Kiind

Kiind

February 26, 2014 09:00 ET

Kiind Launches New Service to Solve Gift Card "Breakage" Headaches for Retailers by Giving Them Their Own Digital Pay-On-Use Gift Cards

Kiind, the company that created pay-on-use digital gift cards is working directly with retailers to solve gift card headaches by giving them their own web-based gift card programs.

SAN FRANCISCO, CALIFORNIA--(Marketwired - Feb. 26, 2014) - Kiind, the creator of digital pay-on-use gift cards, announced the launch of a new digital gift card solution for retailers and e-commerce merchants called Merchant Service. Leif Baradoy, CEO and founder of Kiind made the announcement on stage at LAUNCH festival this week in San Francisco.

Merchant Service was created by Kiind in response to retailers and brands who want their own digital pay-on-use gift card programs without the headache of creating them from scratch. This group can now offer fully branded digital gift cards on their own websites thanks to Kiind. Merchant Service solves the challenges and tax issues associated with accounting for outstanding gift card balances, and keeps retailers in compliance as North American consumer protection laws evolve.

"We have retail brands across North America lining up for this. They are tired of the headaches of doing their own cards and the hassle of accounting for breakage with prepaid cards," said Kiind co-founder and CEO Leif Baradoy. (Breakage refers to amounts that go unredeemed from pre-paid gift cards. Often thought to be a cash bonanza for retailers but an actual industry-wide accounting headache.) "It's a natural extension of our digital pay-on-use solution to provide a retailer solution with Merchant Service."

Setting up Merchant Service is as simple as adding a few lines of code to a website. Kiind integrates with a retailer's existing checkout software, functioning as an additional payment type. There are no term contracts and pricing starts at $0.55 per gift sent. Users will benefit from additional sales of gift cards through the existing Kiind marketplace and API. Merchant Service users can take advantage of Kiind's analytics to learn about redemption rates and user preferences for their own gift card customers.

The concept of pay-on-use gift cards--pioneered by Kiind--has changed gift cards forever. Kiind made it possible to send a digital gift card where the giver isn't charged until the recipient redeems it. This concept gained immediate traction with consumers and major US brands when Kiind launched in 2013 with Amazon.com. There are currently hundreds of North American vendors on Kiind including Nike, Home Depot, Sephora, Columbia Sportswear, Tony Roma's, and Red Robin's. iTunes for both USA and Canada followed in late 2013, followed by major Canadian retail brands including Cineplex, iTunes Canada, The GAP, Swiss Chalet, and Harveys. The launch of Merchant Service expands Kiind's service line without replacing its existing digital gift card marketplace.

"Our new Merchant Service makes life easy for retailers and brands and is the next step in our quest to pick a fight with prepaid retail gift cards," said Baradoy. "They're a waste of plastic, packaging and money when they don't get used. Retailers know it and so do consumers. One day we'll look back and plastic cards will be an extinct collector's item. Launching our simple-to-incorporate Merchant Service for retailers is a step in that direction."

The company announced the new Merchant Service offering at LAUNCH festival in February and plan a spring rollout of the Service. For more info visit www.kiind.me/merchantservice.

More About Kiind

Located in Victoria, Canada, Kiind was founded in 2012 by Leif Baradoy and Peter Locke. While helping his brother move, Leif discovered a gift card he'd given his brother years ago that hadn't been used. Kiind was created to fix the broken gift card industry. Backed by a team of experienced advisors and investors, Kiind has revolutionized the $120 billion North American gift card industry. The company recently launched an API that makes it possible to use Kiind within other tools and Service and has a patent pending on its proprietary technology. Try Kiind for free or learn more at www.kiind.me.

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