Tips for saving money with a new generation of rebates

(ARA) - Every consumer has seen the weekly flyers that advertise phones, appliances and even tools as great deals after the manufacturer's rebate. Most people have even applied for one or two of these rebates but may have given up because the experience was less than rewarding.

Rebates of old earned a bit of a bad reputation; consumers found them time consuming, there was no method to track when the rebate would be processed and in some cases the rebate check didn't arrive for months. Fast forward to 2010: Rebates are surging in popularity. A recent survey found that 83 percent of consumers are seeking rebates today and most consumers are willing to work harder for a rebate that is larger or more meaningful than an instant discount. Satisfaction with the rebate experience is also at an all-time high, topping 93 percent.

So, why the change? Beyond the current economic downturn that is driving more bargain hunting, the new generation of rebate promotions utilizes new technologies to make the process easier for consumers. Parago set out 10 years ago to completely change the consumer experience with rebates - turning it from a negative to a positive.

"We saw a great consumer promotion vehicle that allowed consumers to save far more than an instant discount, but it was being abandoned because of the antiquated rules and processes that were driving down consumer satisfaction," says Juli Spottiswood, Parago president and CEO. "Parago reinvented the industry and today we offer millions of rebates a year where submission is easy and fast. We've seen evidence of consumers' demand for rebates; in 2009 alone we processed billions in rewards to consumers."

Today the payment comes quickly, consumers receive e-mail communication about the process, real-time status is available 24/7 online, scanned copies of materials are available and, in some cases the process is entirely paperless. Also, with new patented technology, consumers have a choice in how to receive their rewards with available options such as prepaid cards, gift cards, checks, direct deposit or merchandise.

Consumers looking to save money should remember the following when considering a rebate:

* Not only do rebates offer consumers bigger rewards than coupons or instant discounts, but today's rebate programs offer extended savings opportunities even beyond the initial purchase rebate, including online shopping offering merchant-funded discounts and cash back from hundreds of top-tier merchants.

* Parago has dramatically reduced the time for a rebate payment to arrive. Today, the consumer gets their rebate in as little as two weeks.

* Rebates have changed with the times and companies like Parago have improved the overall consumer payment experience. Prepaid cards are a now popular way to receive rebate payment and there are new opportunities for choice of reward, points programs and other discounts through merchant-funded networks.

* Rebates are actually simple to redeem today. They usually require a proof of purchase, receipt and nothing else. Many companies are moving to paperless rebates that are filled out online.

Courtesy of ARAcontent