POSnet and Cunningham Electronics Corporation Announce Joint Venture to Enable In-store Electronic C

Tuesday 9 March 2004 13:19 CET | News

POSnet Services, and Cunningham Electronics Corporation (CEC) have entered into a joint venture to provide an in-store system that processes paper coupons through retailer point-of-sale systems.

The alliance combines POSnets Retail Media Management infrastructure and CECs in-store Coupon Terminals. The Coupon Redemption System supports retailer and CPG advertiser efforts to improve misredemption controls while capturing new marketing data. Several in-store platforms are planned including a self-service checkout solution, an entrance-positioned Offer Bank and an in-lane format. POSnets centrally controlled network communicates with CECs Coupon Terminals and retailer cash register systems to execute redemption transactions at the customer level. Each platform ensures precise compliance with manufacturer-controlled terms by verifying product purchase and expiration requirements. The service also provides settlement options that are facilitated through an arrangement with a leading bank to perform standard electronic funds transfer thereby reducing the process from weeks to days. Growing Concerns - Coupon Security and Cost Increases Respected industry organizations such as The Food Marketing Institute and the Grocery Manufacturers Association estimate that losses due to coupon fraud equate to millions of dollars annually. New types of security loopholes have emerged adding to this financial concern, including Internet and self-checkout coupons.

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Categories: Payments & Commerce | Payments General
Countries: World
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