Award system with increased payout options

• US 20050097034A1
• Filed: 11/03/2003
• Published: 05/05/2005
• Est. Priority Date: 11/03/2003
• Status: Active Grant

• Current Assignee: DFS Services LLC (Discover Financial Services)
• Original Assignee: Discover Financial Services
• Inventors: Loeger, Julie Anne, Smith-Doyle, Vicky Ann
• Granted Patent: US 7,630,935 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0215 Including financial accounts
• CPC Class Codes: G06Q 30/0216 Investment accounts
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A cash rebate award system with increased payout options is presented, wherein a consumer using a financial alternative to currency is rewarded based on the purchases made by the consumer within a given time frame, and is allowed to electronically transfer the award into any number of banking or investment accounts. A standard electronic currency transfer system, such as the ABA routing number system, or the ACH routing system, can be used so as not to limit the accounts into which the consumer can transfer their award. Consumers can also choose to transfer their award to multiple accounts, or accounts belonging to others, such as family or charities. Account information can also be saved for more efficient subsequent transfers, and automated transfers can also be set up by the consumer.

Claims

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 the goods or services purchased by each of the one or more consumers using the financial alternative to currency, each of the one or more consumers'"'"' awards being electronically transferable to one or more other financial accounts accepting electronic transfers through a standard routing system.

2. The financial transaction system of claim 1, wherein the standard routing system is an American Bankers Association routing system.

3. The financial transaction system of claim 1, wherein the standard routing system is an Automated Clearing House routing system.

4. The financial transaction system of claim 1, wherein the one or more other financial accounts accepting electronic transfers through the standard routing system comprise one or more bank accounts.

5. The financial transaction system of claim 1, wherein the one or more other financial accounts accepting electronic transfers through the standard routing system comprise one or more investment accounts.

6. The financial transaction system of claim 1, wherein at least one of the one or more other financial accounts accepting electronic transfers through the standard routing system is not in the name of the one or more consumers whose award is electronically transferable to the one or more other accounts.

7. The financial transaction system of claim 1, wherein the each of the one or more consumers'"'"' awards are automatically electronically transferable, based on an accumulated award amount, to the one or more other financial accounts accepting electronic transfers through the standard routing system.

8. The financial transaction system of claim 1, wherein the each of the one or more consumers'"'"' awards are automatically electronically transferable, based on a redefined schedule, to the one or more other financial accounts accepting electronic transfers through the standard routing system.

9. The financial transaction system of claim 1, wherein the one or more other financial accounts accepting electronic transfers through the standard routing system are saved for faster subsequent transfers.

10. The financial transaction system of claim 1, further comprising an interface, accessible by the one or more consumers, for electronically transferring their award into the one or more other financial accounts accepting electronic transfers through the standard routing system.

11. A method for increasing a financial institution'"'"'s revenue 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;

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; and

allowing each of the one or more consumers to electronically transfer their award to one or more other financial accounts accepting electronic transfers through a standard routing system.

12. The method of claim 11, wherein the standard routing system is an American Bankers Association routing system.

13. The method of claim 11, wherein the standard routing system is an Automated Clearing House routing system.

14. The method of claim 11, wherein the one or more other financial accounts accepting electronic transfers through the standard routing system comprise one or more bank accounts.

15. The method of claim 11, wherein the one or more other financial accounts accepting electronic transfers through the standard routing system comprise one or more investment accounts.

16. The method of claim 11, wherein at least one of the one or more other financial accounts accepting electronic transfers through the standard routing system is not in the name of the one or more consumers who are allowed to electronically transfer their award to the one or more other accounts.

17. The method of claim 11, wherein the allowing each of the one or more consumers to electronically transfer their award comprises allowing each of the one or more consumers to automatically electronically transfer their award, based on an accumulated award amount, to the one or more other financial accounts accepting electronic transfers through the standard routing system.

18. The method of claim 11, wherein the allowing each of the one or more consumers to electronically transfer their award comprises allowing each of the one or more consumers to automatically electronically transfer their award, based on a predefined schedule, to the one or more other financial accounts accepting electronic transfers through the standard routing system.

19. The method of claim 11, wherein the one or more other financial accounts accepting electronic transfers through the standard routing system are saved for faster subsequent transfers.

20. The method of claim 11, wherein the allowing each of the one or more consumers to electronically transfer their award comprises providing an interface, accessible by the one or more consumers, for electronically transferring their award into the one or more other financial accounts accepting electronic transfers through the standard routing system.

21. An electronically transferable award system for increasing a consumer'"'"'s use of a financial alternative to currency, the electronically transferable award system comprising:

an electronically transferable award, wherein the electronically transferable award was awarded to the consumer in proportion to the consumer'"'"'s purchases with the financial alternative to currency; and

an electronic award transfer interface, wherein the electronic award transfer interface is accessible by the consumer and is used by the consumer to electronically transfer their award into one or more other financial accounts accepting electronic transfers through a standard routing system.

22. The electronically transferable award system of claim 21, wherein the standard routing system is an American Bankers Association routing system.

23. The electronically transferable award system of claim 21, wherein the standard routing system is an Automated Clearing House routing system.

24. The electronically transferable award system of claim 21, wherein the one or more other financial accounts accepting electronic transfers through the standard routing system comprise one or more bank accounts.

25. The electronically transferable award system of claim 21, wherein the one or more other financial accounts accepting electronic transfers through the standard routing system comprise one or more investment accounts.

26. The electronically transferable award system of claim 21, wherein at least one of the one or more other financial accounts accepting electronic transfers through the standard routing system is not in the name of the consumer.

27. The electronically transferable award system of claim 21, wherein the electronically transferable award is automatically electronically transferable based on an accumulated award amount.

28. The electronically transferable award system of claim 21, wherein the electronically transferable award is automatically electronically transferable based on a predefined schedule.

29. The electronically transferable award system of claim 21, wherein the electronic award transfer interface further presents to the consumer saved financial accounts previously defined by the consumer.