News

Paperless-coupon service OfferIQ launches

March 1, 2010

OfferIQ, a new electronic coupon service for retailers, announced that it launched today. Using proprietary technology, OfferIQ enables the redemption of incentives and discounts through retail purchases, in a payment card industry compliant manner.

According to a press release, OfferIQ handles all communication, distribution and redemption at no upfront cost to the retailer, with zero changes to the retailer's operations. No change is needed to retailers’ point of sale hardware or software – no paper, scanning of coupon codes, training, clearing or settlement.

“OfferIQ is paper-couponing, minus the paper and point of sale hassles – along with mobile coupons, minus the technology investment and cashier training,” said Paul M. Harkins, chairman and CEO of OfferIQ. “We help retailers create and distribute targeted incentives geared to instantly lift store traffic and sales.”

Consumers pay for a product or service at the register and get the discount; no extra card, additional card swipe, paper coupon or anything else is required. After making their payments, consumers are alerted via e-mail or through their mobile devices, informing them they have saved on their purchases.

Consumers opt in to receive alerts to new incentives through their existing relationships, such as through their credit card providers, mobile-coupon providers, affinity groups, charities or employers — making them more apt to act, and boosting traffic and average spending up to an anticipated 30 percent. Every offer requires a minimum spend, so the dollars are meaningful.

The company says its service provides any retailer with the ability to market toward its loyal and prospective consumers. Similar to the way consumers are targeted online through their Internet shopping patterns, OfferIQ tracks and targets the movement of consumer shopping habits offline.