CoolSavings, First Data in Pact
Payment services vendor First Data Corp. has invested an undisclosed sum and signed a marketing agreement with CoolSavings, which provides coupons, rebates, free samples and other savings for online and offline retailers.
Under the deal, First Data will electronically process various incentives for CoolSavings' more than six million registered members. CoolSavings' customers be be able to redeem offers for Internet and brick-and-mortar merchants completely online, with First Data transfering coupons and rebates directly to their Visa or MasterCard accounts.
Yclip.com, an Internet advertising and information technology firm, will team up with the two companies to help make the switch from paper-based to electronic incentives.
First Data and CoolSavings also plan to develop membership savings programs in vertical markets, such as restaurants. First Data and its financial institution clients will secure merchant participation in these types of programs, and the CoolSavingsWeb site will promote them.
In January, First Data announced a marketing agreement and equity position in Yclip.com.
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