Copy linkEmailFacebookWhatsAppXLinkedInBlueskyThreadsImpact Link
SaveSaved
This story is available exclusively to Business Insider
subscribers. Become an Insider
and start reading now.Have an account? .
Dollar General is trying to break into healthcare and expand the range of fresh foods it sells.
2023-02-10
Increasingly, it's also trying to offer some of the same services as your local bank.
In January, the retailer signed a partnership with Ibotta, a financial services company. Ibotta will provide cash-back rewards on certain items that customers purchase through Dollar General starting this spring.
But it isn't the first time that the company has pushed into financial services. From money transfers to accounts connected to debit cards, the retailer has been adding these offerings for years.
Those services are a small part of Dollar General's business today. Customers "want and need" financial services like the ones Dollar General is offering, CEO Jeff Owen said on a May earnings call.
"These offerings aim to provide greater financial empowerment for customers while driving incremental traffic and profitability within our stores," Owen said.
Here's a list of all Dollar General's financial services. A Dollar General spokesperson confirmed that the list is current, but declined to offer additional comment.
Do you work at Dollar General or have information to share? Reach out to Alex Bitter at abitter@insider.comor via encrypted messaging app Signal at (808) 854-4501.
Spendwell allows customers to open accounts and use debit cards
Dollar General
Launched last March, Spendwell allows Dollar General customers to sign up for a bank account and Visa debit card at one of the chain's 19,000 stores. Dollar General partnered with InComm Payments and Iowa-based MetaBank to offer the accounts and cards.
Customers need to spend at least $1 at a Dollar General to open an account. Once activated, the debit card can be used anywhere that accepts Visa. Users also get other benefits: They can add cash to their account at Dollar General stores, pay bills through their online account, and get access to their paycheck a couple of days early if they set up direct deposit.
FIS Premium Payback awards customers points that they can redeem for money off Dollar General purchases
A Dollar General store in Amenia, New York.Landon Speers for Insider
When they pay for their purchases at a register, Dollar General customers have the option to redeem debit and credit card rewards points for money off what they're buying.
That's a perk that the chain started offering last year through a partnership with FIS Premium Payback. The pilot allows customers to redeem 1,000 card points for $5 off on a purchase of at least $5.01.
The rewards points are part of a broader point-of-sale system that Dollar General uses from FIS, a fintech. The rewards system helps "merchants to increase spending per transaction," according to FIS's website.
Western Union allows customers to transfer or receive money from Dollar General stores
REUTERS/Eduardo Munoz
Dollar General and Western Union started working together in 2019. The partnership allows consumers to start a domestic or international money transfer on Western Union's website or app, then pay for it at a Dollar General location.
The receiver can also get their money by going to a Dollar General store.
The partnership was one of Dollar General's first ventures into financial services. It also expanded Western Union's agent network, which numbered about 40,000 at the time, by 30%.
Ibotta offers cash-back rewards on items purchased at Dollar General
Ibotta
Dollar General's latest financial services partnership is with Ibotta, a tech company which offers cash back on specific purchases.
In January, Dollar General joined the Ibotta Performance Network. There, consumers can look for cash back opportunities across different retailers. Dollar General is the first dollar store to join the network, the company said.
Starting in the spring, Dollar General customers will get cash back from Ibotta-discounted purchases through the Dollar General app.
Read next
Business Insider tells the innovative stories you want to know
Business Insider tells the innovative stories you want to know
Business Insider tells the innovative stories you want to know
Business Insider tells the innovative stories you want to know
You're currently following this author!
Want to unfollow? Unsubscribe via the link in your email.
Alex Bitter is a senior retail reporter covering the gig economy, food, and retail. His work focuses major gig delivery and ride-hailing apps, including Uber, Lyft, DoorDash, Instacart, and Walmart's Spark. He is interested in everything from what it's like to work on the apps to the companies' business strategies.Some of his recent stories feature gig workers who have been deactivated on the apps, DoorDash hiring traditional employees to make deliveries, gig workers' use of bots, and gig work expanding into new professions, such as nursing.Alex has also written about Aldi's US expansion, Starbucks' turnaround efforts, and the fallout from Kraft-Heinz's budget cutting. Convenience store chain Sheetz ended its "smile policy" after his reporting.Before joining Insider in September 2020, he wrote about consumer and retail companies for S&P Global Market Intelligence. He's a graduate of the University of Hawai'i at Mānoa and grew up on the Big Island.Alex lives in the Washington, DC, area, where you can find him studying ancient coins or searching for Civil War artifacts with his metal detector in his free time.Got a tip? Reach out at abitter@jkmperu.com or via encrypted messaging app Signal at +1 (808) 854-4501.
