Cunningham Electronics is a bank financed, independent 3rd party electronic coupon redemption and payment clearing company. We are pleased to announce we have developed and patented the first electronic coupon redemption system in existence that eliminates both coupon fraud and the need to ship coupons to clearinghouses. These cost saving features allows us to pass a substantial savings on to manufacturers. We only charge $50/1,000 for coupons redeemed. A 41% savings over the $85/1,000 they currently pay.
Retailers no longer ship coupons or pay clearinghouses. Our fast, accurate and efficient electronic system coupled with bank financing allows us to reimburse the retailer the next day for coupons redeemed the day before. The money is deposited in the retailer’s bank account before noon eliminating the cost of maintaining accounts receivable records as currently required. Eliminating the cost associated with the current 30 - 60 day payment cycle coupled with the savings of no longer shipping coupons and paying a clearinghouse makes our electronic coupon redemption system a real bargain for retailers. Manufacturers in addition to the 41% savings are given a generous 7 days for reimbursing the bank for the money advanced to retailers on their behalf. Our system requires software integration with the retailer’s point-of-sale system in order to exchange data to redeem coupons. We have developed a Coupon Processing Appliance (CPA) that we install in the store’s office to process coupons presented by the retailer’s customers at checkout. The cost of the integration and installation is included in our fee.
We eliminate coupon fraud by redeeming coupons based on a positive file of redemption requirements established by the manufacturers. We provide a secure coupon registration system for manufacturers to register their coupons and establish the coupon’s redemption requirements. The coupon registration system and the redemption requirements file resides in a secure hosted coupon data center. The CPA accesses the data center daily to refresh and maintain a current file of coupon redemption requirements as established by the coupon issuers.
We eliminate shipping coupons and the cost of clearinghouses by converting paper coupons to digital in the store. We do this by holding the paper coupon transaction in abeyance until the paper coupon is shredded by the CPA’s built-in scanner and shredder designed for this purpose. In lieu of shipping physical paper coupons, our electronic system provides a proof of purchase audit trail to the store transaction where the coupon was redeemed. The coupon transactions are sent to applicable participants daily.
Bank financing and money exchange has been arranged by CEC using banking industry safeguards and security.