Owning and running a small business is undoubtedly complicated. The only people who know this better than the owners themselves are the financial and small business experts at Standard Bank, the bank that positions itself as the bank for entrepreneurs. That’s why the financial institution will soon introduce UCount Rewards for Business, an SME-focused spin-off of the immensely popular UCount Rewards.
Created specifically for sole proprietors, close corporations and propriety limited companies with an annual turnover of R10 million or less, as well as small agricultural businesses, the programme allows SME owners access to a number of benefits including Card Rewards, Fuel Rewards and Travel Rewards.
All the benefits are designed to facilitate the managing and operations of the small-enterprise business model.
Fayelizabeth Foster, Head of Loyalty and Rewards at Standard Bank, explains the programme’s mechanisms: “Just like UCount Rewards for individual consumers, members of UCount Rewards for Business can collect rewards points simply by using their Standard Bank Business Credit, Cheque or Debit Card to pay for the everyday running of their operations. The rewards begin as soon as the business joins the programme and the first purchase is made, and continues as long as the business is actively using their cards and moving up tier levels.”
Using the above-mentioned cards, members can collect up to:
- Card Rewards – 1.25% back in Rewards Points on all purchases;
- Fuel Rewards – R2 back in Rewards Points on every litre of fuel purchased at Caltex;
- Travel Rewards – International – 40% back in Rewards Points on international flights on Etihad Airways, plus an instant 15% discount when booking through the UCount Rewards Travel Mall;
- Travel Rewards – Domestic – 40% back in rewards points on all domestic flights booked through the UCount Rewards Travel Mall; and
- Retailer Rewards – 5% back in Rewards Points for purchases online and/or in-store at any of our Rewards Retailers,.
Members can also collect:
- Tier Rewards – Up to 400 Tier Reward Points each month depending on their Rewards Tier
- Dual Membership Rewards -3600 Dual Membership Rewards if they hold membership of both the UCount Rewards and UCount Rewards for Business programmes.
- Social Rewards – Rewards Points on Social Media for members who link their Twitter and /or Instagram accounts
Ten (10) Reward Points are equal to R1, and the number collected and how fast depends on three variables, i.e. The Rewards Tier (the higher the rewards tier, the more points are collected), the value of monthly card spend and the Tier Rewards
“There are five rewards tiers which are dependent on the number of Standard Bank products and services the business chooses to use on a monthly basis,” Ms Foster continues. “The higher the rewards tier, the more rewards points can be collected from qualifying purchases.
Ethel Nyembe, Head of Small Enterprise at Standard Bank, believes that one of the differentiators of UCount Rewards for Business is the embedded Business Support Services.
“This programme was designed to reward members for their business banking behaviour in the interest of a healthier entrepreneurial environment,” says Ms Nyembe.
“As such, it addresses specific business needs and offers services, in exchange for rewards points – that are crucial to successfully running a business.”
These Business Support Services include Marketing & Sales, Legal & Tax, Technical Support and HR Consult. As Standard Bank understands that business needs change, UCount Rewards for Business members have the prerogative to switch their chosen Business Support Service every six months, free of charge.
“We believe that UCount Rewards for Business provides real banking value to our our customers who have business accounts,” Ms Nyembe continues. “Business is challenging, but collecting rewards is easy, and SMEs joining this programme will reap the rewards simply for going about business as usual.”