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'''Rewards Network''' is a merchant cash advance and marketing services company that provides restaurants with immediate capital and access to diners who belong to various dining rewards programs. Over 11,000 restaurants are members of Rewards Network.
'''Rewards Network''' is a financial and marketing services company that provides restaurants with immediate capital (through merchant cash advance) and access to diners who belong to various dining rewards programs. Over 11,000 restaurants are members of Rewards Network. 90,000 restaurants have participated in the program over the past 30 years, with over $2.5 billion of financing being awarded. <ref>{{cite web|url=https://www.rewardsnetwork.com/why-us/|website=Rewards Network|title=Why Us}}</ref>


==Rewards Network Tools for Restaurants==
==Rewards Network Tools for Restaurants==
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The Rewards Network comment management system allows restaurants to connect with their diners outside of the restaurant. When a member of Rewards Network eats at a program restaurant, they will receive a request for comment via email a day or so after paying their check. Restaurateurs can then know without any doubt that the comment came from someone who actually paid to eat at their establishment. Every review is verified and tied to actual money spent.<ref>{{cite web|url=http://www.rewardsnetwork.com/marketing/verified-online-reviews/|website=Rewards Network|title=Comment Management System}}</ref>
The Rewards Network comment management system allows restaurants to connect with their diners outside of the restaurant. When a member of Rewards Network eats at a program restaurant, they will receive a request for comment via email a day or so after paying their check. Restaurateurs can then know without any doubt that the comment came from someone who actually paid to eat at their establishment. Every review is verified and tied to actual money spent.<ref>{{cite web|url=http://www.rewardsnetwork.com/marketing/verified-online-reviews/|website=Rewards Network|title=Comment Management System}}</ref>


===Data and Insights===
===Data and Analytics===
Because Rewards Network is able to connect restaurants to actual customers, they have the ability to break down average check size, party size, ratings by key metrics, and geographic reach.<ref>{{cite web|website=Rewards Network|url=http://www.rewardsnetwork.com/business-solutions/solutions/data-insights/|title=Data Insights}}</ref>
Because Rewards Network is able to connect restaurants to actual customers, they have the ability to break down average check size, party size, ratings by key metrics, and geographic reach. Restaurants can then turn around and use that data to make better business decisions and decide how to compete in their local market.<ref>{{cite web|website=Rewards Network|url=https://www.rewardsnetwork.com/marketing/your-restaurant-marketing-plan/|title=Data Insights}}</ref>


===Marketing Services===
===Marketing for Restaurants===
Rewards Network markets program restaurants to diners via various rewards programs across the [[United States]].
Rewards Network markets program restaurants to diners via various rewards programs across the [[United States]].


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*'''Diner Reviews''' sends surveys to diners.
*'''Diner Reviews''' sends surveys to diners.
*'''[[Emails]]''' include embedded search engines and links that lead diners to the restaurant.
*'''[[Emails]]''' include embedded search engines and links that lead diners to the restaurant.
*'''Mobile App''' allows diners to search for restaurants in or near any city.<ref>{{cite web|website=Rewards Network|title=Marketing Services|url=http://www.rewardsnetwork.com/business-solutions/solutions/marketing-services/}}</ref>
*'''Mobile Web''' allows diners to search for restaurants in or near any city.<ref>{{cite web|website=Rewards Network|title=Marketing Services|url=https://www.rewardsnetwork.com/marketing/your-restaurant-marketing-plan/}}</ref>
*'''[[Social Media]]''' connects diner ratings and reviews to [[Facebook]].
*'''[[Social Media]]''' connects diner ratings and reviews to [[Facebook]].
*'''[[Web Marketing]]''' provides a virtual meeting place that connects diners to restaurants through dining program websites.
*'''[[Web Marketing]]''' provides a virtual meeting place that connects diners to restaurants through dining program websites.


==Financing for Restaurants==
==Merchant Cash Advance==
Rewards Network provides restaurant owners with a cash infusion through two Merchant Cash Advance programs designed specifically for the restaurant industry, Premier Restaurant Funding and Dining Credits. Each program includes the Marketing Services programs listed above and provides restaurant owners and operators with an alternative to a traditional business loan.
Rewards Network provides restaurant owners with a cash infusion through two Merchant Cash Advance programs designed specifically for the restaurant industry, Premier Restaurant Funding and Dining Credits. Each program includes the Marketing Services programs listed above and provides restaurant owners and operators with an alternative to a traditional business loan.

Merchant cash advance is not a loan. Merchant cash advance provides the cash businesses need through a purchase of their future credit card receivables. Rewards Network agrees to pay its merchant cash advance clients upfront in a lump sum for a percentage of sales they will make over time. Loans are generally fixed and not based on actual sales. A merchant cash advance is based entirely on the projected volume of future credit card receivables.

Businesses that choose merchant cash advance as a method of restaurant financing don’t pay back a debt the way they do when taking out a loan. When future credit card sales are sold to the company offering the merchant cash advance, a client isn’t repaying; they’re simply delivering on a purchase already made. Future receivables are sold in exchange for cash when, and to the extent that, they actually occur. With a loan, a business must repay the principal and interest amount borrowed no matter what the ebb and flow of business looks like.


==The Dining Programs==
==The Dining Programs==
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==History==
==History==
Mel Chasen founded Rewards Network in September 1984, as Transmedia Network, Inc., in New York City. The company started with 41 restaurants and 225 members. Mike Nichter, who created the MCI Green Card - the initial restaurant platform - invested money restaurant credits, barter experience, and sales management shortly after Mel and David Roth raised the initial fundiing. By 2000, Transmedia was the world's largest dining rewards program, with over 2 million members and 8,000 restaurants. In 2002, Transmedia changed its name to iDine Rewards Network. In 2003, the name was shortened to Rewards Network.<ref>{{cite web| website=Hoovers| url=http://www.hoovers.com/company-information/cs/company-profile.Rewards_Network_Inc_.085d261d56e8bc41.html|title=Rewards Network}}</ref> The company was taken private in December, 2010.{{citation needed|date=February 2015}}
Mel Chasen founded Rewards Network in September 1984, as Transmedia Network, Inc., in New York City. The company started with 41 restaurants and 225 members. Mike Nichter, who created the MCI Green Card - the initial restaurant platform - invested money restaurant credits, barter experience, and sales management shortly after Mel and David Roth raised the initial fundiing. By 2000, Transmedia was the world's largest dining rewards program, with over 2 million members and 8,000 restaurants. In 2002, Transmedia changed its name to iDine Rewards Network. In 2003, the name was shortened to Rewards Network.<ref>{{cite web| website=Hoovers| url=http://www.hoovers.com/company-information/cs/company-profile.Rewards_Network_Inc_.085d261d56e8bc41.html|title=Rewards Network}}</ref> The company was taken private in December, 2010.<ref>{{cite web| website=TheMiddleMarket| url=http://www.themiddlemarket.com/news/rewards-network-take-private-egi-212593-1.html|title=Middle Market}}</ref>


==References==
==References==
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==External links==
==External links==
* [http://www.rewardsnetwork.com/ Rewards Network]
* [http://www.rewardsnetwork.com/ Rewards Network]
* [http://www.rewardsnetwork.com/business-solutions/ Rewards Network Business Solutions]
* [http://www.rewardsnetwork.com/earn/ Rewards Network Dining Programs for Consumers]
* [http://www.idine.com/ iDine], Rewards Network Dining Program


[[Category:Companies based in Chicago, Illinois]]
[[Category:Companies based in Chicago, Illinois]]

Revision as of 17:37, 18 April 2016

Transmedia
Company typePrivate
IndustryFinancial Services
Founded1984
FounderMel Chasen
Headquarters
Chicago, Illinois
,
United States
Area served
North America
Key people
Dan Kazan

(Chief Executive Officer)

Shane Kern
(Chief Financial Officer)

John Leen
(Chief Sales Officer)

Alice Geene
(Chief Legal Officer)

[1]
Number of employees
375 (2011)[2]
Websitewww.rewardsnetwork.com

Rewards Network is a financial and marketing services company that provides restaurants with immediate capital (through merchant cash advance) and access to diners who belong to various dining rewards programs. Over 11,000 restaurants are members of Rewards Network. 90,000 restaurants have participated in the program over the past 30 years, with over $2.5 billion of financing being awarded. [3]

Rewards Network Tools for Restaurants

Comment Management System

The Rewards Network comment management system allows restaurants to connect with their diners outside of the restaurant. When a member of Rewards Network eats at a program restaurant, they will receive a request for comment via email a day or so after paying their check. Restaurateurs can then know without any doubt that the comment came from someone who actually paid to eat at their establishment. Every review is verified and tied to actual money spent.[4]

Data and Analytics

Because Rewards Network is able to connect restaurants to actual customers, they have the ability to break down average check size, party size, ratings by key metrics, and geographic reach. Restaurants can then turn around and use that data to make better business decisions and decide how to compete in their local market.[5]

Marketing for Restaurants

Rewards Network markets program restaurants to diners via various rewards programs across the United States.

  • Advertising opportunities provide additional exposure through spotlights, banners, and landing pages.
  • Diner Reviews sends surveys to diners.
  • Emails include embedded search engines and links that lead diners to the restaurant.
  • Mobile Web allows diners to search for restaurants in or near any city.[6]
  • Social Media connects diner ratings and reviews to Facebook.
  • Web Marketing provides a virtual meeting place that connects diners to restaurants through dining program websites.

Financing for Restaurants

Rewards Network provides restaurant owners with a cash infusion through two Merchant Cash Advance programs designed specifically for the restaurant industry, Premier Restaurant Funding and Dining Credits. Each program includes the Marketing Services programs listed above and provides restaurant owners and operators with an alternative to a traditional business loan.

Merchant cash advance is not a loan. Merchant cash advance provides the cash businesses need through a purchase of their future credit card receivables. Rewards Network agrees to pay its merchant cash advance clients upfront in a lump sum for a percentage of sales they will make over time. Loans are generally fixed and not based on actual sales. A merchant cash advance is based entirely on the projected volume of future credit card receivables.

Businesses that choose merchant cash advance as a method of restaurant financing don’t pay back a debt the way they do when taking out a loan. When future credit card sales are sold to the company offering the merchant cash advance, a client isn’t repaying; they’re simply delivering on a purchase already made. Future receivables are sold in exchange for cash when, and to the extent that, they actually occur. With a loan, a business must repay the principal and interest amount borrowed no matter what the ebb and flow of business looks like.

The Dining Programs

Airline Programs

Charitable Programs

Hotel Programs

Rewards Programs

History

Mel Chasen founded Rewards Network in September 1984, as Transmedia Network, Inc., in New York City. The company started with 41 restaurants and 225 members. Mike Nichter, who created the MCI Green Card - the initial restaurant platform - invested money restaurant credits, barter experience, and sales management shortly after Mel and David Roth raised the initial fundiing. By 2000, Transmedia was the world's largest dining rewards program, with over 2 million members and 8,000 restaurants. In 2002, Transmedia changed its name to iDine Rewards Network. In 2003, the name was shortened to Rewards Network.[11] The company was taken private in December, 2010.[12]

References

  1. ^ http://www.rewardsnetwork.com/business-solutions/our-business/who-we-are/leadership/
  2. ^ http://www.sec.gov/Archives/edgar/data/78536/000119312510058414/d10k.htm
  3. ^ "Why Us". Rewards Network.
  4. ^ "Comment Management System". Rewards Network.
  5. ^ "Data Insights". Rewards Network.
  6. ^ "Marketing Services". Rewards Network.
  7. ^ "AAdvantage Dining". Rewards Network.
  8. ^ "Milesplus Dining". Rewards Network.
  9. ^ "Rewards Network". Skymiles.
  10. ^ "Rewards Network". TrueBlue.
  11. ^ "Rewards Network". Hoovers.
  12. ^ "Middle Market". TheMiddleMarket.
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