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Zach Goldstein, Founder & CEOCouple this with the fact that almost 80 percent of their revenue comes from the top 20 percent of their customers, the problem at hand takes a new shape: Offline merchants need to know where their revenue is coming from and who their top customers are to effectively channelize their marketing efforts. Mindful of these challenges, Thanx makes the entire process effortless through a platform that demystifies customer identity and provides engagement tools that build profitable relationships between merchants and their customers. Zach Goldstein, CEO and Founder at Thanx, promises to provide visibility and actionable insights through customer data for multi-location offline businesses without disrupting the POS equipment.
The Thanx secret sauce is its partnerships with card operators like Visa, Mastercard, and American Express, which allow customers to pay as usual and get loyalty credit without having to present a punch card, digital card or QR code. This frictionless experience for both the merchant and the customer ensures program stickiness and success.
The Thanx platform provides merchants with a dashboard to view critical customer data, including frequency, spend, and feedback. “The key here is not merely collecting data, but using it to drive real results,” remarks Goldstein. Thanx assigns an account manager who assists merchants in analyzing data, deriving insights, and launching engagement programs based on the merchant’s goals. Goldstein pledges, “we evaluate our success based on the measurable results driven for our customers.”
With the goal of making data easy for merchants to use, Thanx automates the creation and execution of these high-impact, personalized campaigns.
The key here is not merely collecting data but using it to obtain actionable insights. That is where we strike
For example, based on a customer’s revenue contribution, he might be categorized as a VIP and marketed to accordingly with preferential treatment. Another automated campaign—“Winback”—helps with churn management by identifying once-loyal customers who’ve seen visit frequency decline in a statistically significant way, and winning back their business through automated outreach and personalized offers.
Goldstein mentions the case of a well-known retail outlet in the U.S., with three separate channels for the inflow of customer data—in-store, online ordering, and telephone orders. The staff was tasked with examining each transaction manually in order to track the rewards that their customers had earned under the previous card-based loyalty program. By switching to Thanx, the company simplified this process, eliminating all manual tracking and even automating their customer outreach without any software upgrade or POS reconfiguration—all within a month of making the switch. Thanx tripled the number of active members for the company’s loyalty program in a matter of 6 months. Perhaps most notably, the loyalty members’ expenditure in store increased by 30 percent due to the effectiveness of automated marketing tools by Thanx.
As their modern approach to loyalty continues to drive success for Thanx merchants, the company is forging ahead and enriching its platform to identify even more sources of data for issuing real-time, personalized notifications to customers’ mobile phones. This, Goldstein says, improves the experience for customers, which increases the ROI for merchants working with Thanx. “We are focused on helping merchants say “thanx” to their best customers, which, in the process, helps them drive real revenue. It’s a win-win,” concludes Goldstein.
New Feature: Introducing Stored Value for Thanx Merchants
Monday, September 11, 2023
Collect cash upfront, increase customer lifetime value, no hardware to manage
The dining experience just got a whole lot smarter with Thanx. In an exciting move reminiscent of Starbucks’ payment system, Thanx has unveiled its latest innovation — Thanx Stored Value. This groundbreaking offering allows consumers to preload funds for future digital and in-store purchases, all without the need for additional hardware.
No More Hardware Hassles
Imagine being able to pay for your favorite restaurant meals using Apple Pay or Google Pay, and the payment is directly debited from your preloaded funds within the restaurant’s mobile app. That’s exactly what Thanx Stored Value offers. And the best part? It doesn’t require restaurants to invest in costly new hardware. This technological leap is made possible through a strategic partnership with Ansa, a digital wallet platform known for its ‘wallet-as-a-service’ technology, founded by leading payments industry experts.
Endless Possibilities for Consumers
With Thanx Stored Value, consumers gain unprecedented flexibility. They can use their preloaded funds not only for in-store purchases but also for app- or web-based digital orders. Traditional stored value solutions often necessitate significant hardware investments to manage in-store payments, but Thanx+Ansa’s collaborative solution removes these barriers. This enables seamless integration with any point-of-sale (POS) provider capable of accepting Apple Pay.
Moreover, this innovative offering provides a host of benefits. It enhances customer retention and revenue by encouraging consumers to return for subsequent purchases. Plus, it ensures upfront cash flow for restaurants, as stored value balances become immediately available upon loading. Starbucks, a pioneer in this space, currently maintains a prepaid balance of approximately two billion dollars, showcasing the immense potential of such systems.
Seamless Management and Rewards
Managing funds through Thanx Stored Value is a breeze, thanks to an intuitive in-app experience. Additionally, merchants have the option to incentivize fund preloads by offering bonus offers during loading or accelerating loyalty point accruals for payments made using preloaded funds.
A Game-Changer in Guest Engagement
At Thanx, all of our digital experiences are thoughtfully designed and purpose-built to drive customer lifetime value. Thanx Stored Value is yet another tool for our customers to increase guest engagement and grow incremental revenue. In many ways, what we’re offering is superior to anything else on the market today; better economics than gift cards, no new hardware to manage, truly point of sale agnostic, and best of all, no need for consumers to even open an app to pay in-store.
– Zach Goldstein, CEO and Founder of Thanx.
LevelUp Deprecation Opens New Horizons for Thanx
After news that Grubhub would be sunsetting LevelUp, a once-popular digital payment and loyalty platform, many LevelUp customers have found their way to Thanx, recognizing it as the ultimate solution for their loyalty and digital guest engagement needs. In fact, Thanx transitioned hundreds of LevelUp locations so far this summer and has hundreds more scheduled to launch before the end of the year making Thanx the number one loyalty destination for former LevelUp brands. Previously, the absence of a feature like stored value left some customers (especially coffee brands) looking elsewhere, but with the introduction of Thanx Stored Value, this gap has been seamlessly filled.
Thanx now stands as the complete package, offering a comprehensive suite of services that have drawn a wave of former LevelUp users seeking a more streamlined and innovative approach to restaurant loyalty and payments. With Thanx Stored Value, the transition is not just smooth; it’s a leap into a more rewarding and efficient future for both restaurants and their valued patrons. Goodbye, LevelUp scanners. If you can accept Apple Pay, you can accept Thanx Stored Value payments with no new hardware.
Company
Thanx
Management
Zach Goldstein, Founder & CEO
Description
Helps merchants drive deeper, data-driven relationships with their best customers
