What Is Cashback? All You Need To Know in 2020

What are cashback websites?

What is Cashback UK?

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Cashback sites set up with the intention of advertising the most popular merchants that are available online.

The business model here is to provide you with the consumer with a platform that has available links to the merchants advertised on the site.

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The cashback site has set up a programme that links the cashback site to the merchants.

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Why does the cashback site do this?

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With this an agreement that all referrals will generate a small commission paid by the merchant to the cash back site.

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The cashback site then gives you the consumer a fee for your business. So basically the consumer and website share commissions raised from the purchase.

Why do companies offer cash back?

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This is pure and simple good advertisement best practise. As a retailer in this online dominated industry, it has become extremely difficult to survive with the huge online competition.

The internet is a global platform where anyone in any country can sell anything. This has become the most accessible market place for consumers. For retailers, it has made them and broken some.

For small business the internet has forced them into closure, unable to compete with the big established brands.

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For the fortunate retailers who are able to hold top positions in the retail world cashback sites have become invaluable. 

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Historical marketing has required retailers to spend huge fees on advertisement upfront without a single sale!

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This in its self has risk, there is no guarantee the advert that a retailer had commissioned will generate sales.

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Some would say this is a gamble for the retailer, where do you advertise, when, what is the target audience? There are so many variables to this challenge. 

How does cash back work? A Step by step guide

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1. Research best know cashback sites

2. Become a member of the cashback site you have chosen

3. Search for the item you wish to purchase

4. Buy the selected item

5. Cashback is generated at a certain percentage

6. Cashback is paid into your bank account

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FAQ

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Why do cashback sites do this?

Cashback sites split a referral fee from the online store with you. 

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Do cashback sites charge an annual fee?

Yes, and No, some sites do and some do not, its best to research and understand this before proceeding.

FAQ

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What can you get cashback on?

Almost anything, these days nearly all online retailers participate in cashback schemes.

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Is cashback taxable?

The short answer is NO, cashback is classed as a discount. Please get legal advice if you require an official answer.

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What is cashback by redemption?

Cashback by redemption gives you money back (usually by cheque) on your mobile phone contract at defined periods.

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What is cashback credit card?

Cashback credit cards offer you the chance to earn cash from the money you spend, by paying you a percentage back or giving you reward points.

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What is cashback on a mortgage?

A cashback mortgage will give you a cash lump sum when you successfully apply for one, but catches do apply so make sure you know what to look out for.

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What is cashback rewards?
Cash back rewards are actual cash that can be applied to a credit card bill or received as a check or bank account deposit.

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How does cash back work debit card?

Debit card cashback is a service offered to customers whereby an amount is added to the total purchase price of a transaction paid by debit card and the customer receives that amount in cash along with the purchase.

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How does cash back work at walmart?
How much cashback can you get at Walmart? If you are considering cashback by using a debit card, then you can get back $20, $40, $60, $80, or $100.