Cashback – Definition, what it is and concept

Cashback allows customers of a Bank they can request money, and withdraw it in some stores when they make a purchase.

This way of withdrawing money allows users not to have to go through an ATM to get it. There are establishments that establish agreements with entities that make this way of getting cash available to their customers.

The procedure is simple, if a user makes a purchase of 100 euros in a store, you can ask the clerk for 100 more, and the total amount, that of the purchase plus those additional 100 euros will be charged to your bank account.

It is a very accessible and safe way to get money. In many occasions, the search for a teller of a certain entity can be a complicated task, so it has become a very well received option among customers.

Cashback and ATMs, what to choose?

Cashback has become a direct competitor of ATMs in terms of withdrawal of money. In addition, its security that could initially be questioned, has been perfected so much that it is one of the safest options when it comes to getting money.

It is a simple, convenient and quick way to withdraw cash. It is difficult for ATMs to disappear in the short term, but if they did, they would have their worthy successor in cashback.

However, ATMs are not always at hand, although it is difficult not to find them in large cities, even in small towns, making it a widely used option. However, cashback, although it is already used in large areas, and recognized supermarkets they include it, it is still spreading.

What benefits does cashback have?

These are the main benefits of cashback:

  • The customer can withdraw money easily and quickly.
  • If there are no ATMs it is a perfect option to withdraw money, even if there are any, it has become a very considered alternative for users.
  • It is not necessary to move in search of cashiers, since the cashbacks allow you to obtain the money momentarily.
  • The money is received in cash after paying for the purchase with your card, and requesting an amount that will then be reflected in your bank account.

This practice is widespread in countries such as the United States, and Great Britain, whose Tesco supermarket chain, was the first to launch this way of receiving money.

In addition, it is so easy that the purchase that has been made is paid with the bank card, and the amount that is requested and returned to the user is in cash. That way, if someone goes to a supermarket, and then wants to make other purchases, they can enjoy their cash without inconvenience thanks to this way of withdrawing money.

There are also cashback websites, which are those in which users participate in affiliate programs. If they can recommend and have someone visit a website and make a purchase, they will receive a commission for it. Therefore, they receive money thanks to their participation in affiliate programs.