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UK marketplace OnBuy takes on global eCommerce giants with custom cashback engine

UK-based online marketplace OnBuy has unveiled its custom-built cashback engine which allows customers to earn money back instantly on every on-site purchase.

OnBuy is on a mission to disrupt the monopoly of Amazon and other eCommerce giants with the introduction of its new ‘Cash-Commerce’ model. Its new payments innovation gives loyal customers an opportunity to collect cash off the back of every purchase made via the marketplace, rather than accumulate points.

The cashback engine allows OnBuy to integrate its unique loyalty programme directly alongside its payment system to create a new level of convenience for the customer.

As part of the work undertaken to transition the company to Merchant of Record (MoR) earlier this year, OnBuy’s in-house team developed a unique transaction ledger, capable of accommodating the huge volume of orders that flow through the site.

The ledger acts as a single voice of truth for the company’s financial ecosystem allowing them to identify issues and pinpoint areas that need focus quickly and efficiently, which cuts down the need for complex processes.

The speed at which the ledger processes data is key to implementing the new, game-changing Cashback feature, as it allows OnBuy to assign the right amount of cashback to a customer instantly, rather than requiring a manual intervention.

OnBuy’s introduction of a direct payment system removes the need for retailers to connect to a PayPal account in order to sell on the platform, and customers can now pay via a number of methods including debit and credit card, Nuvei, PayPal, and Klarna.

The move came hot on the tail of the company being named as Europe’s fastest-growing eCommerce business by the Financial Times. OnBuy was also ranked as one of the country’s fastest-growing tech companies by Deloitte.

OnBuy has set aside £10 million to reward customers as part of the OnBuy Cashback launch.

OnBuy’s founder and CEO, Cas Paton, said: “We’re introducing something genuinely disruptive to the world of online retail. OnBuy Cashback will reward customers’ loyalty in a tangible way, without codes or catches, and have a real impact on people’s pockets during a time when every penny really counts.

“We’re disrupting the eCommerce status quo by streamlining the online shopping experience and making cashback websites a thing of the past. Amazing choice, the brands people love and instant cashback on everything they buy – all in one place. Simple. It really pays to shop at OnBuy.”

Cashback can be spent instantly on OnBuy as soon as an order is confirmed. As it is uncapped, customers can save OnBuy Cashback indefinitely as long as they sign into their account every six months – they can even withdraw it into their bank accounts if they have a balance of £5 or more.

The most loyal customers will get up to 7.5% cashback via promotional emails which can be spent with thousands of sellers across a range of OnBuy departments, including Electronics & Technology. Stackable rewards will also be on offer, meaning customers can save even more money by shopping on OnBuy.

Cas continued: “The launch of OnBuy Cashback is just the beginning; we have more exciting developments on the horizon that will make our loyalty offering even more robust. We believe that loyalty should be rewarded and it’s time for our customers to reap the rewards.”