Why is a Coin worth one dollar ($)?

Article author
Ben C.
  • Updated

Old and outdated loyalty rewards programs offer you the ability to use “points” or “stars” as your own rewards values. However, points and stars have no real value and cannot be used interchangeably. With Twism, the clear value pegged to the U.S. dollar (or the business’ home currency) means you know exactly what you’ve earned, and exactly what can be redeemed.

Rather than having complicated discussions about how many points are equivalent to certain rewards, Twism believed in making rewards simple to understand: 1 Coin = $1 in value. Twism leaves it completely up to the business to determine what percentage a customer will earn back in Coins for every purchase. Your business will not be giving away an actual dollar each time, and will never be charged each time a customer earns a Coin. Your customers will simply earn Coins which are of equivalent value to a dollar.

Customers can also earn fractions of a Coin with each purchase. For instance, if Buck’s Burgers sets their Rewards Rate to 5%, a customer that makes a transaction for $10.50 would receive 0.53 in Coins from that business. Customers can accumulate these Coins and pay with them in future purchases with that business.

For example, if a customer has earned an available balance of 10 Coins from Buck’s Burgers, they can use these Coins as a form of payment during their next purchase. Customers will facilitate this either through the Twism mobile app or the Loyalty Widget displayed on the business’ website. This customer has earned $10 in value, however they have spent $200 to earn it.

For businesses that operate outside of the United States, one Coin is equivalent to one unit of each business’ respective home currency. Customers who earn Coins from these businesses will always earn Coins in the currency of that country. This means if you are in the U.S., and shop in Canada, you will see Coins worth Canadian dollars in your wallet, and if you are in the U.K., and shop in the U.S., you will see Coins worth U.S. dollars in your wallet.

Was this article helpful?

3 out of 5 found this helpful

Have more questions? Submit a request

Comments

0 comments

Article is closed for comments.