Inverted tier rebate system
First Claim
1. A financial transaction system comprising:
- a financial institution;
a financial alternative to currency issued by the financial institution to one or more consumers; and
a participating merchant network accepting the financial alternative to currency to provide goods or services to the one or more consumers and receive reimbursement for the goods and services from the financial institution;
wherein the financial institution charges the one or more consumers for the goods or services purchased using the financial alternative to currency and provides to each of the one or more consumers an award related to a total value of goods or services purchased by each of the one or more consumers using the financial alternative to currency, the award being related to the total value of goods or services purchased through an inverted tier structure comprising a first tier corresponding to a first value range of goods or services purchased and providing a first award rate and a second tier corresponding to a second value range of goods or services purchased and providing a second award rate, wherein the second value range is higher than the first value range and the second award rate is lower than the first award rate.
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Accused Products
Abstract
An inverted tier award system for financial alternatives to currency is presented, wherein a consumer using the financial alternative to currency is rewarded based on the purchases made by the consumer within a given time frame. Award rates can vary based on the total value of purchases made within a given time frame, with higher award rates assigned to lower value ranges to motivate those consumers to increase their purchases made using the financial alternative to currency. Additionally, higher award rates at lower value ranges can increase consumer loyalty and provide consumers access to their awards more quickly and more often. The award rates or award access can be modified to achieve greater profitability or to further other goals of the implementing organization.
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Citations
25 Claims
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1. A financial transaction system comprising:
- a financial institution;
a financial alternative to currency issued by the financial institution to one or more consumers; and
a participating merchant network accepting the financial alternative to currency to provide goods or services to the one or more consumers and receive reimbursement for the goods and services from the financial institution;
wherein the financial institution charges the one or more consumers for the goods or services purchased using the financial alternative to currency and provides to each of the one or more consumers an award related to a total value of goods or services purchased by each of the one or more consumers using the financial alternative to currency, the award being related to the total value of goods or services purchased through an inverted tier structure comprising a first tier corresponding to a first value range of goods or services purchased and providing a first award rate and a second tier corresponding to a second value range of goods or services purchased and providing a second award rate, wherein the second value range is higher than the first value range and the second award rate is lower than the first award rate. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
- a financial institution;
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10. A method for increasing a financial institution'"'"'s profit from a financial alternative to currency provided to one or more consumers, the method comprising:
- receiving requests for reimbursement from one or more members of a participating merchant network accepting the financial alternative to currency, the one or more members providing goods or services to the one or more consumers using the financial alternative to currency;
reimbursing the one or more members of the participating merchant network;
transmitting periodically to each of the one or more consumers a request for repayment of the reimbursements related to each of the one or more consumers;
totaling the reimbursements over a predetermined time period corresponding to each of the one or more consumers; and
providing an award to each of the one or more consumers related to the corresponding totaled reimbursement for each of the one or more consumers through an inverted tier structure comprising a first tier corresponding to a first value range of reimbursements and providing a first award rate and a second tier corresponding to a second value range of reimbursements and providing a second award rate, wherein the second value range is higher than the first value range and the second award rate is lower than the first award rate. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17)
- receiving requests for reimbursement from one or more members of a participating merchant network accepting the financial alternative to currency, the one or more members providing goods or services to the one or more consumers using the financial alternative to currency;
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18. An inverted tier award system for increasing a consumer'"'"'s use of a financial alternative to currency by providing the consumer an award for their use of the financial alternative to currency, the inverted tier award system comprising:
- a first tier corresponding to a first value range of purchases made by the consumer using the financial alternative to currency and providing a first award rate; and
a second tier corresponding to a second value range of purchases made by the consumer using the financial alternative to currency and providing a second award rate, wherein the second value range is higher than the first value range and the second award rate is lower than the first award rate. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25)
- a first tier corresponding to a first value range of purchases made by the consumer using the financial alternative to currency and providing a first award rate; and
Specification