Frequently Asked Questions
Who are you? Why are you giving this away for free?
We’re Fanbank! Our small business sales technology helps attract local shoppers and facilitate a complete, modern sales cycle for local, independent businesses. The Fanbank platform enables stored values for customers using existing payment cards and point of sale solutions, and simplifies settlement. No new hardware required.
Fanbank’s mission has been to help small businesses compete since 2014. Our product was created to help small business owners fight against the power of Wall Street-backed chains. Your Small Business Relief program is free because we want to do what we can to help you fight against the COVID-19 pandemic. We want to do our part in helping Main Street through this crisis.
What is this program?
Many merchants are having a difficult time generating enough revenue right now as a result of the COVID-19 pandemic, so we have begun helping them sell Store Credits to get cash now. There still remains the problem of how to get those store credits sold. The SMB Relief Program helps businesses that:
• Have no way to sell store credits or gift cards on their own - No way for community to offer support
• Only sell physical gift cards - Must MAIL every card
• Sell gift cards online but have a tedious checkout process - Customers are frustrated
• Sell gift cards online but need a way to promote - Have to get the word out to sell them
We have created a simple and effortless way to allow customers to buy online store credits from their favorite Main Street merchants. Activate your account and get access to:
• Automated emails sent for you, promoting your store credits offer, and the ability to send your own messages
• Social content built for one-click sharing
• Printable materials for adding to takeout bags
• Branded landing page featuring your offers
• Custom link and QR code to share wherever you have an audience
This set of tools has been designed to maximize attention and engagement from customers. Use them alone or combine with other efforts.
What are store credits? How are they different from a gift card?
Store credits are a way for customers to support your business by pre-purchasing a set value from you, giving you immediate cash flow, for the customer to redeem later when you re-open. They are essentially the same as gift cards in how they work, however the customer is buying the “gift” for themselves and there’s no “card” involved other than their credit or debit card where the store credits are stored.
The store credits offer uses the same technology available to our paid members. Our comprehensive tools make purchasing simple and seamless without you having to spend your time managing complex software setup.
How does this benefit my business?
This benefits you by creating a way for your patrons to continue to support you even when they can’t come into your business. Even if you are able to stay open at this time and generate sales, you can use this program as another channel of revenue.
How is this different from me selling my own gift cards?
The SMB Relief Program does not have to replace your processes for selling gift cards, as you can offer both ways for getting sales at the same time. With our one-click checkout process, your customer has a stress-free experience, which is one less barrier to the sale. With your custom promotional materials, you can easily let everyone know how they can buy gift cards from you.
When do I get my payment?
Payments are processed right away by Fanbank, however may take a few business days to get to your account. Your ACH information will need to be gathered before payment can be sent.
How does my customer redeem their purchased store credits?
When credits are purchased, they are stored on the customer’s debit or credit card. That’s right - no coupons or codes to scan, no cards to get lost. Just run a transaction through your POS as you normally would. You’ll be alerted by Fanbank when one of these transactions takes place.