WEB BASED CONVERSION OF NON-NEGOTIABLE CREDITS ASSOCIATED WITH AN ENTITY TO ENTITY INDEPENDENT NEGOTIABLE FUNDS

• US 20080040270A1
• Filed: 05/25/2006
• Published: 02/14/2008
• Est. Priority Date: 05/25/2006
• Status: Active Grant

• Current Assignee: JBSHBM, LLC
• Original Assignee: Brian K. Buchheit, Sean I. Mcghie
• Inventors: BUCHHEIT, BRIAN K., MCGHIE, SEAN I.
• Granted Patent: US 7,703,673 B2
• Time in Patent Office: Days
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• 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 20/381 Currency conversion
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 30/0227 Frequent usage incentive value reconciliation between diverse systems
• CPC Class Codes: G07F 17/3244 Payment aspects of a gaming system, e.g. payment schemes, setting payout ratio, bonus or consolation prizes

Abstract

A method for converting credits to funds can include a step of a Web site receiving user identification information. Non-negotiable credits can be identified that are associated with an entity with which the user has previously interacted. The previous interactions could have earned the non-negotiable credits. Responsive to a user request, a conversion agency can convert a quantity of the non-negotiable credits into a quantity of negotiable funds. The conversion agency can be an agency not directly associated with the entity. The user can be permitted to access the quantity of negotiable funds. The quantity of negotiable funds can be applied to user specified purchases. At least a portion of the purchases can involve at least one vender that does not honor the non-negotiable credits.

Claims

1. A method for converting credits to funds comprising:

a Web site receiving user identification information;

identifying non-negotiable credits associated with an entity with which said user has previously interacted, the previous interactions earning the non-negotiable credits;

responsive to a user request, a conversion agency converting a quantity of the non-negotiable credits to a quantity of negotiable funds, wherein the conversion agency is not directly associated with the entity; and

permitting the user to access the quantity of negotiable funds, wherein the quantity of negotiable funds are able to be applied to user specified purchases, wherein at least a portion of said purchases involve at least one vender that does not honor the non-negotiable credits.

2. The method of claim 1, wherein the converting and permitting steps occur in an approximately immediate fashion.

3. The method of claim 2, wherein the user specified purchase is an e-commerce purchase, wherein the vender is an e-commerce vender, and wherein the e-commerce vender does not honor the non-negotiable credits, said method further comprising:

applying at least a portion of the quantity of negotiable funds to the e-commerce purchase.

4. The method of claim 3, wherein a Web site of the e-commerce vender includes a distinctive user selectable payment option for obtaining funds from the conversion agency.

5. The method of claim 1, wherein the converting step utilizes a Web service.

6. The method of claim 1, further comprising:

the conversion agency providing at least a portion of the negotiable funds to the vender; and

the vender compensating the conversion agency for the negotiable funds of the providing step.

7. The method of claim 1, further comprising:

the conversion agency automatically and approximately immediately adding the quantity of negotiable funds to a user designated account associated with a financial institution.

8. The method of claim 1, further comprising:

the conversion agency automatically and approximately immediately adding the quantity of negotiable funds to a prepaid credit card account accessible by the user.

9. The method of claim 1, further comprising:

identifying different non-negotiable credits associated with a second entity with which said user has previously interacted, the previous interactions earning the different non-negotiable credits;

the conversion agency converting a quantity of the different non-negotiable credits to a second quantity of negotiable funds, wherein the conversion source and the entity are not directly associated with the second entity; and

adding the second quantity of negotiable funds to the quantify of negotiable funds from claim 1, whereby the quantity of user accessible negotiable funds is the sum of the funds converted from credits of the two entities.

10. The method of claim 1, wherein the non-negotiable credits comprise customer loyalty points.

11. The method of claim 1, wherein the non-negotiable credits comprise entertainment credits from a game of chance.

12. The method of claim 1, wherein the non-negotiable credits comprise gambling credits earned through a gambling Web site.

13. The method of claim 12, further comprising:

the conversion agency transferring the quantity of negotiable funds into a financial institution account outside geographical boarders of a country in which the user resides.

14. The method of claim 13, further comprising:

the conversion agency transferring a quantity of negotiable funds from the financial institution account to a user designated account established with a financial institution inside the geographical boarders of the country in which the user resides.

15. The method of claim 13, further comprising:

applying funds from the financial institution account to an account of said at least one vender responsive to a user purchase involving said vender, wherein the converting, transferring, and applying steps occur in an approximately immediate fashion.

16. The method of claim 12, further comprising:

the conversion entity transferring the quantity of negotiable fluids into a financial institution account outside geographical boarders of a country in which the entity conducts business.

17. The method of claim 1, wherein said steps of claim 1 are performed by at least one machine in accordance with at least one computer program having a plurality of code sections that are executable by the at least one machine.

18. The method of claim 1, wherein the steps of claim 1 are performed by at least one of a service agent and a computing device manipulated by the service agent, the steps being performed in response to a service request.

19. A software method for converting non-negotiable credits info negotiable funds comprising:

receiving a user request to convert a quantity of non-negotiable credits held in a user account associated with an entity;

automatically determining a conversion rate between the non-negotiable credits available to the user and a form of negotiable funds;

automatically subtracting a quantity of non-negotiable credits from the user account; and

automatically transferring a quantity of the negotiable funds based upon the determining step to a financial account, wherein the financial account is not associated with the entity, wherein the receiving, determining, subtracting, and transferring steps occur in an approximately immediate fashion.

20. A Web-based credit to fund conversion system comprising:

a non-negotiable credit account associated with an entity, wherein the non-negotiable credits contained within the non-negotiable credit account are earned though previous interactions between a user and the entity;

a negotiable funds account including negotiable funds that the user is able to apply to user specified e-commerce purchases, wherein venders involved in the e-commerce purchases do not honor the non-negotiable credits for the e-commerce purchases; and

a conversion agency configured to automatically and approximately immediately convert a quantity of credits from the non-negotiable credit account to a quantity of funds in the negotiable funds account responsive to a request from the user.