 October 2017. Retrieved 26 September 2014.
  34. ↑ "PAYBACK: Facts & Figures". Archived from the original on 4 November 2016. Retrieved 2 November 2016.
  35. 1 2 "Studien". Loyalty Partner. Archived from the original on 14 February 2008. Retrieved 15 May 2008.
  36. ↑ Focus, Global Convenience Store (1 February 2021). "Principles, Promises and Challenges of Coalition Loyalty | Global C Store Focus". www.globalconveniencestorefocus.co.uk. Retrieved 22 January 2024.
  37. ↑ Nesset, Erik; et al. "Building chain loyalty in grocery retailing by means of loyalty programs–A study of 'the Norwegian case'". Journal of Retailing and Consumer Services.
  38. ↑ "MALINA program increases customer loyalty with Oracle". Archived from the original on 26 September 2020. Retrieved 30 August 2020.
  39. ↑ "The loyalty program "MALINA"".
  40. ↑ "Raiffeisenbank launches Malina loyalty credit card". 23 October 2006.
  41. ↑ Finaccord List of Global Loyalty Programs. Archived 22 November 2018 at the Wayback Machine Retrieved 1 March 2016
  42. ↑ "Reward for young Scots businessman". The Herald. 29 August 1989. Retrieved 19 July 2020.
  43. ↑ Smithers, Rebecca (26 July 2012). "How loyal to your reward cards are you?". The Guardian. Retrieved 22 November 2016.
  44. ↑ "A trip to Alton Towers? That'll be £2,000, please". The Independent. 13 August 2005.
  45. ↑ "How Tesco is changing Britain". The Economist . 4 August 2005. Retrieved 25 July 2007.
  46. ↑ "Morrisons Miles – Morrisons". Archived from the original on 13 December 2012.
  47. ↑ "Safeway scraps loyalty card". BBC News. 5 May 2000. Retrieved 25 July 2007.
  48. ↑ "Maximiles acquires ipoints to create Europe's no. 1 online coalition loyalty company". E-consultancy. 19 July 2006. Archived from the original on 20 October 2006. Retrieved 19 July 2006.
  49. ↑ "Brochure" (PDF). Maximiles Group. Archived from the original (PDF) on 15 February 2010. Retrieved 17 August 2010.
  50. ↑ O'Reilly, Lara (2 September 2011). "Avios rebrand causes backlash for AirMiles company". Marketing Week. Retrieved 10 December 2015.
  51. ↑ the company gives out coupons which look like currency "Canadian Tire Money loyalty program". CanadaLoyalty.com. Retrieved 23 November 2007.
  52. ↑ Tims Rewards: https://www.timhortons.ca/timsrewards
  53. 1 2 Taylor, Wayne; Hollenbeck, Brett (2021). "Leveraging Loyalty Programs Using Competitor Based Targeting". Quantitative Marketing and Economics. 19 (3–4): 417–455. doi:10.1007/s11129-021-09237-y. S2CID   108298338. SSRN   3353432.
  54. ↑ "101 Free Money Making Apps". FrugalForLess.com. Retrieved 7 November 2017.
  55. ↑ "FiveStars gets-50m-to-help-small-retailers-run-loyalty-programs-like-their-bigger-rivals". Techcrunch. Archived from the original on 23 January 2016. Retrieved 22 January 2016.
  56. ↑ Geron, Tomio (14 December 2011). "Belly Targets Paper Punch Card With iPad-Based Loyalty Service". Forbes .
  57. ↑ "Foursquare And Amex Launching Big Partnership Next Week at SXSW". Business Insider . Retrieved 22 November 2016.
  58. ↑ Wasserman, Todd (21 November 2011). "Shopkick and Visa to Offer Retail Store Purchase Rewards". Mashable . Retrieved 22 November 2016.
  59. ↑ "Article". Los Angeles Times . 14 July 2008. Archived from the original on 6 October 2012. Retrieved 5 February 2015.
  60. ↑ "Shop Through iGive.com". animalalliancenyc.org. Retrieved 22 November 2016.
  61. ↑ "Disloyalty Movement". TIME. 11 July 2013.
  62. ↑ "Supermarket Club Card Disclosure Act of 1999". FindLaw. Retrieved 25 July 2007.
  63. ↑ Jane L. Levere (26 August 2020). "Hotels tout cleaning". The New York Times .
  64. ↑ "And the best loyalty program goes to... Coles". B & T. 20 May 2013. Archived from the original on 9 June 2013. Retrieved 20 May 2013.
  65. ↑ Flybuys (Australia) Speedy, Blair (17 February 2011). "Coles supermarket to overhaul FlyBuys scheme". The Australian . Retrieved 27 February 2011.
  66. ↑ "Australia: FlyBuys launches iPhone App". Colloquy. 29 June 2010. Archived from the original on 29 July 2010. Retrieved 17 August 2010.
  67. ↑ Flybuys (New Zealand) "NZ's biggest loyalty programme gets pumped with fuel discounts| Z". z.co.nz. Z Energy . Retrieved 9 January 2018.
  68. ↑ "Woolworths reports solid profits". Australian Food News. 26 August 2010. Retrieved 27 August 2010.
  69. ↑ Smith, Sean (30 June 2023). "Wesfarmers Health fast-tracks growth to $40 billion bounty" . The West Australian. Retrieved 30 August 2023.
  70. ↑ "Brazin's Pulse goes over the 1 million mark". The Wise Marketer. 25 September 2006. Archived from the original on 3 March 2016. Retrieved 25 July 2007.
  71. ↑ "Google Kills Punchd Mobile Loyalty Card App". fiercemobilecontent.com. 17 December 2012. Archived from the original on 31 December 2012.
  72. ↑ "Google's Punchd acquisition to push mobile wallet uptake". VentureBeat. 12 July 2011.
  73. ↑ "Stamp Me app replaces loyalty cards". qsrmedia.com.au. 26 November 2012.
  74. ↑ Collinson, Patrick; Lunn, Emma (12 April 2013). "10 Best Money Saving Apps". The Guardian. London.
  75. ↑ "Plink".
  76. ↑ "Similar companies".
  77. ↑ Annear, Steve (15 December 2011). "Local coffee shops start 'Disloyalty Card' campaign". Metro. Boston. Archived from the original on 14 January 2012.
  78. ↑ Jennifer Bain (12 April 2010). "Disloyalty has its privileges". The Star. Toronto.
  79. ↑ Meili, Alexander (2022). "Loyalty Program Assessment. KPI-Based Evaluation of Customer Loyalty Programs". HWZ Working Paper Series. doi: 10.5281/zenodo.6521984 .
  80. ↑ "Designing Best-in-Class Loyalty Programs – Getting the Benefits Right". White Paper. Forte Consultancy. Retrieved 28 April 2019. Loyalty program benefits are, in their essence, a bribe. In exchange for a set of benefits, a consumer allows the company to give those benefits to track his or her purchasing behavior.
  81. ↑ "Discover the Best and Worst Loyalty Programs with Our New Infographic". Weekly Ads and Circulars. Retrieved 3 September 2015. The reality is, not all loyalty rewards programs actually add value. Some programs only exist to draw you in and tempt you away from competitors that could actually offer you a better deal. The worst? It turns out that just about any supermarket chain will offer you nothing but bad deals.
  82. ↑ "How do companies use my loyalty card data?". BBC News. 21 March 2018.
  83. ↑ Taylor, Wayne; Hollenbeck, Brett (2021). "Leveraging Loyalty Programs Using Competitor Based Targeting". SMU Cox School of Business Research Paper No. 19-10. SSRN   3353432.
  84. ↑ Albrecht, Katherine. "Why getting a shopper card under a fake name is not the answer". Consumers Against Supermarket Privacy Invasion And Numbering. Archived from the original on 19 October 2007. Retrieved 23 November 2007.
  85. ↑ Blau, John (1 March 2004). "Metro Store bows to pressure from anti-RFID activists". InfoWorld . Archived from the original on 12 March 2004. Retrieved 23 November 2007. Ahead of a planned demonstration on Saturday, Metro AG decided to drop the use of RFID tags in customer loyalty cards used at its Extra Future Store supermarket in Rheinberg, Germany, where the retail group is testing several new IT retail technologies, Metro company spokesman Albrecht von Truchsess said Monday.
  86. ↑ Compare: Gup, Benton E. (1990). Bank Fraud: Exposing the Hidden Threat to Financial Institutions. Rolling Meadows, Illinois: Bankers Publishing Company. p. 85. ISBN   9781555201678 . Retrieved 10 January 2021. [...] kickback and credit card schemes that are relatively small by themselves, but collectively qualify as major frauds.
  87. ↑ Kowalik, Frank (1991). IRS Humbug: IRS Weapons of Enslavement. Oakland Park, Florida: Universalistic Publishers. p. 46. ISBN   9780962655203 . Retrieved 10 January 2021. Among other terms used for kickbacks are sales incentive, cash back, coupon sales, commissions, and discounts.
  88. ↑ Shugan, Steve (2005). "Brand Loyalty Programs: Are They Shams?". Marketing Science. 24 (2): 185–193. doi: 10.1287/mksc.1050.0124 .
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.