Payments

Synchology: Providing a White Label Rewards and Loyalty Program

Synchology, called ‘The Branded Payments Company’, was founded in June 2009. The Chicago based company builds, manages and designs white label rewards and loyalty focused checking account replacement products. These help brands and consumers to engage with each other in an everyday transactional space.

Synchology was co-founded by Doug Bobenhouse (President), Greg Ticknor (CEO of Total Card), Gregory Johnson (CMO of Total Card) and Scott Swain (CFO of Total Card). The company is a subsidiary of Total Card Inc.

Here is a Video showing how their platform works:

The company’s platform offers certain features:

Affinity Prepaid Card: The Affinity Debit Account is a standalone FDIC insured account that can act in place of a consumer checking account and offer aggressive and attainable rewards to cardholders. Synchology says that its prepaid debit accounts feature exclusive benefits that can be used to drive audience loyalty and enhance brand affinity.

Loyalty and Rewards: Synchology integrates a wide array of aggressive reward earning options that compress the participation time required to earn tangible rewards and generate goodwill for your brand. It offers benefits such as 3rd party funding, earning/redemption opportunities, special deals and offers, cash back, virtual currency, brand specific gift cards etc.

Anaylytics and reporting: The company says that its client reporting dashboard visualizes the most important program data for portfolio insight and better decision making. It offers benefits such as daily refresh of data, custom query, visual trends, details on – Enrollment and Activation, Spend Activity, Engagement (Cardholder status, platform usage etc.) and Profitability.

Synchology says that its flagship product – ‘Jump’ prepaid card has been designed for under served and under banked populations with limited functionality.

Jump card offers certain features:

  • Flexible budgeting and transaction management tools.

  • Gigantic catalog for rewards redemption which includes merchandise, gift cards, travel etc.

  • Offers and personalized deals from national and local merchants.

  • Rewards value to Cash back offer.

  • No limit to earning rewards.

  • Discounts on merchant e-gift cards.

  • No overdraft fees, free direct deposit, no credit card check, FDIC insured funds.

  • Consumers generally pay additional fees for a prepaid card. It is the same with Jump Card. Consumers pay $5 per month for the card, or could take  an annual membership can costs $50. 

The card offers users points redeemable for various products with various redemption values. For example, 3,000 points earns the user a $25 gift card; 5,000 points earns $50 to be redeem from thousands of catalog items, and 10,000 points earns $100 towards airfare.

How does Synchology earn through this? “We make money when consumers use our accounts to make purchases and when they take advantage of offers we present” says Doug Bobenhouse, President at Synchology.

Synchology is also deeply integrated with Cardlytics to provide targeted deals and offers back to the card holder.  Cardlytics’ patented technology claims to allow advertisers to make a direct connection to customers, through online and mobile banking. The company has partnerships with nearly 400 financial institutions including PNC Bank, Bank of America and Regions Bank. Cardlytics claims to have captured customer spending data across all stores and categories with access to current and historical purchase behavior for around 70% of U.S households.

LTP View: Brands leveraging Synchology’s platform for rewards could see significant 3rd party reward funding and access to valuable trend data. There are not many companies offering a white label reward debit product which gives Synchology a huge space to expand and move forward in its operations.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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