3C Contact Services Offers Their Opinion on Bitcoin’s Effect on Customer Loyalty Programs

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3C Contact ServicesToronto, Canada – July 21, 2015 — 3C Contact Services (www.3CContactServices.com), North America’s premier cost-effective provider of contact center solutions for small and medium-sized businesses, is weighing in on recent statements that Bitcoins could shake up customer loyalty programs.

According to a recent Wall Street Journal article, many retailers that offer reward programs, such as frequent flyer miles, frequent hotel guest points, and customer loyalty rewards, will not recognize Bitcoins, or “crypto-reward” tokens. They have, however, inspired many retailers to follow a similar model for their rewards programs. (Source: Casey, M.J., “BitBeat: How Bitcoin Technology Could Shake-up Loyalty-Points Business,” Wall Street Journal, July 2, 2015; http://blogs.wsj.com/moneybeat/2015/07/02/bitbeat-how-bitcoin-technology-could-shake-up-the-loyalty-points-business/.)

“As we continue to move towards being a ‘cashless society,’ we can expect to see more and more retailers adopt a form of currency similar to Bitcoins,” says Damian Reyes, customer service manager at 3C Contact Services. “Many retailers are taking an ‘if you can’t beat ’em, join ’em’ stance when it comes to Bitcoins.”

For many retailers, they are looking at adopting something similar to a Bitcoin, but with the same value— a tradable digital token that can be used universally and is transparent for business owners. This could prove to be especially beneficial for business where rather than hiring consultants to find out their business’ value, they could simply look at the market value of their version of “Bitcoins” to evaluate customer loyalty and the value of their digital tokens. (Source: Ibid.)

“Making the tokens tradable is advantageous for customers as well,” notes Reyes. “If they wanted to purchase an item, such as a power tool or other high-end item, they could take their coins from other retailers and transfer them in order to make the purchase.”

Another advantage, Reyes explains, is that retailers can buy up a currency that is similar to a Bitcoin at a discounted value and use it against any future debts, or sell them to customers for cash if the token’s value outstrips demand.

“Even if retailers choose not to accept Bitcoins, they are rapidly learning their value,” concludes Reyes. “Many organizations are looking at adopting similar rewards programs for their customers and as the examples prove, this is a program that can be highly valuable for customers. Many companies who have adopted rewards programs that use a currency similar to Bitcoins have experienced growth. The switch seems to be just good business.”

For more information on how 3C Contact Services provides its partners with advice on how to adopt similar rewards programs, in addition to providing third-party outsourced call center solutions, visit https://www.3ccontactservices.com/