Benefits of Implementing an expiry system for loyalty points and cashback to your business
Encourages Timely Redemption:
Benefit: An expiry date prompts customers to redeem their loyalty points or cashback within a specific timeframe.
Impact: This encourages more frequent and timely interactions with the business, leading to increased sales and customer engagement.
Go to "POS"
Then click "POS Settings"
Look for "Cashback/Loyalty Expiry Days"
Currently the system has four period to select from:
3 Months (90 Days)
6 Months (180 Days)
9 Months (270 Days)
12 Months (360 Days)
Click "Save" once done
Note:
Once applied, you cannot remove expiration dates from cashback vouchers moving forward.
You can, however, change the duration of validity anytime you like, but customers will only see the new duration reflected the next time they spend at your business.
Example:
1 Feb: Customer A's and B's cashback expires on 31st March
10 Feb: You (Merchant) change expiry period from 3 months to 6 months; cashback expiry for Customer A & B remains 31st March.
1 March: Customer A make a transaction, cashback expiry is extended to 1 Sept; while Customer B remains the same as 31st March
In summary, implementing expiry dates for loyalty points and cashback can be a strategic approach to drive customer engagement, boost sales, and maintain the effectiveness of loyalty programs