Method for managing consumer accounts and transactions

• US 20060208065A1
• Filed: 01/18/2006
• Published: 09/21/2006
• Est. Priority Date: 01/18/2005
• Status: Abandoned Application

• Current Assignee: Isaac Mendelovich
• Original Assignee: Isaac Mendelovich
• Inventors: Mendelovich, Isaac, Meshi, Zvi, Carrithers, David, Kaplan, Jack M., Berk, David
• Application Number:
  US11/334,766
• Publication Number:
  US 20060208065A1
• Time in Patent Office: Days
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0225 Avoiding frauds
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 30/0236 Incentive or reward received by requiring registration or ID from user
• CPC Class Codes: G06Q 30/0238 at point-of-sale [POS]
• CPC Class Codes: G06Q 30/0239 Online discounts or incentives
• CPC Class Codes: G06Q 30/0241 Advertisements
• CPC Class Codes: G06Q 30/0277 Online advertisement
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A method and system includes at least one transaction network configured to route credit card or ACH/debit card transactions. A compilation credit card is associated with the existing credit card accounts of the consumer. A compilation card service provider has a compilation card database that stores information about the plurality of existing credit card accounts belonging to the consumer and a consumer preferences database that stores predefined preferences of the consumer. The compilation card service provider is accessible by the at least one transaction network to receive credit card transaction requests or ACH/debit card transaction requests based on the compilation credit card number. One of the compilation credit card and the compilation card service provider is configured to select one of an existing credit card account among the plurality of existing credit card accounts to which to charge a particular transaction based on the predefined preferences of the consumer.

Claims

1. A system that permits a consumer to access one of a plurality of existing credit card accounts belonging to a consumer, the system comprising:

at least one transaction network configured to route credit card or ACH/debit card transactions;

a compilation credit card being associated with the plurality of existing credit card accounts of the consumer, the compilation credit card having a compilation credit card number associated therewith; and

a compilation card service provider having a compilation card database that stores information about the plurality of existing credit card accounts belonging to the consumer and a consumer preferences database that stores predefined preferences of the consumer, the compilation card service provider having access to the plurality of existing credit card accounts, the compilation card service provider being accessible by the at least one transaction network to receive credit card transaction requests or ACH/debit card transaction requests based on the compilation credit card number,

one of the compilation credit card and the compilation card service provider being configured to select one of an existing credit card account among the plurality of existing credit card accounts to which to charge a particular transaction based on the predefined preferences of the consumer.

2. The system according to claim 1, wherein the stored preferences include selecting a default existing credit card account among the plurality of existing credit card accounts to use for a particular transaction type.

3. The computer-implemented method according to claim 2, wherein the stored preferences include selectively overriding the default existing credit card account and using another existing credit card account when the other existing credit card account offers a promotion.

4. The system according to claim 3, wherein the promotion includes, for the particular transaction type, one of additional loyalty/rewards points/miles/currencies/credits, a discount on the transaction, a prize, a gift, cash-back and a donation.

5. The system according to claim 1, wherein the compilation card service provider functions as a credit card or an ACH/debit card issuer to perform transactions with a merchant/vendor and the compilation card service provider functions as a merchant/vendor to perform transactions with the plurality of existing credit card accounts.

6. The system according to claim 1, further comprising:

a user accessible internet-based portal for managing the compilation account, the user accessible internet-based portal being configured to permit the consumer to input account data about the plurality of existing credit card accounts belonging to the consumer and to permit the consumer to set the preferences that determine which of the plurality of existing 1 credit card accounts to use for a particular type of transaction.

7. A computer-implemented method of using one of a plurality of existing credit accounts belonging to a consumer, the method comprising:

providing account data to a compilation account service provider about the plurality of existing credit accounts belonging to the consumer;

providing the consumer with a compilation account associated with the plurality of existing credit accounts of the consumer;

storing preferences of the consumer that determine selection of one of the plurality of existing credit accounts belonging to the consumer;

the consumer performing a primary credit transaction using the compilation account; and

performing a secondary credit transaction related to the primary transaction between the compilation account and one of the plurality of existing credit accounts based on the stored preferences of the consumer.

8. The computer-implemented method according to claim 7, wherein the stored preferences include selecting a default existing credit account among the plurality of existing credit accounts to use for a particular transaction type.

9. The computer-implemented method according to claim 8, wherein the stored preferences include selectively overriding the default existing credit account and using another existing credit account when the other existing credit account offers a promotion.

10. The computer-implemented method according to claim 9, wherein the promotion includes, for the particular transaction type, one of additional loyalty/rewards points/miles/currencies/credits, a discount on the transaction, a prize, a gift, cash-back and a donation.

11. The computer-implemented method according to claim 7, wherein the stored preferences further include selection of a charitable organization to which to make a donation from the compilation account that includes one of a percentage of a common rewards-currency, an amount of the common rewards-currency, a cash equivalent amount of the common rewards-currency and revenue sharing on merchant commissions.

12. The computer-implemented method according to claim 7, further comprising:

providing a user accessible internet-based portal for managing the compilation account;

inputting the account data, by the consumer, through the internet-based portal, to the compilation account service provider about the plurality of existing credit accounts belonging to the consumer; and

setting the preferences, by the consumer, through the internet-based portal, that determine which of the plurality of existing credit accounts to use for a particular type of transaction.

13. A computer-implemented method of managing a plurality of existing credit accounts belonging to a consumer, the method comprising:

providing the consumer with a compilation account associated with the plurality of existing credit accounts of the consumer;

providing a user accessible internet-based portal for managing the compilation account;

inputting account data, by the consumer, through the internet-based portal, to a compilation account service provider about the plurality of existing credit accounts belonging to the consumer;

setting preferences, by the consumer, through the internet-based portal, that determine which of the plurality of existing credit accounts to use for a particular type of transaction;

the consumer performing one of a credit transaction and a debit/PIN transaction using the compilation account; and

treating, at the compilation account service provider, the respective one of the credit transaction and the debit/PIN transaction as a credit transaction directed to a particular one of the plurality of existing credit accounts based on the preferences at least partially set by the consumer.

14. The computer-implemented method according to claim 13, wherein the internet-based portal includes links to promotional offers, the links permitting the consumer to at least temporarily override the stored preferences in order to take advantage of one or more of the promotional offers.

15. The computer-implemented method according to claim 13, wherein the type of transaction includes one of a personal transaction and a business transaction.

16. The computer-implemented method according to claim 13, further comprising

tracking gift card account numbers, promotional discount codes, rain checks and/or refunds, thereby providing a single place to manage all payment types including stored value cards, gift cards, internet promotional offerings;

and

applying the gift card account numbers, promotional discount codes, rain checks and/or refunds to appropriate consumer transactions.

17. The computer-implemented method according to claim 13, wherein the type of transaction includes at least one of a retail purchase, a gas station purchase, a supermarket purchase, a travel ticket purchase, a hotel/motel payment and a services payment.