Let cardholders redeem points or cash back as real buying power at the point of sale
Targeted | Efficient | Rewarding
How can Premium Payback simplify reward redemption?
Consumers want rewards they can use instantly, not delayed through statement credits or separate redemption steps. FIS® Premium Payback enables cardholders to redeem reward points or cash back as real-time payment tender at checkout – in store or online – through a simple prompt at the moment of payment.
Expand your influence over reward redemption
Issuers are often limited to one redemption option, restricting how and when cardholders can use their rewards. Premium Payback links a cardholder’s loyalty currency to their payment card and surfaces a redemption offer during tender. The prompt appears after coupons and merchant loyalty, making it complementary to existing promotions while keeping issuer attribution clear.
Save on interchange while driving checkout performance
Most checkout incentives require merchants to fund the discount, adding cost and complexity. Premium Payback uses issuer-funded rewards to deliver instant savings at checkout, helping drive lift while lowering acceptance costs. And because the redeemed amount reduces the transaction total, you pay interchange on the lower amount.
How does Premium Payback turn rewards into real-time payments?
- POS/PIN integration: Deliver real-time offers and redemption options directly to merchant POS or PIN pads during the payment flow through API-driven prompts that enable more seamless cardholder interactions.
- AI-driven messaging: Generate real-time redemption prompts and retrieve offer details from connected reward sources with AI-driven technology, helping ensure accurate reward use at the point of payment.
What makes Premium Payback work seamlessly across systems and networks?
- POS compatibility: Rewards integrate through existing processors, switches or POS systems, allowing merchant rewards to function without changing logic or requiring parallel systems.
- API connectivity: APIs instantly deliver eligibility and reward value, enabling issuer rewards to function as payment rather than post-transaction credits.
- Deployment time: Deployment is faster and simpler than building a loyalty program from scratch, with timing shaped by issuer APIs, merchant setup and selected redemption channels.
- System dependencies: Execution depends on issuer systems and existing loyalty programs that support network participation while resolving coupons and rewards before payment.
How does Premium Payback give cardholders more ways to use rewards?
- Card-linked rewards: Integrate loyalty currency or cash rewards directly to the payment card, enabling rewards to function as payment tender at the point of sale.
- Real-time redemption: Provide cardholders with more direct, real-time value at checkout without requiring a separate “redeem later” experience.
- Extended loyalty access: Allow multiple loyalty currencies on a single card, giving cardholders more redemption options.
Where can cardholders redeem rewards instantly with Premium Payback?
- Omnichannel reach: Support reward redemption across multiple channels, including in store, online and through digital wallets, giving cardholders flexibility to use rewards wherever they choose.
- Merchant network: Enable real-time reward redemption at a nationwide network of participating retailers and merchants, such as CVS®, Walgreens® and Walmart®.
- Integrated loyalty: Connect to participating loyalty programs to surface reward offers and value details, including near-real-time SMS redemption for Visa® cardholders, online redemption via PayPal® and statement credit through Apple Pay®.
Client story
FAQ
How does Premium Payback work at checkout?
When a cardholder pays with a linked card, a redemption prompt appears at the POS or PIN pad after coupons and merchant loyalty offers are applied. The cardholder can choose to apply reward points or cash back toward the transaction total, reducing the amount charged in real time.
How does Premium Payback reduce interchange costs for merchants?
The redeemed reward amount lowers the transaction total before authorization, so merchants pay interchange on the reduced amount. The discount itself is funded by the card issuer, not the merchant.
What loyalty programs and networks does Premium Payback connect to?
Premium Payback connects to participating loyalty programs and supports redemption at a nationwide network of retailers, including CVS®, Walgreens® and Walmart®. Visa® cardholders can redeem offers by SMS almost instantly. Online redemption is available through PayPal®, and statement credits are offered via Apple Pay®.
Can a cardholder have multiple loyalty currencies on one card?
Yes. Premium Payback supports multiple loyalty currencies on a single payment card, giving cardholders access to more redemption options from a single wallet.
What channels does Premium Payback support?
Redemption is supported in store, online and through digital wallets, making it available wherever the cardholder chooses to pay.
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Learn more about how FIS can help you deliver real-time reward redemption while improving the checkout experience and supporting your brand.
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Embedded finance for retailers
Learn how you can leverage the latest tech to outpace competitors and improve the customer experience.
Andy Wind
Sr. Director Embedded Finance
What is embedded finance?
Embedded finance enables non-bank companies – like retailers – to provide financial services to their end users at their point of need. Embedded finance is so appealing because it’s seamlessly integrated into the customer experience.
How does embedded finance work for retail?
Embedded finance enables retailers to enhance the customer journey. With embedded finance retailers are empowered to deliver the last mile of customization while leveraging banking’s core infrastructure, such as payments, lending, insurance, savings and reward programs.