What are Credits?
- An Omneo Credit is a dollar off amount and generally works in the same way as an in-store or online payment
- Credits have a fixed value, GST implications and optional expiry dates depending on their type
- Credits may be earned by doing (or not doing) any number of predetermined actions, purchased outright, or issued manually.
- The critical difference between a Credit and an Omneo Reward or Benefit is that Credits are treated as a payment type rather than a discount.
- Credits can be issued to an individual customer, or transferable between customers in the form of a virtual Gift Card.
- Credits do not need to be redeemed in the amounts they are issued in
- Multiple Credits may be redeemed in a single transaction
- Credits can be used anywhere standard payment types are accepted
- Credits are redeemed in customers local currency. Prices are automatically converted based on the foreign exchange rate and rounding rules.
How do Credits work?
Omneo Credits are issued at the discretion of the implementing brand and generally fall into three types:
- Store Credit - 'Paid' for by a returned product
- Promotional Credit - 'Paid' for by a line in a company's budget - ie marketing
- Gift Card - Paid for via standard payment options the same as traditional gift cards
Credits are stored against known customer accounts. Credits can be transferred between known customers or communicated out to an unknown customer via a virtual gift card (number and a pin).
When a Credit is gifted to an unidentified customer, it is stored against the purchasers' profile until the recipient creates a profile. Credits can be created and configured via the Omneo CX manager interface.
When can Credits be used and issued?
Credits can be used anywhere standard payment types are accepted.
The period of time required for Credits to be available to redeem will be dependent on the Credit vendor. A Credit vendor may be a POS system, eCommerce platform, brand or native Omneo.
Credits can be spent independently or in conjunction with Omneo Rewards or Benefits. If a customer has more than one financial incentive to redeem in one transaction, the hierarchy will be as follows:
Benefits > Rewards > Credits > Payment Type
Why use Credits?
Credits serve as a commitment to spending a set amount with a specific brand; staff may use the Credit mechanic as an alternative to refunding other payment types. For example, offering $110 store credit rather than a $100 cash refund. Alternatively, a gift card recipient might get increased Credit value by creating a new brand profile.
Credit serves as the highest form of endorsement or recommendation, as the customer buying a Gift Card Credit is will to bet their own money that the recipient will enjoy shopping with a particular brand.
'Smart' Gift Cards that can revert back to the original known customer who purchased it if the recipient doesn't use it within a defined period.
Omneo Credits gives brands new and innovative ways to interact with customers that aren't possible with normal Gift Card or POS-based store credit functionality.