What is Cashback? Definition of Cashback, Cashback Meaning and Concept
Cashback allows bank customers to request money, and withdraw it in some stores when they make a purchase.
This way of withdrawing money allows users not to have to go through an ATM to get it. There are establishments that establish agreements with entities that make this way of obtaining cash available to their customers.
The procedure is simple, if a user makes a purchase of 100 euros in a store, he can ask the clerk for 100 more, and the total amount, the purchase plus those additional 100 euros will be charged to his bank account.
It is a very accessible and safe way to get money. On many occasions, the search for an ATM of a certain entity can be a complicated task, which is why it has become a very well received option among customers.
Cashback and ATMs, what to choose?
Cashback has become a direct competitor to ATMs when it comes to withdrawing money. In addition, its security, which could initially be compromised, has been perfected so much that it is one of the safest options when it comes to getting money.
It is a simple, comfortable and fast way to withdraw cash. It is difficult for ATMs to disappear in the short term, but if they did, they would have their worthy successor in cashback.
However, ATMs are not always at hand, although it is difficult not to find them in large cities, even in small towns, which is why it is a widely used option. However, cashback, despite the fact that it is already used in large supermarkets, and recognized supermarkets include it, is still spreading.
What are the benefits of cashback?
These are the main benefits of cashback:
- The customer can withdraw money easily and quickly.
- If there are no ATMs, it is a perfect option to withdraw money, even if there are, it has become a highly considered alternative for users.
- It is not necessary to travel in search of ATMs, since cashbacks allow you to obtain the money momentarily.
- The money is received in cash after paying for the purchase with your card, and requesting an amount that will later be reflected in your bank account.
This practice is very widespread in countries such as the United States, and Great Britain, whose supermarket chain Tesco was the first to implement this way of receiving money.
In addition, it is so easy that the purchase that has been made is paid with the bank card, and the amount requested and returned to the user is in cash. That way, if someone goes to a supermarket, and then wants to do other purchases, they can enjoy their cash without inconvenience thanks to this way of withdrawing money.
There are also website cashbacks, which are those in which users participate in affiliate programs. If they manage to recommend and have someone visit a website and make a purchase, they will receive a commission for it. Therefore, they receive money thanks to their participation in affiliate programs.