Is there a possibility to increase the number of campaigns running for a merchant (currently limited to 2)? If so, is there API call to retrieve actual limit? Thanks!
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You're limited to two active campaigns per venue. You can create more, non-active campaigns if you'd like, but there can't be more than two active specials on a given venue.

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With the new Foursquare changes, I can now run more than 2 active specials. I can also run an already active special multiple times. – candyspecs Jul 26 '12 at 10:44