Yes. s2Member Pro makes this very easy and highly customizable.

Using Coupon Codes to Attract a Higher Sales Volume

With PayPal Pro, Stripe, and Authorize.Net (i.e., with any of these payment gateways that work with s2Member Pro-Forms), you can build a configurable list of Coupon Codes that provide a flat-rate discount. Or, a percentage-based discount; up to and including 100% of the transaction amount (i.e., a 100% free checkout experience is possible).

Coupons can be limited in scope too. Such as limiting the discount to the first/initial payment only, or to regular recurring payments only. It's also possible to limit Coupon Codes to specific Pro-Form instances, to specific customers, to specific dates, and even put a limit on the maximum number of times that a specific Coupon Code can be used collectively. It's also possible to integrate s2Member's Coupon Code functionality with affiliate platforms. Affiliates can be identified through promotions that use affiliate-specific Coupon Codes, which your Pro-Forms will graciously accept.

Tracking the Use of Promotional Coupon Codes

s2Member Pro tracks the total number of times that each Coupon Code is used. This information is displayed alongside each Coupon Code in your WordPress Dashboard. s2Member Pro also records each Coupon Code that a customer uses, attaching this information to their account record within WordPress. This is nice for many reasons, but it also makes it possible for the data to be exported, and then analyzed carefully before you start your next set of promotions.