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As the name suggests, cashback means getting money back in exchange for your purchases. So, how does cashback work and how can you use it for your business? Money paid back to customers in cash after they make a purchase, cashbacks are rewards given to customers for making purchases from a retailer. The amount paid back (cashback) is a percentage of the amount the customer spent on an item. The cashback percentage varies from retailer to retailer, with some businesses offering higher cashback rates than others.