Jonathan Silver from LRG Rewards in the Lions’ Den
LRG Rewards is truly a unique redemption platform. They have developed technology that converts points and provides the consumer with the ability to shop most anywhere online through an e-commerce environment.
What is remarkable is that very little IT setup on the part of the loyalty program or the eCommerce merchant is required to create a running reward store out of a traditional merchant store. LRG is currently tested and working with thousands of retailers around the world. The company claims that new retailers can be added within minutes.
Customers can use their loyalty points for purchase goods through the LRG solution, however, on the backend the transaction is settled with traditional currency. In an effort to mitigate fraud LRG has developed a novel approach to this settlement process. The actual payment process for LRG is to generate a single use MasterCard for each transaction with the card expiring and funds removed after 20 minutes of inactivity. The user is authenticated through our clients and passed to us through some type of SSO. The LRG systems and applications can only be accessed to authenticate a session and transmit data through the use of secure, assigned unique tokens passed to the LRG API.
Watch as CEO Jonathan Silver presents his case to the Lions in New Orleans.