Merchant FAQ
favor.it in a nutshell
What is Favor.it?Favor.it is a mobile app with which you can create a digital businesscard for your business. By subscribing to your businesscard your customers declare your business as one of their Favor.its. As their Favor.it you can tell them about exclusive offers, newly arrived products or special events at any time. And if your customers like what you have to offer, they can purchase your product or service directly from within the app. Moreover, each new Favor.it makes you and your offers more visible to your customers’ friends and acquaintances. Favor.it is the perfect tool to make more business with your satisfied customers. And it’s the easiest way for you to benefit from word-of-mouth.
What kind of businesses are participating in favor.it?Favor.it works for any kind of local business with regular consumer contact. To ensure our high quality standards as of now it is only possible for merchants to participate once we have reviewed and approved their application. You can apply here to become a Favor.it. Our criteria for admission are:
- You shouldn’t be running a large chain business
- You should a sizeable number of customers between the age of 18 and
- You should be open for innovation
- You should be willing to actively use the Favor.it platform and incentivize customers to sign up and follow your business
Benefits of favor.it
Why should I work with favor.it?Favor.it revolutionizes your advertising and customer relationship management - and you can try it totally risk free at no cost. The best things about Favor.it are:
How are you better than yellow pages, direct mailings, newspaper ads, etc?- You can advertize to new and existing customers at any time
- Customers that like your news and offers can easily share and recommend them to their friends
- Customers can actually buy your offers directly from within the app - that’s how you can guarantee instant gratification and maximum conversion
- You can use Favor.it to give out bonus points to your loyal customers. They can redeem later on for whatever rewards you decide to make available. It’s your not so typical punchcard in the customers mobile
- In the future you will also be able to accept contactless mobile payments with Favor.it. We will tell you in a few month how exactly that works and why that’s a great thing for you
- You can try Favor.it totally risk-free at no cost. And even after the trial period we will only charge you a commission, when we’re actually bringing you additional business
- You can always measure the success of all your Favor.it advertising campaign and have total control over costs and benefits. Also, we’re actually going to give you advice on how to improve future campaigns, based on customer feedback to your previous campaigns
That’s an easy one: With traditional advertising it’s always you bearing the financial risk. Whenever you buy an ad or distribute flyers, you pay up-front regardless the outcome. Favor.it reverses this process. With us you first advertise and pay us only for the business we actually brought you. We only get paid, if you get paid - it’s as easy as that.
How are you better than Groupon or DailyDeal?Actually we don’t have very much in common with daily deal platforms like Groupon or DailyDeal. Some of the more important differentiating factors are:
How are you better than my website and my facebook fanpage?- We work to maximize your success: We don’t expect you to give 50% off on your products or services every time you send out a promotion. And with us you don’t pay at least 50% and up to 100% in commission on your voucher sales
- With Favor.it you don’t have to go trough a gatekeeper like a sales rep every time you would like to send out some news or a promotion. You can decide on your own what to do, when to do it, how to do it and what to charge for it
- Favor.it is social to its core: If you make your customers happy by sending out great offers and providing great services then they will share and recommend anything you do on favor.it to their friends and acquaintances.
- Your customers are your most important advertisers - use them!
- We only display your ads to your existing customers as well as other
- customers that are very likely to perceive your ads as relevant to them. This is how we prevent spam as well as bringing you customers that don’t really mix well with your regular clientele
Favor.it is your central social media ressource but does not replace your website, facebook fanpage or twitter account, it complements them. You can configure Favor.it to post every news item and every offer to your other accounts as well - the only difference being that your customers will now be able to buy your offers as soon as they see them. Moreover, Favor.it does not only allow you to make more of your existing customers - it systematically helps you to win new business
Working with favor.it
How do ads and news get into the system?Upon registering with Favor.it you get access to your Favor.it account. With your username and password you can log on to Favor.it anytime and once you have completed your signup information it is only a matter of minutes to create news and offers for your customers to see. It’s fast, it’s easy and you can do it all by yourself. And if you ever got any problems or questions, just give our friendly support team a call.
How much time do I need to dedicate to this?As soon as you got your Favor.it account up and running, it is you who decides how much time you want to spend on managing your Favor.it community. As a general rule, it’s only a matter of a few minutes to create a news item or offer. We’re doing everything we can to make using Favor.it as easy, intuitive and smooth as possible. Moreover, if you like you can subscribe to the Favor.it Premium Merchant Service. As a member of PMS you enjoy all the benefits of our professional community management services - which means we take all the tasks you do not absolutely have to do yourself out of your hands. PMS reduces the time and effort to manage your community to an absolute minimum.
How can I sign up my customers?Use the co-branded merchandise provided by us to let your customers know about your Favor.it profile. For instance, just hand out one of your Favor.it businesscards to every customer at the point-of-sale and recommend that they join you on Favor.it. Customers that don’t have the app installed can simply go directly to the app-store or scan the QR-code on the back of the card and be directed there to download the app. Once downloaded and installed, scanning the code again will automatically add your business to their set of Favor.it cards - and the customer now follows you. In addition to the merchandise you can use your facebook and twitter accounts as well as your website and your email newsletter to direct your customers to your Favor.it profile. And if you connect your facebook profile to Favor.it, all your messages and offers will automatically show up in all your customers’ facebook streams.
Why would I want to sign up my customers?In order to fully capture the power of Favor.it it is essential that as many of your customers as possible mark you as one of their Favor.it businesses. Firstly, it is the requirement for you to be able to tell them remotely about offers and news. Secondly, a high number of Favor.its from your customers have a great impact on your visibility on Favor.it - because the number of Favor.its to a certain extent shows how popular your business is. Thirdly, the more of your customers we can see, the better we can decide who else to advertise to for maximum success.
How does the redemption of vouchers work?Redeeming a voucher is really simple. Your customers buy and redeem vouchers directly within the app. When at your business, the customer simply selects and opens the voucher from his cart in the app. On the voucher screen you then click “redeem” and the voucher is automatically invalidated. An automatically generated timestamp on the display ensures that the voucher is now invalid. Moreover, you will instantly be able to see transaction in your Favor.it account and - if you opted in - receive a confirmation email to your email account. The proceeds from the voucher sale are automatically debited to your Favor.it account and can be transferred to your bank account anytime.
How does accounting for sales on Favor.it work?That’s pretty simple. Whenever a customer redeems a voucher at your business, you or your employees can just give out whatever the voucher specifies, without collecting cash or using the cash register at all. The transaction has already been recorded in your Favor.it account and at the end of each month you will receive a detailed account balance, history and invoice. The documents are sufficient for legal and tax purposes and make accounting for all your Favor.it transactions as easy as pie.
Cost and risk
How much does it cost?Favor.it itself is totally free. There is no mandatory subscription or other hidden costs whatsoever. You will be charged only if customers actually buy vouchers from you. In the first few months of your membership we will charge only for the cost of processing your customers’ payments through MasterCard, Visa, Paypal, etc (2-3%). Upon completion of your trial period we will charge between 10% and 20% on commissions on every sale, depending on your area of business. But, these commissions are 100% performance-based, meaning that you only have to pay anything if Favor.it really brings you business (voucher sales).
How and when do I get my money?As soon as a customer redeems a voucher at your business the proceeds from the sale of the voucher will be debited to your Favor.it account. You can transfer the account balance to your bank account anytime. Please remember that the transfer might take up 3-4 days, depending on the bank you have an account with.
How can I be sure to get my money?Each time a customer purchases a voucher through Favor.it, we collect your money for you. As soon as the voucher is redeemed, we debit the outstanding amount to your Favor.it account. There is no payment risk for you.
What are the risks involved?There are no risks at all for you. You have total control over all aspects of your Favor.it campaigns. You can limit the number of vouchers available. Using Favor.it is for free until we make you money, and even then it’s only a minor percentage commission on all your sales. And there are no hidden costs or other surprises. Promise!
Do you want to try out favor.it for free today?
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