- What is Accrue Savings?
Accrue Savings helps your customers save at the brand, category, or product level through an embedded savings plan. Customers earn cash rewards along the way for hitting savings milestones and their friends and family can also contribute to help them reach their purchasing goal. After contributing enough into their Accrue Savings wallet, customers can purchase specific items on your site, fee and credit free.
- How does Accrue Savings work for my customers?
After selecting a product to save towards, your customers will be prompted to create an FDIC-insured account through Accrue Savings. Once completed, they will be brought to the Accrue Savings dashboard where they can begin their savings journey to unlock cash rewards to help them reach their goal. You can customize the savings journey so they are rewarded for reaching various milestones and for sharing their savings wallet with family and friends to request contributions. After they have reached their goal, they will receive a virtual Accrue Savings debit card preloaded with their deposits, contributions from family and friends, and earned rewards. Accrue Savings will link to the corresponding product page for the user to complete their desired purchase with their Accrue Savings debit card via your existing checkout flow. You will not need to change your checkout flow to allow for Accrue Savings purchases.
- How does Accrue Savings help my business?
Accrue Savings helps your business maximize your upper funnel, expand your addressable audience, and build long-term relationships with customers by allowing them to make credit-free purchases. Offering Accrue Savings on your website helps you reduce bounce rate and helps to convert cold leads. We help brands incentivize purchase commitment early in the buying journey for customers who are not yet ready to buy or who do not want to pay by credit.
- What if a customer decides that they want to stop saving after they have started?
If your customer changes their mind and no longer wishes to save using Accrue Savings, they can reach out to our team at email@example.com anytime and we can assist with withdrawing their deposits made during the savings journey. Customers who do not complete savings plans will forfeit any accrued rewards.
- What if a customer tries to use their Accrue Savings debit card to complete a purchase from a different merchant? Will I be funding rewards spent somewhere else?
Accrue Savings will verify that a customer is completing a purchase from your online store prior to funding rewards and authorizing the debit card transaction. You will not be funding rewards spent at other merchants.
- How do I get started?
Getting started with Accrue Savings is easy! Install our Shopify App in less than one minute. If you have questions, send us an email at firstname.lastname@example.org and someone from our team will be in touch.
Step 1: Review and Accept our Terms and Conditions
The first step to go live is to review our merchant terms and conditions. You can find a link to review these in your Shopify app page.
Step 2: Choose your products
Your customers can save up to buy any product listed on Accrue Savings. To maximize performance, we recommend offering as many products as possible across a wide range of categories, regardless of inventory status.
Step 3: Configure rewards
Cash rewards are our way of incentivizing customers to save. They are unlocked at various points in a customer’s savings journey. In this step, you can determine the value of cash rewards you will offer customers while they save up to make a purchase.
Step 4: Site placement
The final step to go live with Accrue Savings is to enable site placement so customers can easily discover savings opportunities with your brand.
In the “theme integration” page of the Accrue Savings app, you can easily configure site placements on your home page or product display pages to enable discoverability. The exact steps will vary depending on your store’s theme.
- Which products should I list on Accrue Savings?
We recommend offering as many products as possible across a wide range of categories, regardless of inventory status.
Keep in mind that customers stay engaged while saving up for high $AOV products, which is why we suggest listing products that are priced at $75.00 or more.
- How do I list products on Accrue Savings?
See this article for step by step instructions.
- What happens if I add a new product or variant to my online store after I go live with Accrue Savings?
Any new products that you add to your shop will not be added to Accrue Savings by default. If you would like to list new products on Accrue Savings, simply visit the “Products” tab or click “manage products” from the settings tab.
Learn more about editing products.
- Can I offer savings plans for items that are currently out of stock?
Yes! Leveraging Accrue Savings for out of stock items can help you power your waitlist with engaged, high-intent shoppers.
- When a customer starts a saving plan, are they reserving inventory in my online store?
No. Accrue Savings is completely separate from your inventory management system.
- What happens if products are out of stock when a user has finished saving?
In the unlikely event that this occurs, customers can either wait until the product is back in stock to complete their purchase or they can apply their savings to a different product that you offer. If they chose the second option, rewards will be prorated if they ultimately purchase a less expensive product.
- What happens when I decide to de-list a product from Accrue Savings?
To remove a product from Accrue Savings, simply visit the “Products” tab, uncheck the listed product, and save your changes.
Once you take this action, new customers will no longer be able to start saving up for the product and it will be removed from Accrue Savings. Existing customers will be permitted to continue saving up for this product and earning the rewards configured when they commenced.
- What happens if I remove a product or variant from my online store?
If you remove a product or variant from your online store, it will be de-listed from Accrue Savings. New customers will no longer be able to start saving up for those products. Existing customers saving up for the product will be notified and be asked to select an alternate product.
- What happens if I change the price or a product or variant?
Soon after you change the price of a product or variant in Shopify Admin, the price will be adjusted in Accrue Savings. Existing customers already saving for this product will have their savings plan adjusted to save toward the new price.
- What happens if a customer decides to save for a different product that I listed on Accrue Savings?
From time to time, customers change their mind and want to save up for different products. There are two scenarios to consider depending on the product the wish to switch saving up for:
- If the customer wants to save up for a different product from your online store, they can do so by reaching out to our support team.
- If the customer wants to save up for a different product from a different merchant, they can do so by reaching out to our support team. They will forfeit any of your configured rewards.
- What if my online store predominantly offers products priced less than $75? Can I still leverage Accrue Savings?
Reach out to email@example.com to discuss your use case. We will be happy to work something out!
- What are the different types of rewards that I can offer customers?
Cash rewards help you incentivize customers to save up and buy from your brand. They are unlocked at various points in the savings journey and awarded when users take certain actions. They are configured as a percent of a product’s price.
There are three types of reward categories:
- Onboarding rewards
Customers earn onboarding rewards for choosing a product, completing KYC, connecting their bank account, and setting a savings plan. These rewards incentivize a customer to get started.
- Milestone rewards
Customers earn milestone rewards for reaching 25%, 50%, and 75% of their savings journey. These rewards motivate users to keep saving toward their purchase and maintain excitement.
- Crowdfunding rewards
Customers earn crowdfunding rewards when friends and family contribute to their goals - an exciting feature of Accrue Savings that can help generate organic marketing for your brand.
- Onboarding rewards
- As a merchant, how do rewards work?
Despite earning rewards throughout the savings journey, customers can only apply rewards when they complete saving and make a purchase from your brand.
Accrue Savings will verify that a customer is completing a purchase from your online store prior to funding the rewards and authorizing the transaction.
You only reimburse Accrue Savings for rewards after a customer transaction occurs.
- How are rewards different from discounts or promo codes?
Accrue Savings rewards are different from discounts or promo codes. They look, feel, and perform like cash to incentivize customers to save up for their purchase from your brand. The cash value of rewards earned during a savings plan is added to the customer’s savings wallet when they are ready to purchase. They then complete the purchase on your online store at the product’s listed price.
- How do I configure rewards on Accrue Savings?
See this article for step by step instructions.
- Do I need to offer rewards to offer savings plans?
No! While we believe rewards are an important tool to incentivize saving, they are not required to offer savings plans with Accrue Savings.
- Can I offer more than one rewards framework across my product catalog?
Yes. please reach out to firstname.lastname@example.org if you would like to configure rewards differently from product to product.
- What happens if I want to change the value of rewards or how they are distributed after I list products on Accrue Savings?
You can edit the value of rewards after you go live however, this change will only impact new savings plans. Existing customers who started saving prior to a change will not be impacted.
- Do I pay for rewards even if a customer stops saving prior to completing a purchase?
If a customer decides to stop saving prior to completing their purchase, you will not owe us anything.
- What are the different ways my customers can discover Accrue Savings plans for my products?
There are many ways you can promote your store’s new savings-based payment option. Below, we’ve highlighted the site placement methods that you can easily add directly from the Accrue Savings Shopify app. For more ways to promote Accrue Savings, see our marketing toolkit for the full list.
- Accrue Savings Merchant Page
We’ll automatically create and publish a merchant page in Accrue Savings. This page will host all the savings plans for each product you’ve listed. You can view this page by viewing “Settings > Merchant Details” in the Accrue Savings app.
This page enables organic visitors to accruesavings.com to discover your products and start saving. It also provides a convenient way for you to link out to your store’s savings plans on your website, in email or sms marketing, or in advertising.
- How do I configure the merchant page?
See this article for step by step instructions
- Accrue Savings PDP widget
The Accrue Savings PDP widget enables your customers to discover a savings plan right from the product’s display page. This is the best option to capture high-intent users interested in saving towards a future purchase who are not ready to purchase now.
By clicking on the widget, customers will be able to configure their savings plan without navigating away from your online store
- How do I add the PDP widget to my online store?
See this article for step-by-step instructions.
- Store Banner
The store banner is a widget that you can place on your store homepage, financing page, or collection/category page that:
- Invites your customers to click to “learn more” about how Accrue Savings works.
- Discover and view all products that you offer savings plans for. By clicking “start saving,” the customer is brought to your merchant page where they can begin their savings journey.
- How do I configure the store banner and add it to my online store?
See this article for step-by-step instructions.
- Navigation Bar
Provide your customers a way to quickly discover products to save up for by adding an item on your primary nav bar that links to your Accrue Savings merchant page.
Add a navigation element that touts Accrue from the native Shopify menu editor.
- What are some other ways that I can market Accrue Savings plans to my customers?
We’ve outlined additional tactics in our marketing toolkit. Click here for additional info, assets, and templates.
- I am having trouble integrating site placement options. Where do I go for help?
Reach out to email@example.com and a member of our team will promptly be in touch!
- What reporting is available to me?
Accrue Savings will help you understand user behavior including customer savings plan progress, milestones, and product preferences over time by regularly sharing usage reports. Reach out to firstname.lastname@example.org to get started.
- What happens if I choose to stop offering Accrue Savings?
Following your uninstallation of the Accrue Savings app, all active products will become unlisted and new customers will not be able to start saving. Customers who started saving prior to your uninstallation will be unaffected. You remain responsible for any reward reimbursements & fees associated with customers who complete saving after you uninstall the Accrue Savings app.
- Does anything change about how I get paid out for purchases?
No! Customers will complete their purchase using a virtual debit card via your existing payment processor and checkout process.