News

Stored Value Systems, Coinstar offer new distribution channels

June 12, 2005

BRENTWOOD, Tenn. - Stored Value Systems, a wholly owned subsidiary of Comdata Corporation, announced in a news release it has completed an agreement with Coinstar Inc. to offer two new distribution channels to SVS' gift card customers.

One is the Coin to Card program whereby consumers can redeem coins for retail gift cards at Coinstar Centers in select merchant locations. The second is a "gift card mall" program that makes multiple retail gift cards available at a single merchant's point of sale.

Coinstar operates self-service coin counting kiosks in more than 12,000 locations nationwide. Any SVS merchant who has a Coinstar Center in their location can now work directly with Coinstar to offer customers the opportunity to receive a gift card of equal value to coins redeemed. This differs from a coins-to-cash transaction where there is an 8.9 percent convenience fee charged to consumers.

Merchants who add the Coin to Card functionality may include their own gift card along with a variety of other retail gift cards from which their customer can choose when redeeming coins for cards. The gift card sale and transaction activity is processed by SVS and seamlessly combined with the customer's existing in-store gift card sales reporting.