SETTING UP THE STRUCTURE
Upon acquiring a license to become an Industry Gift Voucher (IGV) producer, the licensee is provided the following tools and privileges:
1- The right to exclusively sell Industry Gift Vouchers (IGVs), for their licensed fence network, on the licensor’s behalf.
2- A template for a multi-vendor website.
3- A template for a mobile app, that mirrors the features of the website.
4- A template for a point of sales solution
First, the licensee sets up the IGV structure, by building out the key pillars. A multi-vendor website, an integrated mobile app, and a point of sale solution. The website or app formats the user’s device into a user interface for the IGV system, and the point of sale solution formats the fence link’s register into the store’s interface for the IGV system.
Guidelines on what to include in the website, app, and POS build are laid out, but kept intentionally broad to allow each fence network to meet their individual needs. For example, a “Toy IGV” licensee would not need to verify users ages, where an “alcohol IGV” would.
Lastly, the licensee connects with the licensor’s IGV account, allowing them to produce and distribute a unique IGV through the licensor’s existing network.
BUILDING OUT THE NETWORKS
Once the core components are in place, the licensee builds out their networks, inviting qualified businesses to participate. The two required networks are: the Fence (retail outlets that sell items or services related to the variable category in the IGV’s Fence Network), and the Affiliate Merchandise Network (manufacturers of items related to the fence).
DISTRIBUTION
The licensee is ready to launch, and may start selling their IGVs to the public. The licensor collects the funds for each IGV as they are sold, and holds the funds for all IGVs in circulation as collateral, to ensure they can be paid out on demand. This all happens before the IGV is assigned its unique serial key, registered to the central database, encrypted, and sent the IGV to the user.
CIRCULATION
Users may utilize the app or website to transfer IGVs between themselves. This is typically from the person who purchased it to the person receiving it as a gift, but may also be used to “regift” to a 3rd user.
REDEMPTION
The user will then decide on which redemption option they would prefer to use. They may use it in a participating fence link‘s physical store, purchase something from the affiliate merchandise network on the licensee’s website, give it to a friend, or donate it to a charity from an approved list.
CASHING OUT
Once the IGV has been used and transferred to a fence link, an affiliate merchandise member, or a charity, it may be returned to the licensee for reimbursement.