OLS Payments, an InComm Payments company, today announced a new partnership with Intelligent Clearing Network (ICN), a software-as-a-service coupon clearing company, to provide retailers with a solution addressing multiple issues related to paper coupon fraud, processing, and clearing. The solution, which is built upon existing InComm Payments technology and software and supported by its Enhanced Payment Platform (EPP), provides retailers with a cloud-based solution to paper coupon fraud, paper coupon validation processing, electronic clearing of paper coupons, and mobile redemption of nationally distributed coupons.
Retailers with existing integrations to OLS Payments or InComm Payments can deploy the new service with minimal impact to current payments infrastructure and internal resources. The solution is already being made available to these retailers.
“Leveraging our existing technology to have a positive impact on a problem that’s costing retailers hundreds of millions per year fits perfectly in with our mission to help our partners reduce costs,” said Matt Fitzgerald, OLS Payments Director of Offer Product Strategy. “With more than 98% of nationally distributed coupons being paper, it’s a big deal to give merchants the security of knowing that once accepted, those coupons will be reimbursed.”
The solution will allow retailers to scan paper or digital coupons then verify or deny their authenticity using positive and negative offer files. Verified coupons would be electronically submitted for reimbursement, significantly decreasing the time required for retailers to receive their funds and eliminating the uncertainty found in the typical clearing and reimbursement system.
“We’re excited that this new partnership with InComm Payments will extend ICN’s impact on the industry, making it very easy for InComm Payments-connected retailers to access our services,” said Richard Thibedeau, COO of Intelligent Clearing Network. “Our patented solution has been live for almost 10 years, with countless improvements that have led to a 95% reduction in coupon fraud through our prior implementations.”
Solving paper coupon fraud enables the industry to accept an e-clearing model for paper coupons and provides an organic approach to enabling nationally distributed mobile coupons. Current paper coupon clearing models require an inefficient and costly physical clearing process, are unable to accommodate redemption of mobile coupons, and provide significant opportunities for fraud.