How major cashback service solved payout challenges with Corefy
Find out how we helped LetyShops handle mass payouts and establish new integrations, equipping the company for international expansion.
Who wouldn’t like to get some money back as they shop? Years ago this would sound crazy, but today everyone has such an opportunity thanks to cashback services, that literally allow you to make money while shopping. We’re proud to have one of such game-changing services among our clients. We’re talking about LetyShops, the top cashback service in the CIS region. Thanks to Corefy expertise, the team behind this great service has peace of mind that their payment needs are fully covered.
LetyShops is the largest cashback service in Eastern Europe, founded in 2014 in Ukraine. It allows consumers to save on online shopping, awarding them with cashback for every purchase made using the service. It also helps merchants to attract more shoppers.
Since the launch, the company managed to reach almost 15 million users and partner with over 2820 stores across the world, including such major players as AliExpress, Shein, Asos and many more. LetyShops users have already made close to 55,6 million purchases with cashback. According to SimilarWeb, more than 5 million people visited the company’s website in September 2020.
In 2019, the company started its rapid international expansion, entering the markets of Spain, Germany, Poland, India and Latin America. Currently, the service is available in seven languages: Ukrainian, Russian, Spanish, English, Polish, German, and Portuguese.
How we helped LetyShops deal with payout workload
LetyShops doesn’t award users with virtual points or bonuses. It pays out cashback in real money. The customer journey is the following: a user registers on LetyShops website, chooses one of the partner stores from the list, gets redirected to its website, makes a purchase, and in case there’s no return in 30 days, receives a cashback that varies from store to store and can be as high as 30%. After being credited with cashback, a user can withdraw it using any of multiple payout options LetyShops offers.
Given the fact that the company has millions of users, the payout workload is immense. After one of the fastest onboardings in Corefy history (it took LetyShops just 2 days from getting acquainted with the documentation to performing the first live transaction), LetyShops began successfully using our platform as one of the tools for paying out to thousands of users daily.
How LetyShops saves time, money and efforts with Corefy
The particular value of our platform for LetyShops is linked to our proven payment expertise and the capacity to bring about plenty of integrations out of the box.
As the business grows in scale, the payment processes exponentially grow in complexity. To equip themselves for international expansion and to diversify risks, large businesses require multiple payment partners. Every new integration with a payment service provider comes at a cost, as it involves significant development efforts to establish, maintain, and update the connection. Moreover, it takes lots of time and drains the resources that otherwise could be used for business development.
That’s why LetyShops took a smart decision to leave the provider integration hassles to professionals. A single integration with Corefy made connecting new providers and payout methods a piece of cake for LetyShops. In addition to dozens of pre-established connectors, we add new integrations especially for the client upon request. We do the work that LetyShops could have been doing themselves for months much faster, ensuring the quality and providing the support for every connection. Moreover, it ends up being notably cheaper for our client.
This way, the company is fully equipped with payment capabilities needed for expansion to any market of the world. LetyShops uses this benefit to the fullest, having recently entered Latin America, while we took care of connecting local PSPs for them.
Corefy develops payment solutions for more than 10 years. This is how we’ve learned what works, what doesn’t, and what helps our clients to reach the top. With this knowledge and experience, we are ready to guide you every step of the way with personalised support and consultancy. We provide a holistic payment infrastructure and tackle every technical issue related so that you don’t have to. Feel free to get in touch to see our platform in action, share your pains and find a solution you’ve been looking for.