With its version of crowdfunding for local food businesses, Credibles offers benefits to both owners and eaters alike.
By making it easy for patrons to prepay at local food businesses, Credibles is helping to crowdfund local food ventures, one prepaid tab at a time.
Small businesses, especially those that are just getting off the ground, can really benefit from access to working capital at times, but borrowing money from a bank isn't always the best option. But by allowing people to invest in their business by paying in advance through a service such as Credibles, local food businesses can essentially borrow from their loyal customers and avoid costly fees and interest rates.For the eater, Credibles can offer not only an easy way to pay at, and to invest in, local food businesses, but may also offer additional benefits through loyalty incentives. The Credibles app and website allows you to prepay for your purchases at your favorite local restaurant, grocery store, coffeeshop, or other food business, without any added fees or charges, and functions as a prepaid tab and loyalty card for your patronage.
These "edible credits" are then redeemed at the businesses as desired, which should make paying for your orders as easy as saying, "I’m paying with Credibles." Some businesses may also choose to offer additional incentives for larger prepayments, so paying up front for 6 months worth of coffee at your local bistro might be worth an additional goodie or a special deal or other bonus for you.
For the business owners, Credibles can help put cash in hand before serving up the goods, which can help fund ongoing operations or growth, and could be a way of raising some working capital without incurring bank fees or interest rates. In addition, according to Credibles, prepaid customers tend to purchase more often, so using prepaid tabs through the service could also boost sales and encourage customer loyalty.
Customers can prepay their Credibles tab directly at the business, with no additional fees for either the business or the customer. The Credibles apps (iOS and Android) and website can also be used to prepay, but there is a 5% fee collected by the company for the service. There is no fee to redeem Credibles at the business, and each Credible is worth $1 USD when redeemed.
It's not just for the food businesses with a retail location either, as Credibles recently announced that the app can be used to buy local food items from participating vendors at 41 Whole Foods Market stores in Northern California and Reno.