Customer Rates
When adjusting rates in your system, the changes will be applicable to all customers. However, there may be instances where you wish to provide a customized rate to a specific customer, and this feature enables you to do so. It operates similarly to a fee-free transfer, but instead, it pertains to rate adjustments that can increase or decrease based on established policies.
If your app or web portal doesn't have the option to use this feature, please reach out to the developer. Adding the this feature is an add-on, so you'll need to ask the developer to include this functionality.
Remit Milky employs a structured set of policies for determining customer rates, ensuring that pricing strategies are aligned with customer profiles and behaviors. These policies help in offering competitive rates, rewarding customer loyalty, and managing risks associated with different customer types. The system defines five distinct customer rate policies:
1. Fresh Signup
Description: Applies to customers who have recently signed up but have not yet made their first transaction.
Rate Policy: Often involves promotional rates or introductory offers to encourage the customer’s first transaction.
Objective: Attract new users by offering competitive rates and build trust during the initial interaction.
2. Unverified Customers
Description: Customers who have not completed the full verification process.
Rate Policy: Typically set at standard or higher rates due to the increased risk associated with unverified customers.
Objective: Encourage customers to complete the KYC verification process by limiting access to the best rates until they are verified.
3. Loyal Customers
Description: Verified customers who have consistently used the platform over an extended period and maintained a positive transaction history.
Rate Policy: Offers preferential or discounted rates as a reward for loyalty and regular transactions.
Objective: Foster customer retention by providing better rates and incentivizing continued use of the platform.
4. Dormant Customers
Description: Customers who have not conducted any transactions for a specified period.
Rate Policy: May include reactivation offers or special rates to incentivize these customers to resume using the platform.
Objective: Reactivate dormant accounts and re-engage customers, reducing churn and increasing overall platform usage.
5. All Customers
Description: General rate policy that applies to all active, verified customers who do not fall into any of the above categories.
Rate Policy: Standard rates applicable to the broader customer base, ensuring fairness and consistency.
Objective: Maintain a transparent and standardized rate structure for the majority of customers, ensuring compliance with regulatory requirements.
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