METHOD OF COLLECTING MONEY OR RESOURCES FROM A GROUP OF CONTRIBUTORS

• US 20080162349A1
• Filed: 12/21/2007
• Published: 07/03/2008
• Est. Priority Date: 12/22/2006
• Status: Abandoned Application

• Current Assignee: John Pratt, Louis Helm
• Original Assignee: John Pratt, Louis Helm
• Inventors: Pratt, John, Helm, Louis
• Application Number:
  US11/963,440
• Publication Number:
  US 20080162349A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising

Abstract

A method of collecting money or resources from a group of contributors includes accepting a pledge from a first contributor, authorizing the pledge, and converting the authorized pledge to a payment. The pledge provides pledge information including an amount of money pledged and a method of payment. The pledge is authorized by verifying the validity of the method of payment and verifying that the method of payment is able to provide the amount of money pledged. The pledge is converted to a payment when the sum of the amounts of money pledged by the authorized pledges is greater than or equal to the predetermined amount of money. The method is preferably designed for the fundraising field and, more specifically, for the online fundraising field. The method, however, may be alternatively used in any suitable environment and for any suitable reason.

Claims

1. A method of collecting at least a predetermined amount of money from a group of contributors, comprising the steps of:

accepting a pledge from a first contributor that provides pledge information, including an amount of money pledged and a method of payment;

authorizing the pledge by verifying the validity of the method of payment and verifying that the method of payment is able to provide the amount of money pledged; and

converting the authorized pledge to a payment when the sum of the amounts of money pledged by the authorized pledges is greater than or equal to the predetermined amount of money.

2. The method of claim 1 wherein the predetermined amount of money is collected in a predetermined length of time.

3. The method of claim 2 further comprising the step of voiding the pledge upon the expiration of the predetermined length of time, if the sum of the amounts of money pledged by the authorized pledges is less than the predetermined amount of money.

4. The method of claim 2 wherein the predetermined length of time is adjustable.

5. The method of claim 4 wherein the predetermined length of time can be extended when the sum of the amounts of money pledged by the authorized pledges is at least 90% of the predetermined amount of money.

6. The method of claim 2 further comprising at least one of the steps of:

stop accepting pledges upon the expiration of the predetermined length of time, if the sum of the amounts of money pledged by the authorized pledges is less than the predetermined amount of money;

stop authorizing pledges upon the expiration of the predetermined length of time, if the sum of the amounts of money pledged by the authorized pledges is less than the predetermined amount of money; and

stop converting the authorized pledges to a payment upon the expiration of the predetermined length of time, if the sum of the amounts of money pledged by the authorized pledges is less than the predetermined amount of money.

7. The method of claim 1 wherein the method of payment is preferably through a contributor'"'"'s account selected from the group consisting of credit cards, debit cards, and bank accounts.

8. The method of claim 1 wherein the method of payment is preferably through a contributor'"'"'s account selected from the group consisting of PayPal and Google Checkout.

9. The method of claim 1 wherein authorizing the pledge is completed without incurring any fees.

10. The method of claim 1 wherein authorizing the pledge includes holding the amount of money pledged as unavailable to the contributor.

11. The method of claim 1 wherein converting the authorized pledge to a payment includes submitting the pledge information to an acquirer.

12. The method of claim 11 wherein converting the authorized pledge to a payment further includes the acquirer authorizing the pledge with an issuer, and then processing the authorized pledge for the contributor.

13. The method of claim 12 wherein the authorized pledge is stored or recorded to be later sent to the acquirer to receive payment.

14. The method of claim 1 wherein converting the authorized pledge to a payment includes transferring the amount of money pledged from the contributor'"'"'s account to the system.

15. The method of claim 1 wherein converting the authorized pledge to a payment further includes sending the stored or recorded authorized pledges to the acquirer to receive payment.

16. The method of claim 1 further comprising the step of providing a collection site with collection information, including:

a request for the predetermined amount of money in a predetermined amount of time; and

an intended use for the money once collected.

17. The method of claim 16 wherein the collection site is preferably a website accessed through a network connection.

18. The method of claim 17 further comprising the step of notifying a group of contributors of the collection information.

19. The method of claim 1 further comprising the step of disbursing the sum of the payments to a fundraiser.

20. The method of claim 19 wherein disbursing the sum of the payments to a fundraiser includes sending money to the fundraiser through an online account.

21. The method of claim 1 further comprising the step of purchasing an item with the sum of the payments.

22. A method of collecting resources from a group of contributors, the method comprising the steps of:

providing a collection site with collection information, including;

an amount of resource requested; and

an intended use for the resource once collected;

accepting, from a first contributor, a pledge for an amount of resources;

realizing the pledge when the sum of the amounts of resource pledged is greater than or equal to the amount of resource requested.

23. The method of claim 22 wherein the collection information further includes a length of time within which to collect the resources.

24. The method of claim 23 further comprising the step of voiding the pledge upon the expiration of the time within which to collect the resources if the sum of the amounts of resources pledged is less than the amount of resources requested.