Below is a guest post from SwitchPitch CEO, Michael Goldstein. SwitchPitch aims to be the Linkedin for business development by connecting startups and small businesses with large enterprises. SwitchPitch has developed a platform that enables big companies to post projects they can’t complete internally due to staffing and business development constraints. The projects range from nice-to-have ancillary needs to vexing problems with core business lines; and nimble startups can bid on the projects with cutting edge solutions. SwitchPitch is currently raising capital on SeedInvest.
Global Payments Inc., one of the world’s leading payment processors, was seeking a solution for a pressing need, and Boon Rewards Inc. a startup in the loyalty space answered the call.
The Match Up
Global Payments presented a problem: it needed a loyalty rewards engine that allowed different sized merchants to participate in a single loyalty coalition. It laid out the requirements: it needed a loyalty platform that both big and small merchants could use to participate. The loyalty app would work across the network, through which the customer would earn points that could be used at any business on the network. Also incorporated within the solution needed to be a way to leverage Apple Pay into the program. The target market was both big and small merchants, as in those wanting freedom in a loyalty program, and the budget was set at 25k-50k.
To develop a solution, Global Payments was looking for a startup that understood the payments and loyalty space. The solution needed to be multinational and easy to implement across regions. It needed to work in multiple verticals and with limited integration.
Boon Rewards reviewed the needs and knew it had a solution. The startup, based out of Toronto, is a white label mobile wallet that monetizes an organization’s member or fan base by driving them to purchase partner products with exclusive partner funded cash incentives. It turns fan loyalty into brand loyalty. BOON innovates sports/affinity marketing, building member and fan loyalty and engagement, while the organization earns a revenue share on every member and fan purchase. Boon Rewards submitted a bid with its solution. The solution included a step-by-step walkthrough of the app, with mockups and screenshots. It addressed each of Global Payments’ parameters and unanswered questions. It turned out to be exactly what Global Payments was looking for.
After reviewing all the bids it received from startups, Global Payments chose Boon Rewards based upon its comprehensive solution and get-it-done attitude. Together they have forged a partnership that has the potential to grow beyond the initial project.
“Without the SwitchPitch initiative, BOON would have never have discovered the Global Payments opportunity let alone been able to win the bid. The opportunity with Global Payments provides BOON with potentially millions of dollars in revenue turning a small startup into an established name in the loyalty industry.” – Simon Goldstein, Founder and CEO of Boon Rewards.
SwitchPitch’s equity crowdfunding campaign closes on November 7, 2016. If you wish to learn more, feel free to visit SwitchPitch’s campaign page on SeedInvest.
*Disclaimer: No individuals were compensated in exchange for their testimonials. In addition, no testimonials should be construed as and/or considered investment advice.
This post was written by Scott Fruchter on October 20, 2016
A Case Study from SwitchPitch