Prizeout partners with credit unions to launch CashBack+
CashBack+, a new suite of cash back products gives credit unions the tools to compete with big banks, earn more non-interest income, and put money back into their members’ pockets
NEW YORK, Feb. 20, 2024 (GLOBE NEWSWIRE) — Prizeout, the advertising and financial technology company that helps put money back into people’s pockets, has launched CashBack+, a white label solution for credit unions and their members. CashBack+ is a suite of products that lets credit union members earn instant cash back while they shop and lets credit unions grow their non-interest income by up to 3% on every member transaction.
“I am incredibly excited about this partnership. While purchasing power is getting squeezed across the board due to the current economic environment, credit unions now have the technology to help their members combat inflation and put more money in their pockets,” said David Metz, founder and CEO of Prizeout. “In addition, CashBack+ is a tool for credit unions to grow their non-interest income, at a time when interchange rates have come under increasing pressure.”
How it works:
- For Credit Unions: Prizeout’s technology integrates directly with credit unions’ online banking and core system providers for a seamless, white-labeled experience. CashBack+ creates a new stream of non-interest income for credit unions by offering up to 3% on every member transaction, going above and beyond interchange fees. With new offers and brands joining all the time, CashBack+ also provides credit unions with ongoing reasons to communicate with their members and new ways for members to engage with their digital platform.
- For Credit Unions Members: When credit union members log in to their online banking application, they are presented with the option to purchase digital gift cards with cash back offers from an online marketplace of more than 450+ national brands and access to 1,000s of local brands. The cash back is instantly deposited directly into their CashBack+ Balance where it can be used to purchase another gift card or transferred back into their bank account.
- For Brands: CashBack+ is a zero-risk customer acquisition tool for brands. By partnering with CashBack+, brands are able to more effectively target and only pay for the users they want, unlike traditional advertising technology options that charge for impressions and clicks.
The platform will soon include a full suite of products that can earn members additional cash back. This product is available to all credit unions, as well as community banks and larger financial institutions.
CashBack+ is working with a growing number of credit unions and banks across the United States that are live on the platform, with more expected to go live over the coming months.
“At Bellwether, we’re always looking to innovate and offer the most competitive financial services to our members,” said Lori Holmes, Vice President of Marketing at Bellwether Community Credit Union. “We were very excited to bring CashBack+ to our members. It was a no-brainer to integrate into our digital banking experience. We love being able to help our members stretch their dollars further as they discover new brands.”
“CashBack+ was created to give credit unions the tools to compete with big banks and help their members put money back into their pockets with every purchase,” said Metz. “It’s an absolute game changer for the industry and for credit union members everywhere.”
If you’re a credit union interested in partnering with Prizeout, please email [email protected].
About Prizeout
Prizeout is an advertising and financial technology company that helps put money back into people’s pockets. Through Prizeout’s technology, brand-funded offers are available to all partners, including financial institutions, gaming companies, gig economy startups, and more, giving them access to instant cash back from national and local brands when they shop with digital gift cards. The company was founded in 2019 and is headquartered in New York City. For more information about Prizeout, please visit www.prizeout.com.
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