VIR's merchant funded loyalty reward program is unique in that it is actually funded by third party merchants, not the sponsoring company offering the customer loyalty reward. This is a relatively new opportunity bought about through the use of the affiliate marketing industry and VIR's innovative technology.
The way VIR's Customer Loyalty Rewards program works is that a client who wishes to offer a Customer Loyalty Rewards mall to its customers, receives its own branded version of one of VIR's newest generation CashBack malls, with some custom modifications. One of the modifications is that instead of sending a customer a check for their CashBack earned, these funds can be converted into a currency that must be spent back with the sponsoring client. The currency might be points in an existing customer loyalty rewards program offered by the client, or money placed on account to be used to pay for the client's products or services. In the case of a services company which bills monthly for its services, it can also be used towards the customer's monthly bill to reduce its cost to them.
Since VIR is a technology company that develops CashBack mall technology, it focus has remains intently on enhancing its technology. This has resulted in VIR now offers a platform that is unrivaled in the industry.
VIR's system has been designed to be completely frictionless. Its new 3rd generation CashBack malls ("v3") have also been designed to greatly increase customer interaction, which results in increased use and retention. The new v3 platform is achieving Bounce Rates of less than 10%, which is also unrivaled in the industry.
VIR's new merchant funded customer loyalty CashBack Rewards Mall platform can be used either as a standalone customer loyalty program or integrated with an existing customer loyalty program to enhance its effectiveness. When used to enhance an existing program, it significantly increases the customer's affinity with that program and also magnifies the customers brand awareness as they regularly visit the mall to shop and save money.