Unlimited cash back consumer program to be part of a larger rewards ecosystem, powered by Dwolla
AeroPay, a disruptive mobile payments company based in Chicago, has announced the launch of a new cash back rewards program. Consumers will now earn unlimited 1% cash back on all purchases made using the AeroPay mobile app, the first part of a larger rewards ecosystem the company is developing. The payout for these rewards is being facilitated by Dwolla.
Consumer participation in the program involves a one-time sign up that includes creating an AeroPay account that is securely linked to their bank account, a process that is similar to other popular fintech apps. Consumers can then immediately use the AeroPay app to make purchases at participating merchants—and automatically begin earning 1% cash back on every purchase. Shoppers receive their cash back as a direct deposit to their bank account biweekly on what the company calls “AeroPayDay”.
“Our initial focus was to develop an amazing and seamless merchant experience. With the launch of our consumer cash back rewards program we are demonstrating our commitment to creating a two-sided platform that provides value to both consumers and merchants on every transaction,” says Daniel Muller, CEO & Founder of AeroPay. “We know there is a significant opportunity to offer better rewards for consumers versus using cash or a debit card, which earn minimal or no rewards, and 1% back is just the beginning.”
The cash back program is made possible in part by Dwolla, a fintech company that provides businesses with an onramp to the ACH Network, the electronic funds-transfer system used by U.S. financial institutions. ACH transactions, submitted through the Dwolla API, allow AeroPay to return funds to its shoppers efficiently and reliably.
The AeroPay app is available free in both the iOS App Store and Google Play Store in the United States.
“Our partners at Dwolla have been very helpful in bringing our rewards program to life and we appreciate their continuing support,” says Alex Lipnik, Director of Sales & Partnerships at AeroPay.
Founded in Chicago, AeroPay is a new closed-loop payment method that disrupts the incumbent card-swipe model by creating an instant bank transfer between merchants and consumers. The result is that AeroPay slashes the interchange fees paid by merchants for every card swipe or NFC Transaction with much of the savings passed onto consumers in the form of cash-back rewards. AeroPay is currently live and at hundreds of popular retailers and restaurants in Chicago.
Visit www.aeropay.com to learn more about AeroPay or for a link to download the app.
Dwolla, Inc. is a financial technology company that is changing the way businesses send and receive funds. The company offers a seamless, white-label API platform to connect to the ACH Network to initiate payments.
Since 2008, when Dwolla began creating the ideal platform to move money, the company has helped move billions of dollars for millions of end-users annually for businesses of all shapes and sizes; in addition, Dwolla has been mentioned in Inc., Forbes and the Wall Street Journal. Businesses that need to efficiently send or receive money and are ready for the future either use Dwolla—or they should.