SYSTEM AND METHOD FOR TRANSACTING PURCHASES WITH A CASH VENDOR USING POINTS AND A VIRTUAL CREDIT CARD

• US 20100185505A1
• Filed: 01/22/2009
• Published: 07/22/2010
• Est. Priority Date: 01/22/2009
• Status: Active Grant

• Current Assignee: Maritz Holdings Inc. (InMoment, Inc.)
• Original Assignee: Maritz Incorporated
• Inventors: Philipak, Richard M., Sprogoe, Sven, Wagner, Jeffrey D.
• Granted Patent: US 8,831,976 B2
• Time in Patent Office: Days
• US Class Current: 705/14.270
• CPC Class Codes: G06Q 20/023 the neutral party being a clearing house
• 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 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/22 Payment schemes or models
• CPC Class Codes: G06Q 20/351 Virtual cards
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 30/0228 On-line clearing houses
• CPC Class Codes: G06Q 30/0235 constrained by time limit or expiration date

Abstract

System and method that utilizes a participant'"'"'s points and a single use, virtual credit card account to implement a cash purchase with a cash vendor. The virtual credit card is active for a single purchase only with an available credit equal to the total of the cash purchase price and any fees. The virtual credit card may further be active for a limited period of time.

Claims

1. A computerized method for use by a participant of a program of a program owner, in which the program awards points to the participant, wherein the awarded points are maintained in a point account for the participant by a program manager, said method for permitting the participant to transact a purchase using the awarded points with a cash vendor system which transacts purchases in currency wherein the transaction occurs via a broker website which interfaces between the participant and the cash vendor system, wherein a virtual payment provider provides a virtual credit card account for facilitating the transaction, said method comprising:

permitting the participant to;

contact the cash vendor system via the broker website; and

select from the cash vendor system via the broker website at least one item having a cash purchase price;

said method further comprising;

receiving by the broker website a participant credit card account for paying for fees and a nonpoint portion of the cash purchase price;

requesting a virtual credit card account from the virtual payment provider, wherein the virtual credit card account is uniquely associated with the transaction;

charging fees to the virtual credit card account;

providing the virtual credit card account to the cash vendor system so that the cash vendor system can charge the cash purchase price to the virtual credit card account;

charging the participant credit card account for the nonpoint portion of the cash purchase price;

deducting points from the point account of the participant corresponding to the point portion of the cash purchase price;

such that from the perspective of the participant, the participant uses the broker website to conduct a purchase transaction with the cash vendor system based in part on the points in the participant'"'"'s point account and based in part on the participant'"'"'s credit card account; and

such that from the perspective of the cash vendor system, the cash vendor system conducts the purchase transaction with the participant as a currency transaction based on the virtual credit card account.

2. The method of claim 1, wherein the virtual credit card account is active for a single purchase only and wherein the virtual credit card account has available credit equal to the total of the cash purchase price and fees.

3. The method of claim 1, wherein the program manager and the program owner are the same entity.

4. The method of claim 1, wherein the virtual payment provider receives payment from the program manager for the total amount charged to the virtual credit card.

5. The method of claim 1, wherein the fees include a program manager fee and/or a broker fee.

6. The method of claim 1, further comprising receiving by the program manager payment from the program owner for the points portion of the cash purchase price.

7. The method of claim 5, further comprising receiving by the program manager payment from the broker for the program manager portion of the fees charged to the virtual credit card by the broker.

8. The method of claim 1, further comprising charging the participant credit card account for the fees associated with the transaction.

9. The method of claim 6, further comprising receiving by the program manager payment from the program owner for the fees charged to the virtual credit card.

10. The method of claim 5, wherein the fees further include a program owner fee.

11. The method of claim 10, further comprising receiving by the program manager payment from the broker for the program owner portion of the fees charged to the virtual credit card by the broker.

12. The method of claim 11, further comprising crediting by the program manager the program owner for the program owner fees.

13. A computerized method for use by a participant of a program of a program owner, in which the program awards points to the participant, wherein the awarded points are maintained in a point account for the participant by a program manager, said method for permitting the participant to transact a purchase using the awarded points with a cash vendor system which transacts purchases in currency wherein the transaction occurs via a broker website which interfaces between the participant and the cash vendor system, wherein a virtual payment provider provides a virtual credit card account for facilitating the transaction, said method comprising:

permitting the participant to;

contact the cash vendor system via the broker website; and

select from the cash vendor system via the broker website at least one item having a cash purchase price;

said method further comprising;

receiving by the broker website a participant credit card account for paying for a nonpoint portion of the cash purchase price;

requesting a virtual credit card account from the virtual payment provider, wherein the virtual credit card account is uniquely associated with the transaction;

providing the virtual credit card account to the cash vendor system so that the cash vendor system can charge the cash purchase price to the virtual credit card account;

charging the participant credit card account for the nonpoint portion of the cash purchase price;

deducting points from the point account of the participant corresponding to the points portion of the cash purchase price;

such that from the perspective of the participant, the participant uses the broker website to conduct a purchase transaction with the cash vendor system based in part on the points in the participant'"'"'s point account and based in part on the participant'"'"'s credit card account; and

such that from the perspective of the cash vendor system, the cash vendor system conducts the purchase transaction with the participant as a currency transaction based on the virtual credit card account.

14. The method of claim 13, wherein the virtual credit card account is active for a single purchase only and wherein the virtual credit card account has available credit equal to the total of the cash purchase price and fees.

15. The method of claim 13, wherein the program manager and the program owner are the same entity.

16. The method of claim 13, wherein the virtual payment provider requests payment from the program manager for the total amount charged to the virtual credit card.

17. The method of claim 13, further comprising receiving by the program manager payment from the program owner for the points portion of the cash purchase price.

18. The method of claim 13, further comprising receiving a recurring payment of a set amount from the program owner for the payment of fees.

19. The method of claim 15, wherein the broker and/or program manager requests the recurring payment from the program owner.

20. A computerized system for use by a participant of a program of a program owner, in which the program awards points to the participant, wherein the awarded points are maintained in a point account for the participant by a program manager, said system for permitting the participant to transact a purchase using the awarded points with a cash vendor system which transacts purchases in currency wherein the transaction occurs via a broker website which interfaces between the participant and the cash vendor system, wherein a virtual payment provider provides a virtual credit card account for facilitating the transaction, said system comprising:

A participant graphical user interface (GUI) for permitting the participant to;

contact the cash vendor system via the broker website;

select from the cash vendor system via the broker website at least one item having a cash purchase price; and

provide a participant credit card account for paying for a nonpoint portion of the cash purchase price;

A virtual payment provider server;

providing a virtual credit card account, wherein the virtual credit card account is uniquely associated with the transaction;

A program manager server;

requesting the virtual credit card account from the virtual payment provider;

charging the participant credit card account for the nonpoint portion of the cash purchase price; and

deducting points from the point account of the participant corresponding to the points portion of the cash purchase price;

A broker server;

receiving the participant credit card account for paying for a nonpoint portion of the cash purchase price;

charging the cash purchase price of the item to the virtual credit card account; and

providing the virtual credit card account to the cash vendor system so that the cash vendor system can charge the cash purchase price to the virtual credit card account;

such that from the perspective of the participant, the participant uses the broker website to conduct a purchase transaction with the cash vendor system based in part on the points in the participant'"'"'s point account and based in part on the participant'"'"'s credit card account; and

such that from the perspective of the cash vendor system, the cash vendor system conducts the purchase transaction with the participant as a currency transaction based on the virtual credit card account.

21. The system of claim 20, wherein the virtual credit card account is active for a single purchase only and wherein the virtual credit card account has available credit equal to the total of the cash purchase price and fees.