By: Monica Casey | WCTV Eyewitness News
November 7, 2019
TALLAHASSEE, Fla. (WCTV) -- Swellcoin is a new startup in Tallahassee with a focus on shopping local.
According to the Office of Economic Vitality, when you spend $100 locally, $65 stays in the community.
Businesses can join the platform and offer consumers cash back for shopping at their stores, or eating at their restaurants.
The website is completely free for businesses, and they choose how much cash back to offer.
"The business gets more business, the customer saves their money!" said CEO and Founder Barbara Wescost.
Consumers link their credit or debit cards, spend their money, and earn cash back to use at those businesses.
"For businesses, anytime your customers come and they spend money with you, based on the reward rate that you set, they earn cash back, the cash back they spend with you on a future purchase," explained Wescott.
Leon County and City of Tallahassee Commissioners, entrepreneurs, and local business owners attended Thursday morning's program roll-out.
City Commissioner Dianne Williams-Cox said the initiative has the support of the City.
"What we want to do is we want to make sure that we shop local and that the dollar rotates in our community more than once before it goes out," said Williams-Cox.
To become a member, consumers pay $40 annually.
Part of that money will go to non-profits and schools; the tool can also be used for fundraising.
"All around we will work to make sure Tallahassee thrives," said Wescott.
The website partners with Experian and has bank-level security.
The goal of the program is to increase local spending by 10%.
You can learn more here: https://www.swellcoin.com/