COUPON EXCHANGING AND CHECK WRITING SYSTEM

An electronic coupon exchange system is disclosed whereby the exchange system both generates and redeems coupons. Upon entering a retail sales store, consumers can exchange conventional coupons for exchange system coupons which are only applicable to the retail sales store entered. The exchange system invalidates a conventional coupon and prints an exchange system coupon for a product promoted by the coupon exchange system. Consumers are enticed to use the exchange system coupons since the coupons can be redeemed for cash via checks printed immediately upon redemption of the coupons or by having an account credited. Consumers are also enticed to use the new coupons by games and bonus prizes associated with the exchange system coupons. The exchange system redeems exchange system coupons without the use of retailer funds. Thus, retailers obtain full price for products purchased with the exchange system coupons. Data stored by the exchange system for printing an exchange system coupon can be modified remotely at substantially any time. Thus, exchange system coupons can be modified as needed to target consumers patronizing a particular retail sales store by offering exchange coupons having sufficient discounts or other enticements to motivate consumers into using the exchange system coupons.