MyLocal makes it easy for the community to come together and support their local pubs in a safe and secure way, says Dylan Martin, Co-Founder of the MyLocal service.
Customers buy a pub-specific online voucher on loyal2mylocal.com and the funds are transferred directly to the pub, he says.
MyLocal has launched the initiative in partnership with Irish fintech company LoyLap which specialises in payment solutions, specifically to support pubs during this coronavirus crisis. The pub can use the cash advances to help keep it afloat for the next few weeks until it’s able to re-open.
Pubs can also register as a merchant on loyal2mylocal.com for free and the process is quick and easy.
A processing fee of 1.5% is taken on each transaction and customer service agents are on hand should the pubs require support during the sign-up process.
Signed-up pubs also receive a Marketing Toolkit consisting of marketing assets for pubs to promote the initiative to their customers.
Once a pub has registered as a merchant its customers can buy a voucher on the MyLocal website for that particular pub and the funds are transferred directly to the pub via stripe.
On re-opening, customers can redeem their vouchers by presenting the barcode either on their phone or as a printout. The pub can then scan the voucher using the free Merchant App.
MyLocal was developed by Dylan and Angela Martin and Colm Devine. Apart from a desire to personally support their local pubs, Colm and Dylan come from a fintech background – specifically the funding of SMEs.
“Coming from an alternative finance background we’re well familiar on how important it is for small businesses to manage their cashflow and have cash in the bank,” explained Dylan Martin, “There has been limited support for pubs and seeing pubs shut their doors permanently would be a devastating sight.
“MyLocal is a great solution for pubs who need access to cash now and it’s also a great opportunity for pubs to digitise their loyalty program for the future. MyLocal has the functionality for pubs to add discounts for their customers and some pubs are considering using the voucher loyalty system to control social distancing numbers when they reopen.”
Colm Devine added, “Pubs are a huge part of the Irish culture and are very much in the centre of the community. Local pubs are a home away from home for many people which is why individuals want to support pubs through this uncertain time.
“MyLocal is a tangible way that people can support their local pub and it’s a win-win situation for the pubs and for the customers; people aren’t being asked to donate or crowdfund, they’re simply buying a voucher to use at their local pub on re-opening and at the same time they’re supporting their pub by giving them the cashflow they need. This is a safe, easy-to-use platform where people can come together and truly make a difference,” he claimed.