7 years ago

Hobnobbing with Lajos Ludman from RECASHER

So, what does RECASHER do?

After numerous rebate systems and customer loyalty programs, RECASHER is the first company worldwide offering every participating customer real money cashback in real-time for every purchase, which is made in-house or online at the partner shops. No points, no cards, only cash back - with a single mobile app, the RECASHER APP. Households, small and large families, and everyone who would like to save money – in average 4-6% on every purchase  –  are offered a solution.

What’s behind the business idea?

We have made a complete redefinition of the concept of consumer satisfaction. The eternal and well-known phenomenon of loyalty cards and unresolved points, unsuitable semi-gift products and hidden conditions will finally be put to an end. We made immediate benefits for consumers to a company mission. "Real time real money cashback" is our slogan.

Was there a breakthrough moment?

Only a few weeks ago highly valuable cooperations have been agreed on, enabling RECASHER users to pay from day 1 at 15.000 cash registers in Austria, including major retail chains like SPAR, BILLA, Merkur, ADEG, MPREIS, BIPA, Hervis, Cineplexx, as well as at a rapidly growing number of cash registers in Germany.

How is the company doing?

We have been very busy recently with designing the above mentioned cooperation. Additionally, we have been building up our early follower audience at social media. In one word, we are preparing the big moment of Go Live!

Do you have any regrets?

Defining the scope of the system was an important challenge and to shape the product itself was a key, too. We should not have started programming until the functional requirements were 100% defined, validated and agreed upon by all the external partner. This caused us certain amount of rework during the year.

What makes you stand out from your competitors?

There are so-called cashback providers in the online and the offline retail world, most of them providing consumers with points instead of real money cashback that can only be used for a limited number of goods or services, often overpriced. On the whole it can be said, that there are some loyalty solutions with great promises, but technologically inferior systems and pretty shaky legal grounds. Some others just simply do not deliver on their promises.

In contrast to those approaches, we offer real money instant cashback, transferred right after the purchase directly from the merchant’s account to consumer’s account. Our service works in both, online and stationary retail as well.

The old-fashioned methods of customer loyalty will thus finally say adieu, including unused and lost points - worth billions – each year. From now on the customer is king, being granted concrete benefits, such as real savings, flexibility and freedom.

RECASHER is a new, fully transparent, regulated e-money based loyalty program. Being regulated and supervised by the respective financial supervisory authority guarantees transparency and full compliance with the respective payment rules. That is what makes RECASHER unique and revolutionary in its setup.

What is your definition of a positive customer experience?

Consumers can download the app free of charge. Instead of points - that can be swopped for overpriced goods, or remain entirely unused - RECASHER users receive real cash, while saving 4 to 6% of their purchase volumes.

They do not need to carry multiple loyalty cards any more, but they can validate their cashback at all the RECASHER merchants via their app. The collected cashback is instantly available upon purchases and it is immediately available to spend.

Consumers can get notifications about various promotions, coupons and benefits offered by the various merchants and services providers.

You’re currently reaching out for investors, what do you plan to do when you have raised this funding?

The money will be used for the integration costs with 3rd parties. It would also enable us to finance the first few month until our company becomes cash flow positive. Acccording to our business plan we reach this status in the first year already.

What advice would you give yourself now if you were starting a business?

Live your dreams and follow your passion. If you identify a problem you really care, get yourself and solve it!

Finally, Lajos what is your favourite biscuit?!

I love triple chocolate -oat cookies.