SPENDING VEHICLES FOR PAYMENTS

• US 20060218095A1
• Filed: 06/13/2006
• Published: 09/28/2006
• Est. Priority Date: 07/16/1999
• Status: Active Grant

• Current Assignee: Robert D. Wilson
• Original Assignee: Robert D. Wilson
• Inventors: WILSON, ROBERT D.
• Granted Patent: US 7,668,764 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• 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 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/34 using cards, e.g. integrated circuit [IC] cards or magnetic cards
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/3433 the counter having monetary units
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/123 Tax preparation or submission
• CPC Class Codes: G06Q 50/26 Government or public services business processes related to the transportation industry G06Q50/40
• CPC Class Codes: G07F 7/02 by keys or other credit registering devices
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A system and method for associating payments with spending vehicles so that an individual who is entitled to receive periodic or special payments such as social security checks receives in place of the payment a spending vehicle such as a discount card, rebate, or coupon for use with purchases of the sponsor'"'"'s products or services. Sponsors include companies and organizations interested in offering purchase incentives to their customers. An individual who wishes to receive a spending vehicle rather than the regular payment selects the spending vehicle he or she would like to receive. The individual then assigns his or her right to receive the payment to a third party. The third party then arranges to give a spending vehicle to the individual and to transfer the individual'"'"'s payment to the sponsor of the spending vehicle. The third party may take a portion of the payment as compensation for the service.

Claims

14. A method for distributing spending vehicles, comprising:

(a) offering to an individual a spending vehicle with a value, said individual having a right to receive a payment from a payor;

(b) transferring at least a portion of said payment to a third party acquiring a right to receive said at least said portion of said payment; and

(c) providing to said individual said spending vehicle, said spending vehicle provided to said individual in exchange for said right to receive said at least said portion of said payment.

15. The method of claim 14 wherein said spending vehicle is selected from the group consisting of:

a gift card, a cash card, a coupon, a voucher, a rebate certificate, and a discount certificate.

16. The method of claim 14 wherein said spending vehicle is selected from the group consisting of:

a credit card, a debit card, a checking card, a checking account, a discount, a discount certificate, a spending account, an electronic spending account, and an e-wallet account.

17. The method of claim 14 wherein said third party acquiring said right to receive said at least said portion of said payment is selected from the group consisting of:

a product retailer, a wholesaler, a distributor, a manufacturer, a service provider, a publisher, a travel entity, an entertainment entity, a financial institution, an insurance institution, a brokerage institution, a global computer network and online business, a publisher, and a consortium of companies.

18. The method of claim 14 wherein transferring said at least said portion of said payment to said third party acquiring said right to receive said at least said portion of said payment comprises transferring said at least said portion of said payment to a spending vehicle sponsor.

19. The method of claim 14 wherein transferring said at least said portion of said payment to said third party acquiring said right to receive said at least said portion of said payment comprises transferring said at least said portion of said payment to a financial institution.

20. The method of claim 14 wherein said third party acquiring said right to receive said at least said portion of said payment purchases said spending vehicle at a discount and provides said spending vehicle to said individual.

21. The method of claim 14 wherein said payment is selected from the group consisting of:

a government program payment and a corporate program payment.

22. The method of claim 14 wherein said payment is selected from the group consisting of:

an aid to dependent children payment, a social security payment, a tax refund, an individual retirement account distribution, a 401(K) distribution, an interest payment, and a dividend payment.

23. The method of claim 14 wherein said value of said spending vehicle is in an amount equal to said at least said portion of said payment.

24. The method of claim 14 wherein said value of said spending vehicle is in an amount greater than said at least said portion of said payment.

25. The method of claim 14 wherein said value is indicated by said individual.

26. The method of claim 14 wherein transferring said at least said portion of said payor payment to a third party comprises transferring said at least said portion of said payor payment to a third party assignee selected from the group consisting of:

a spending vehicle sponsor and a financial institution serving as an intermediary between said individual and a spending vehicle sponsor.

27. A method for allocating a payment to a spending vehicle through an intermediary comprising:

(a) purchasing from at least one spending vehicle provider at least one spending vehicle at a first price, said purchase completed by said intermediary;

(b) offering to an individual said at least one spending vehicle at a second price;

(c) receiving from said individual an assignment of at least a portion of a payment from a third party payor, said at least a portion of said payment equal to said second price;

(d) facilitating a transfer of said portion of said payment from said third party payor to a third party assignee; and

(e) issuing to said individual said spending vehicle in exchange for said assignment of said least said portion of said payment.

28. The method of claim 27 wherein purchasing from at least one spending vehicle provider at least one spending vehicle at a first price comprises purchasing said spending vehicle at a price less than face value of said spending vehicle and less than said second price.

30. The method of claim 27 wherein said spending vehicle is selected from the group consisting of:

a gift card, a cash card, a coupon, a voucher, a rebate certificate, and a discount certificate.

31. The method of claim 27 wherein said spending vehicle is selected from the group consisting of:

a credit card, a debit card, a checking card, a checking account, a discount, a discount certificate, a spending account, an electronic spending account, and an e-wallet account.

32. The method of claim 27 wherein said at least one spending vehicle provider is selected from the group consisting of:

a product retailer, a wholesaler, a distributor, a manufacturer, a service provider, a publisher, a travel entity, an entertainment entity, a financial institution, an insurance institution, a brokerage institution, a global computer network and online business, a publisher, and a consortium of companies.

33. The method of claim 27 wherein said intermediary is a financial institution.

34. The method of claim 27 wherein said intermediary is said third party assignee.

35. The method of claim 27 wherein said payment is selected from the group consisting of:

a government program payment and a corporate program payment.

36. The method of claim 27 wherein said payment is selected from the group consisting of:

an aid to dependent children payment, a social security payment, a tax refund, an individual retirement account distribution, a 401 (K) distribution, an interest payment, and a dividend payment.

37. A method for selecting among alternatives to receiving a cash payment comprising:

(a) offering to an individual a plurality of spending vehicles, said individual entitled to receive a cash payment from a third party payor;

(b) determining said individual'"'"'s selection of at least one of said plurality of spending vehicles, said selected spending vehicle having a value; and

(c) arranging for a transfer of at least a portion of said cash payment to a third party assignee, wherein said selected spending vehicle is provided to said individual in exchange for transferring said at least said portion of said cash payment to said third party assignee.

1. A system for distributing a spending vehicle, comprising:

a spending vehicle having a value;

a right to receive a payment from a payor to an individual;

a portion of said payment transferred from said payor to a third party acquiring a right to receive said at least said portion of said payment; and

wherein said spending vehicle is provided to said individual by said third party acquiring said right in exchange for said right to receive said at least said portion of said payment.

2. The method of claim 1 wherein said spending vehicle is selected from the group consisting of:

a gift card, a cash card, a coupon, a voucher, a rebate certificate, and a discount certificate.

3. The method of claim 1 wherein said spending vehicle is selected from the group consisting of:

a credit card, a debit card, a checking card, a checking account, a discount, a discount certificate, a spending account, an electronic spending account, and an e-wallet account.

4. The system of claim 1 wherein said spending vehicle is offered by a sponsor selected from the group consisting of:

a product retailer, a wholesaler, a distributor, a manufacturer, a service provider, a publisher, a travel entity, an entertainment entity, a financial institution, an insurance institution, a brokerage institution, a global computer network and online business, a publisher, and a consortium of companies.

5. The system of claim 1 wherein said third party acquiring said right to receive at least said portion of said payment is said spending vehicle sponsor.

6. The system of claim 1 wherein said third party acquiring said right to receive at least said portion of said payment is a financial institution that accepts said transfer of said at least a portion of said payment and takes a portion of said at least a portion of said payment as compensation for services.

7. The system of claim 1 wherein said third party acquiring said right to receive said at least said portion of said payment provides said spending vehicle to said individual.

8. The system of claim 1 wherein said payment is selected from the group consisting of:

a government program payment and a corporate program payment.

9. The system of claim 1 wherein said payment is selected from the group consisting of:

an aid to dependent children payment, a social security payment, a tax refund, an individual retirement account distribution, a 401(K) distribution, an interest payment, and a dividend payment.

10. The system of claim 1 wherein said value of said spending vehicle is in an amount equal to said at least a portion of said payment.

11. The system of claim 1 wherein said value of said spending vehicle is in an amount greater than said at least said portion of said payment.

12. The system of claim 1 wherein said value of said spending vehicle is indicated by said individual.

13. The system of claim 1 wherein said third party acquiring said right to receive said at least said portion of said payment is a third party assignee selected from the group consisting of:

a spending vehicle sponsor and a financial institution serving as an intermediary between said individual and a spending vehicle sponsor.

39. The method of claim 27 wherein offering to said individual said at least one spending vehicle at said second price comprises offering said at least one spending vehicle at a price greater than said first price and less than face value of said spending vehicle.

38. The method of claim 37 further comprising issuing to said individual said spending vehicle selected by said individual.

40. The method of claim 37 wherein said spending vehicle is selected from the group consisting of:

a gift card, a cash card, a coupon, a voucher, a rebate certificate, and a discount certificate.

41. The method of claim 37 wherein said spending vehicle is selected from the group consisting of:

a credit card, a debit card, a checking card, a checking account, a discount, a discount certificate, a spending account, an electronic spending account, and an e-wallet account.

42. The method of claim 37 wherein said sponsor of said spending vehicle provider is selected from the group consisting of:

a product retailer, a wholesaler, a distributor, a manufacturer, a service provider, a publisher, a travel entity, an entertainment entity, a financial institution, an insurance institution, a brokerage institution, a global computer network and online business, a publisher, and a consortium of companies.

43. The method of claim 37 wherein said third party assignee is a financial institution.

44. The method of claim 37 wherein said third party assignee is a sponsor of said spending vehicle.

45. The method of claim 37 wherein said value of said selected spending vehicle is in an amount equal to said at least said portion of said payment.

46. The method of claim 37 wherein said value of said selected spending vehicle is in an amount greater than said at least said portion of said payment.

47. The method of claim 37 wherein said value of said selected spending vehicle is indicated by said individual.

48. The method of claim 37 wherein said cash payment is selected from the group consisting of:

a government program payment and a corporate program payment.

49. The method of claim 37 wherein said cash payment is selected from the group consisting of:

an aid to dependent children payment, a social security payment, a tax refund, an individual retirement account distribution, a 401 (K) distribution, an interest payment, and a dividend payment.

39-1. The method of claim 37 wherein said spending vehicle has a value greater than said at least said portion of said cash payment to said sponsor.

50. A method for associating payments with spending vehicles comprising:

(a) receiving at an intermediary information about an individual'"'"'s selection of a spending vehicle, said spending vehicle having a value;

(b) receiving at said intermediary information about a cash payment said individual is entitled to receive; and

(c) arranging for a transfer of at least a portion of said cash payment to a third party assignee, wherein said spending vehicle selected by said individual is provided to said individual in exchange for transferring said at least said portion of said cash payment to said third party assignee.

51. The method of claim 50 further comprising issuing to said individual said spending vehicle selected by said individual.

52. The method of claim 50 wherein said value of said spending vehicle is in an greater than said at least said portion of said cash payment.

53. The method of claim 50 wherein said value of said spending vehicle is in an amount equal to said at least said portion of said cash payment.

54. The method of claim 50 wherein said value of said spending vehicle is indicated by said individual.

55. The method of claim 50 wherein said spending vehicle is selected from the group consisting of:

a gift card, a cash card, a coupon, a voucher, a rebate certificate, and a discount certificate.

56. The method of claim 50 wherein said spending vehicle is selected from the group consisting of:

a credit card, a debit card, a checking card, a checking account, a discount, a discount certificate, a spending account, an electronic spending account, and an e-wallet account.

57. The method of claim 50 wherein said sponsor of said spending vehicle provider is selected from the group consisting of:

a product retailer, a wholesaler, a distributor, a manufacturer, a service provider, a publisher, a travel entity, an entertainment entity, a financial institution, an insurance institution, a brokerage institution, a global computer network and online business, a publisher, and a consortium of companies.

58. The method of claim 50 wherein said third party assignee is a financial institution.

59. The method of claim 50 wherein said third party assignee is a sponsor of said spending vehicle.

60. The method of claim 50 wherein said cash payment is selected from the group consisting of:

a government program payment and a corporate program payment.

61. The method of claim 50 wherein said cash payment is selected from the group consisting of:

an aid to dependent children payment, a social security payment, a tax refund, an individual retirement account distribution, a 401(K) distribution, an interest payment, and a dividend payment.