Fly Buys rewards business

Last updated 20:17 26/09/2008

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FLY BUYS, which has handed out more than half a billion dollars of rewards, is rolling out a programme for small businesses.

Until now, only personal spending was eligible to earn points from Fly Buys, a loyalty scheme owned by Shell, the Bank of New Zealand, Foodstuffs and IAG NZ.

Points can be exchanged for consumer goods or shopping vouchers.

Fly Buys' chief executive Andy Symons said small and medium-sized enterprises accounted for more than $30 billion of GDP, which promised huge growth potential for Fly Buys.

"The Fly Buys consumer programme has a penetration of about 70% of households. There's nothing that makes us believe this is going to be any less huge," said Symons. "There are not as many businesses as households, but they will collect points more quickly."

That will mean Fly Buys providing bigger and better rewards, Symons said. If there were things that businesses wanted, such as a new vehicle or a jet ski, Fly Buys would work with them to redeem their points for it.

But business owners needed to be aware fringe benefit tax had to be accounted for when using rewards to incentivise or reward staff.

Symons Fly Buys would help participating retailers and service providers to build more loyalty.

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- Sunday Star Times

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