Swiping is out, blinging is in: Adirondack Trust recently partnered with Bling Nation, a non-traditional payment services proprietor, to bring a little bling to Saratoga Springs.
The local bank began its first week of its test run with bling tags, the latest payment service technology designed specifically for community financial institutions.
Bling tags are small sticker-like chips that are attached to the back of the user's cell-phone. Like a debit card, the tags are linked to the user's checking account. But rather than reaching into their wallet and swiping a credit or debit card, blingers simply tap their cell phone on a wireless terminal and voila: the transaction is made, processed and finalized all in one motion.
Plus, there is no paperwork involved; receipts are sent directly to the tag-holder's cell phone.
"Bling Nation asked us if we would be interested, and it seemed like a no brainer," Charles Wait, President of Adirondack Trust said. "We think it's always good to have alternative payment systems. Services like Mastercard and Visa pretty much dominate the market. [They] listen to the big guys and we're a little guy and our customers are too so when we were approached, we knew it was perfect."
According to Wait, there are a handful of advantages to using bling tags. Essentially, the service is less expensive for merchants, more convenient for consumers and promotes stronger relationships between both parties.
Participating merchants can personalize their bling-benefits by offering their own rewards programs. The tag software will automatically keep track of the customer's purchases.
"Each merchant can have their own rewards system, so for instance if a restaurant wants to reward you with a bottle of wine for having three dinners in a month, the software will keep track so you don't have to," Wait said. "It can be used like a coffee punch card, but the software does it all."
The service fees are also less expensive than the major credit card companies and the transaction is processed much faster.
Blinging is also more secure, because it's a smaller operation and customers can't make a transaction unless they are carrying their phone. And if the phone is lost or stolen, the bling tag can be canceled and tracked just like a credit or debit card.
During the test phase, Adirondack Trust employees will be blinging with a select group of six Saratoga Springs merchants: both locations of the Country Corner Café, Putnam Market and Putnam Wines, Hungry Spot, Bread Basket, Impressions and N. Fox Jewelers.
Marianne Barker, owner of Impressions, is thrilled to be part of the test run. As of Thursday morning, Impressions was yet to have its first bling.
"We'll be very excited when we have our first one," Barker said "It's so simple and easy; you don't even have to slide. It takes three or four days with regular account, but with bling tags it happens overnight."
For Barker, blinging is an attractive payment service because it supports local business and gives community institutions a leg up on the big guy.
"I'm hoping it keeps people shopping downtown. We're all about that: keeping it local," she said.
Catherine Hamilton, owner of Putnam Market, is eager to see how the service works.
"We've had a few people use them. It's only just started and so far so good. I think it's pretty easy for customers to use. From a merchant's perspective it's going to be at least as fast as and less expensive than people using a credit hard."
Adirondack Trust expects to pilot bling tags for a week or two. If all goes well, which Wait seems confident about, the bank will begin offering the service to their account-holders within the new few weeks.
"It takes five minutes. If you have an account with us, it will take five minutes to sign up. If you don't, come on in and set one up," Wait said. "It's so easy, other banks will be screaming to get in," Waite said.
Bling tags are small sticker-like chips that are attached to the back of the user's cell-phone. Like a debit card, the tags are linked to the user's checking account. But rather than reaching into their wallet and swiping a credit or debit card, blingers simply tap their cell phone on a wireless terminal and voila: the transaction is made, processed and finalized all in one motion.
Plus, there is no paperwork involved; receipts are sent directly to the tag-holder's cell phone.
"Bling Nation asked us if we would be interested, and it seemed like a no brainer," Charles Wait, President of Adirondack Trust said. "We think it's always good to have alternative payment systems. Services like Mastercard and Visa pretty much dominate the market. [They] listen to the big guys and we're a little guy and our customers are too so when we were approached, we knew it was perfect."
According to Wait, there are a handful of advantages to using bling tags. Essentially, the service is less expensive for merchants, more convenient for consumers and promotes stronger relationships between both parties.
Participating merchants can personalize their bling-benefits by offering their own rewards programs. The tag software will automatically keep track of the customer's purchases.
"Each merchant can have their own rewards system, so for instance if a restaurant wants to reward you with a bottle of wine for having three dinners in a month, the software will keep track so you don't have to," Wait said. "It can be used like a coffee punch card, but the software does it all."
The service fees are also less expensive than the major credit card companies and the transaction is processed much faster.
Blinging is also more secure, because it's a smaller operation and customers can't make a transaction unless they are carrying their phone. And if the phone is lost or stolen, the bling tag can be canceled and tracked just like a credit or debit card.
During the test phase, Adirondack Trust employees will be blinging with a select group of six Saratoga Springs merchants: both locations of the Country Corner Café, Putnam Market and Putnam Wines, Hungry Spot, Bread Basket, Impressions and N. Fox Jewelers.
Marianne Barker, owner of Impressions, is thrilled to be part of the test run. As of Thursday morning, Impressions was yet to have its first bling.
"We'll be very excited when we have our first one," Barker said "It's so simple and easy; you don't even have to slide. It takes three or four days with regular account, but with bling tags it happens overnight."
For Barker, blinging is an attractive payment service because it supports local business and gives community institutions a leg up on the big guy.
"I'm hoping it keeps people shopping downtown. We're all about that: keeping it local," she said.
Catherine Hamilton, owner of Putnam Market, is eager to see how the service works.
"We've had a few people use them. It's only just started and so far so good. I think it's pretty easy for customers to use. From a merchant's perspective it's going to be at least as fast as and less expensive than people using a credit hard."
Adirondack Trust expects to pilot bling tags for a week or two. If all goes well, which Wait seems confident about, the bank will begin offering the service to their account-holders within the new few weeks.
"It takes five minutes. If you have an account with us, it will take five minutes to sign up. If you don't, come on in and set one up," Wait said. "It's so easy, other banks will be screaming to get in," Waite said.
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