Rakuten Rewards
Q2 2026 Quarterly Account Review
Review period: April 1 through June 30, 2026
Legal entity: Ebates Performance Marketing, Inc.
DBA: Rakuten Rewards
Parent organization: Rakuten Group
Primary U.S. address: 800 Concar Drive, Suite 175, San Mateo, California 94402
Review status: Preliminary, pending USPS revenue, mail-volume, vendor and permit data
1. Executive Account Summary
Rakuten Rewards operates a U.S. cash-back shopping platform that connects consumers with participating online and in-store merchants. Members activate offers through Rakuten’s website, app or browser extension, complete qualifying purchases with participating retailers and receive a portion of the merchant-funded commission as Cash Back.
Rakuten Rewards is a digital business, but it maintains a significant physical-payment option. Members may receive quarterly rewards through:
- A mailed “Big Fat Check.”
- PayPal.
- Bilt Points.
- American Express Membership Rewards points.
- Instant digital gift cards from participating brands.
Physical checks are issued to the name and mailing address in the member’s account. Rakuten states that rewards are distributed every three months.
Potential Rakuten Rewards mail and parcel streams include:
- Quarterly member checks.
- Replacement checks for lost, destroyed or expired payments.
- Returned or undeliverable checks.
- Legal and arbitration correspondence.
- Regulatory and privacy notices.
- Tax or financial documents where applicable.
- Promotional mail.
- Sweepstakes prizes and fulfillment materials.
- Event and conference shipments.
- Employee technology and corporate parcels.
- Merchant and advertiser marketing materials.
Rakuten does not publicly identify USPS as the carrier used to deliver Big Fat Checks. The current mail class, presort method, print vendor, mail-service provider, postage owner and return-mail process must be confirmed through USPS data and customer discovery.
The most important Q2 2026 developments were:
- Rakuten International and impact.com announced a strategic alliance to modernize affiliate and performance marketing.
- Rakuten held its U.S. Rakuten Optimism conference on May 5 and 6.
- Rakuten conducted Big Give Week from May 4 through May 11.
- Rakuten launched a five-day summer Big Stack promotion involving more than 150 participating stores.
- Rakuten and Golden State extended their founding partnership in a multiyear agreement.
- Rakuten offered several June sweepstakes connected with the Warriors and Valkyries.
- Physical checks remained an available quarterly member-payment method.
Preliminary USPS assessment: Rakuten Rewards should be treated primarily as a transactional-mail and direct-mail account rather than a package-shipping account. The largest USPS opportunity is protecting and improving quarterly check mail, including address quality, First-Class Mail preparation, Intelligent Mail barcodes, returned-check management and replacement-check reduction. Secondary opportunities include promotional mail, sweepstakes fulfillment, events and corporate parcels.
2. Quarterly Performance Comparison
USPS account performance
| Metric | Q2 2026 | Q1 2026 | Q2 2025 | Change |
|---|---|---|---|---|
| USPS revenue | Unavailable | Unavailable | Unavailable | Not calculable |
| Total USPS mail volume | Unavailable | Unavailable | Unavailable | Not calculable |
| Big Fat Check mail volume | Unavailable | Unavailable | Unavailable | Not calculable |
| Replacement-check volume | Unavailable | Unavailable | Unavailable | Not calculable |
| Returned-check volume | Unavailable | Unavailable | Unavailable | Not calculable |
| First-Class Mail volume | Unavailable | Unavailable | Unavailable | Not calculable |
| Marketing Mail volume | Unavailable | Unavailable | Unavailable | Not calculable |
| Certified Mail volume | Unavailable | Unavailable | Unavailable | Not calculable |
| Package volume | Unavailable | Unavailable | Unavailable | Not calculable |
| Average revenue per mailpiece | Unavailable | Unavailable | Unavailable | Not calculable |
| USPS product mix | Unavailable | Unavailable | Unavailable | Not calculable |
Average revenue per mailpiece should be calculated as:
USPS revenue ÷ total USPS mail volume
Separate measurements should be obtained for:
- Quarterly checks.
- Replacement checks.
- Returned checks.
- Promotional campaigns.
- Sweepstakes fulfillment.
- Corporate and legal correspondence.
- Corporate parcels.
- Print-vendor postage.
- Mail-service-provider postage.
- Rakuten Rewards versus other Rakuten U.S. entities.
Verified public payment profile
| Payment element | Published information |
|---|---|
| Physical payment option | Big Fat Check |
| Other payment options | PayPal, Bilt Points, American Express Membership Rewards points |
| Instant redemption | Digital gift cards from more than 40 brands |
| Payment frequency | Every three months |
| Address required for check | Yes |
| Address also required for PayPal users | Yes, for identity verification |
| Replacement checks | Available for missing, lost, destroyed or expired checks |
| Publicly identified delivery carrier | Not identified |
Payment-cycle implications
Rakuten’s quarterly payment schedule creates concentrated mailing periods rather than a consistent daily check stream. The published schedule for rewards-point transfers includes February 15, May 15, August 15 and November 15, indicating that the Q2 cycle included a May payment event.
The USPS account review should determine:
- Actual check mailing date.
- Total checks mailed in May.
- Mail-entry location.
- Daily induction pattern.
- First-Class presort level.
- Average delivery time.
- Returned checks.
- Replacement requests.
- Check fraud or interception concerns.
- Address corrections.
- Customer-service contacts related to delivery.
3. Important Changes and Trends
Digital payout options may reduce physical check volume
Rakuten continues adding alternatives to paper checks, including PayPal, Bilt Points, American Express Membership Rewards points and instant gift cards.
Potential USPS significance:
- Paper-check volume may decline over time.
- Remaining check recipients may be older, less digitally engaged or more dependent on reliable physical delivery.
- The value of each retained mailpiece may increase because missing checks generate customer-service and replacement costs.
- Address quality becomes more important as check volume becomes more concentrated.
- USPS should measure year-over-year check migration by payment method.
Lost and expired checks create replacement mail
Rakuten maintains a process for replacing checks that are missing, lost, destroyed or expired.
Potential USPS significance:
- Replacement checks create duplicate printing and postage expense.
- Poor address quality may generate recurring loss.
- Mail theft or misdelivery may increase fraud exposure.
- Returned-check reporting should be connected with account-address updates.
- Tracking or enhanced visibility may be justified for higher-value checks.
Address information is operationally important
Rakuten requires members receiving checks to maintain their name and address in Account Settings. It also collects addresses from members using PayPal for identity verification.
Potential USPS significance: Rakuten has a large address database that could benefit from:
- CASS certification.
- ZIP+4 matching.
- Apartment and unit validation.
- National Change of Address processing.
- Address Change Service.
- duplicate-record suppression.
- undeliverable-as-addressed analysis.
Promotional periods may drive member and merchant growth
Rakuten ran Big Give Week from May 4 through May 11, offering elevated Cash Back at hundreds of stores. It later scheduled a Big Stack promotion from June 22 through June 26 involving more than 150 partner stores offering at least 10% Cash Back.
Potential USPS significance: These promotions are primarily digital, but they may increase:
- New-member acquisition.
- future quarterly payments.
- sweepstakes and prize fulfillment.
- merchant communications.
- event and promotional-material shipments.
Affiliate infrastructure is expanding
Rakuten International and impact.com announced a strategic alliance on April 28 to modernize affiliate and performance marketing.
Potential USPS significance: The alliance may expand Rakuten’s merchant and advertiser relationships, potentially increasing reward activity and future payment volume. It may also accelerate digital payment adoption, so the net impact on check mail is uncertain.
4. Relevant Company Developments
April 28, 2026: Strategic alliance with impact.com announced
Rakuten International and impact.com announced an alliance focused on affiliate and performance-marketing technology.
USPS analysis: The alliance may increase merchant participation, transactions and member rewards. USPS should determine whether the resulting growth increases quarterly check volume or primarily benefits digital-payment methods.
April 29, 2026: Big Give Week announced
Rakuten announced that Big Give Week would run from May 4 through May 11 with elevated Cash Back at hundreds of participating stores.
USPS analysis: Increased transaction activity may affect future reward-payment cycles. Q2 purchases may generate checks in later quarters depending on merchant confirmation timing.
May 5 and May 6, 2026: Rakuten Optimism held in the United States
Rakuten’s U.S. flagship marketing conference took place at the Arizona Biltmore in Phoenix.
Potential USPS impact:
- Conference materials.
- exhibitor and sponsor shipments.
- promotional merchandise.
- attendee follow-up mail.
- prize fulfillment.
- merchant onboarding materials.
No USPS volume was publicly disclosed.
May 15, 2026: Quarterly payment event
Rakuten’s published rewards-payment schedule included a May 15 distribution date. Members could receive rewards through checks, PayPal, American Express Membership Rewards points or Bilt Points.
USPS analysis: This was likely the quarter’s primary check-mail event. USPS should retrieve daily volume and revenue surrounding this date.
June 16, 2026: Summer Big Stack promotion announced
Rakuten announced a June 22 through June 26 promotion offering elevated Cash Back from more than 150 stores.
USPS analysis: The campaign may increase member earnings payable during later reward cycles.
June 18, 2026: Golden State partnership extended
Rakuten and Golden State extended their founding partnership through a multiyear agreement involving the Warriors, Valkyries and Santa Cruz Warriors.
Potential USPS impact:
- Sweepstakes prizes.
- promotional merchandise.
- fan communications.
- event materials.
- community-program fulfillment.
- future targeted direct mail.
June 2026: Sports-related sweepstakes continued
Rakuten sponsored Warriors and Valkyries promotions during June, using Ebates Performance Marketing, Inc. dba Rakuten Rewards as the legal sponsor.
USPS analysis: Sweepstakes may create small but time-sensitive fulfillment streams involving prizes, legal notices and promotional materials.
No major logistics announcement verified
No reliable Q2 source identified:
- A new distribution center.
- A change in check-printing provider.
- A new postal carrier agreement.
- A new mail-service provider.
- A headquarters relocation.
- An acquisition of Rakuten Rewards.
- A large-scale physical-mail campaign.
5. Potential USPS Impact
First-Class Mail for quarterly checks
First-Class Mail is the most likely USPS product for physical reward checks, although the actual service has not been publicly confirmed.
Potential USPS support includes:
- Presorted First-Class Mail.
- Intelligent Mail barcodes.
- Full-Service IMb.
- address-quality processing.
- delivery-performance monitoring.
- returned-mail reporting.
- Move Update compliance.
- origin-entry optimization.
- fraud and mail-theft analysis.
Replacement checks
Replacement checks create a distinct, lower-volume but higher-cost stream.
Potential options include:
- First-Class Mail.
- Priority Mail for selected high-value replacements.
- signature or tracking options where justified.
- address validation before reissuance.
- suppression of duplicate replacement requests.
- documented delivery exceptions.
Marketing Mail
Potential uses include:
- New-member acquisition.
- Reactivation campaigns.
- Retailer promotions.
- Seasonal Cash Back events.
- Credit-card or partner offers.
- Warriors and Valkyries promotions.
- Conference follow-up.
- Merchant recruitment.
No current Rakuten Rewards Marketing Mail program was verified.
Certified Mail and accountable correspondence
Potential applications include:
- Legal notices.
- arbitration correspondence.
- regulatory communications.
- vendor notices.
- employment or contractual documents.
Rakuten’s terms direct arbitration opt-out notices to its San Mateo legal department.
Corporate parcels
Potential parcel uses include:
- Employee laptops and equipment.
- Event displays.
- Conference materials.
- Sweepstakes prizes.
- promotional merchandise.
- merchant kits.
- community-partnership materials.
- returns of corporate equipment.
Ground Advantage and Priority Mail may be appropriate depending on value and urgency.
Address quality
Address quality is the clearest USPS consultative opportunity because members must maintain accurate delivery information for checks.
Recommended analysis includes:
- Undeliverable-as-addressed rate.
- Forwarded-check rate.
- apartment and unit deficiencies.
- stale addresses.
- duplicate accounts.
- returned checks by ZIP Code.
- replacement-check requests by delivery area.
- time between return and member correction.
6. Opportunities
1. Quantify quarterly check volume
Obtain:
- Total checks mailed.
- Total check value.
- Average check value.
- Postage per check.
- Number of countries or territories served.
- First-Class presort level.
- Mail-entry location.
- Check-printing vendor.
- Mail-service provider.
2. Analyze payment-method migration
Compare Q2 2026 with Q1 2026 and Q2 2025 for:
- Check recipients.
- PayPal recipients.
- Bilt recipients.
- American Express Membership Rewards recipients.
- Gift-card redemptions.
This will indicate whether physical mail is stable, declining or growing.
3. Reduce replacement-check expense
Measure:
- Lost-check claims.
- returned checks.
- expired checks.
- destroyed checks.
- duplicate payments.
- average replacement cost.
- customer-service contacts.
- fraud-related losses.
4. Improve address quality
Conduct an address-quality assessment before each quarterly payment cycle.
5. Add delivery-performance reporting
Use Intelligent Mail data to measure:
- Induction.
- processing.
- expected delivery.
- destination performance.
- delayed areas.
- delivery patterns associated with replacement claims.
6. Explore targeted promotional mail
Test physical mail for:
- Lapsed members.
- High-value customers.
- Members who prefer checks.
- Local sports-partnership promotions.
- Merchant-funded offers.
- Holiday and seasonal campaigns.
7. Support events and sweepstakes
Create a standardized parcel and fulfillment process for Rakuten Optimism, sports promotions and community programs.
8. Consolidate U.S. Rakuten entities
USPS revenue may appear under:
- Ebates Performance Marketing, Inc.
- Rakuten Rewards.
- Rakuten USA, Inc.
- Rakuten International.
- Rakuten Advertising.
- Outside check-printing or mailing vendors.
The San Mateo campus and related Rakuten entities should be reviewed together where appropriate.
7. Risks and Concerns
- USPS revenue and mail volume were unavailable.
- USPS is not publicly confirmed as the check-delivery carrier.
- The check-printing and mail-service vendors are unknown.
- Digital payouts may reduce physical check volume.
- Digital gift cards can provide immediate redemption and further displace checks.
- Merchant confirmation delays can shift payments between quarters.
- Returned or missing checks create fraud, customer-service and replacement costs.
- Address data may become stale between quarterly payment cycles.
- USPS revenue may be recorded under a third-party mail vendor rather than Rakuten Rewards.
- Promotional activity is mostly digital and may not create physical mail.
- Legal, corporate and package volume may be divided among several Rakuten entities.
- Current pricing agreement, permits, service issues and previous commitments remain unknown.
8. Customer Questions
- Is Ebates Performance Marketing, Inc. the correct USPS legal account?
- Which entity purchases postage for Big Fat Checks?
- Who prints and mails the quarterly checks?
- Which USPS service and presort level are used?
- What were Q2 2026 USPS revenue and mail volume compared with Q1 2026 and Q2 2025?
- How many checks were mailed during the May 2026 payment cycle?
- What percentage of members currently chooses checks?
- How has check selection changed year over year?
- What percentage uses PayPal, Bilt, American Express points or digital gift cards?
- How many checks are returned as undeliverable?
- How many members request replacement checks?
- What are the primary replacement reasons?
- What is the average cost of replacing a check?
- Are Intelligent Mail barcodes used?
- Is delivery-performance data currently reviewed after each payment cycle?
- Is National Change of Address processing performed before mailing?
- How are forwarded or returned checks handled?
- Does Rakuten use USPS Marketing Mail for member acquisition or reactivation?
- Which carriers handle sweepstakes prizes and event materials?
- Are there known USPS delivery, theft, processing, billing or returned-mail concerns?
- When does any current USPS pricing agreement expire?
- Which prior USPS commitments remain open?
9. Recommended Actions
USPS actions
- Retrieve Q2 2026, Q1 2026 and Q2 2025 USPS revenue and volume.
- Validate the Salesforce account under Ebates Performance Marketing, Inc. dba Rakuten Rewards.
- Identify the check printer, mail-service provider and postage-paying entity.
- Quantify the May quarterly check mailing.
- Calculate average revenue per mailpiece.
- Obtain returned-check and replacement-check data.
- Review address-quality practices.
- Confirm use of Intelligent Mail barcodes and Full-Service data.
- Compare delivery performance with missing-check claims.
- Evaluate Priority Mail for selected high-value replacement checks.
- Review Marketing Mail opportunities for acquisition and reactivation.
- Identify Ground Advantage and Priority Mail opportunities for events, prizes and corporate parcels.
- Consolidate relevant U.S. Rakuten accounts and vendors.
- Confirm pricing-agreement expiration and renewal requirements.
- Document service issues, previous commitments, responsible parties and deadlines.
Recommended customer follow-up
Schedule a QAR involving:
- Rewards-payment operations.
- Finance and treasury.
- Member customer service.
- Fraud and loss prevention.
- Address-data management.
- Legal and compliance.
- Marketing.
- Event and partnership management.
- Procurement.
- Check-printing and mail-service vendors.
The first discussion should focus on quarterly check volume, payment-method migration, returned and replaced checks, address quality and postage ownership.
10. Salesforce-Ready Account Update
Q2 2026 QAR: Rakuten Rewards is operated by Ebates Performance Marketing, Inc. from San Mateo, California. Rakuten provides Cash Back through quarterly Big Fat Checks, PayPal, Bilt Points, American Express Membership Rewards points and instant digital gift cards.
The primary USPS opportunity is Rakuten’s quarterly physical check program. Members receiving checks must maintain a current name and mailing address, and Rakuten replaces checks that are missing, lost, destroyed or expired. The current carrier, mail class, print vendor, mail-service provider and check volume were not publicly identified.
Q2 developments included Rakuten International’s April 28 strategic alliance with impact.com, Big Give Week from May 4 through May 11, Rakuten Optimism on May 5 and 6, a May quarterly reward-payment event, the June Big Stack promotion and extension of Rakuten’s partnership with Golden State.
Potential USPS opportunities include presorted First-Class Mail, Intelligent Mail tracking, address quality, returned-check management, replacement-check reduction, Marketing Mail, sweepstakes fulfillment and corporate parcels.
Risks: USPS account performance was unavailable. Digital payouts and gift cards may reduce check volume, significant postage may be owned by an outside mail vendor and missing checks create financial, fraud and customer-service exposure.
Next steps: Retrieve quarterly USPS data, identify the check-mail vendor and postage owner, quantify May check volume, analyze payment-method migration, review returned and replacement checks, assess address quality and schedule a payment-mail QAR.
Follow-up date: Not provided.
11. Information Required to Finalize the QAR
- Salesforce account ID.
- Correct legal and parent-account structure.
- Check-printing vendor.
- Mail-service provider.
- Postage-paying entity.
- Mail-entry location.
- Q2 2026 USPS revenue and volume.
- Q1 2026 USPS revenue and volume.
- Q2 2025 USPS revenue and volume.
- Average revenue per mailpiece.
- Quarterly check volume.
- Check payment value.
- First-Class Mail product and presort level.
- Intelligent Mail usage.
- Returned-check volume.
- Replacement-check volume.
- Missing-check claims.
- Payment-method distribution.
- Marketing Mail volume.
- Sweepstakes and event parcel volume.
- CRIDs, permits and payment accounts.
- Current pricing agreement.
- Agreement expiration date.
- Known service issues.
- Previous commitments.
- Open opportunities.
- Last meeting date.
- Next action and follow-up date.
12. Sources
- Rakuten Terms and Conditions, updated October 15, 2025: Ebates Performance Marketing, Inc. dba Rakuten Rewards and the San Mateo legal address.
- Rakuten Rewards Legal information, reviewed June 30, 2026: Rakuten Rewards ownership and operation by Ebates Performance Marketing, Inc.
- Rakuten Help, Getting Paid, reviewed June 30, 2026: Quarterly Big Fat Checks, PayPal, Bilt Points, American Express Membership Rewards points and instant gift-card redemptions.
- Rakuten Help, Missing, Lost or Expired Checks, reviewed June 30, 2026: Replacement-check policy.
- Rakuten and impact.com, April 28, 2026: Strategic alliance involving affiliate and performance marketing.
- Rakuten Big Give Week, April 29, 2026: May 4 through May 11 Cash Back promotion involving hundreds of stores.
- Rakuten Optimism, May 5 and 6, 2026: U.S. marketing conference in Phoenix.
- Rakuten Summer Big Stack, June 16, 2026: June 22 through June 26 promotion involving more than 150 stores.
- Rakuten and Golden State, June 18, 2026: Multiyear partnership extension involving the Warriors, Valkyries and Santa Cruz Warriors.
- Rakuten U.S. office information, reviewed June 30, 2026: San Mateo Rakuten campus and related U.S. operations.
