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System and method for setting a hot product alert on transaction data

  • US 10,332,088 B2
  • Filed: 08/01/2012
  • Issued: 06/25/2019
  • Est. Priority Date: 08/01/2012
  • Status: Active Grant
First Claim
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1. A method for using an automated transaction rule comprising at least one threshold quantity criterion to monitor transaction data to alert a user when a selected predetermined number of a specific product or type of product has been sold within a selected time frame, the method performed by a processor executing operations, in accordance with instructions embodied in a memory, the method comprising:

  • receiving raw transaction data from a transaction concentrator of a payment card system that is communicatively connected to a plurality of point of sale devices for the payment card system and is configured to generate the raw transaction data, the raw transaction data including a plurality of product identifiers for a specific product or type of product sold during the payment card transaction, a time of sale, and confidential payment cardholder information;

    storing the raw transaction data in a transaction database of the payment card system, wherein the transaction database is not accessible via a website over the Internet;

    filtering out personal cardholder information from the raw transaction data to yield filtered information;

    storing the filtered information in a web accessible filtered transaction database, wherein the filtered information is directly accessible via a website over the Internet;

    providing the website interface for a user device, wherein the website interface is configured to allow a user device to generate and submit the automated transaction rule with predefined criteria,receiving from the user device, via the website, the automated transaction rule configured to define a product sales volume alert, wherein the transaction rule comprises at least one product identifier of the plurality of product identifiers, a time frame, and a threshold quantity of units of product associated with the at least one product identifier for the at least one threshold quantity criterion;

    programming the processor with the automated transaction rule;

    scanning the filtered transaction database a first time for transactions that meet the automated transaction rule during the time frame, to determine from the filtered transaction data, an actual quantity of units of product sold that satisfy the transaction rule;

    comparing the actual quantity to the threshold quantity;

    generating an alert when the actual quantity exceeds the threshold quantity; and

    transmitting the alert to the user device,wherein the processor is configured to generate at least one second alert when a quantity of units of product sold does not meet the at least one threshold quantity criterion within a predefined time period after the automated transaction rule is received,wherein the at least one threshold quantity criterion for the second alert includes a criterion selected from;

    the threshold quantity for the automated transaction rule generated by the user device; and

    a threshold quantity generated by the system.

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