ONLINE REWARD POINT EXCHANGE METHOD AND SYSTEM

• US 20100280896A1
• Filed: 02/10/2010
• Published: 11/04/2010
• Est. Priority Date: 01/14/2009
• Status: Active Grant

• Current Assignee: Signature Systems LLC
• Original Assignee: Signature Systems LLC
• Inventors: Postrel, Richard David
• Granted Patent: US 8,407,087 B2
• Time in Patent Office: Days
• US Class Current: 705/14.29
• 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 30/0233 Method of redeeming a frequent usage reward
• CPC Class Codes: Y02P 90/02 Total factory control, e.g. smart factories, flexible manufacturing systems [FMS] or integrated manufacturing systems [IMS]

Abstract

An online reward exchange system and method of operation, which includes an exchange computer that interoperates via a computer network with user computers, reward point issuer computers, and merchant computers. The merchants'"'"' products may be purchased by a user by requesting via a user computer, merchant'"'"'s point of sale device, or mobile device an issuer(s) to redeem reward points in exchange for payment to the merchant for the product. The exchange computer is the gateway to the system and manages various transactions such as providing online product catalogs to users that list the merchants products, as well as displaying to the user the reward points he has available in his reward programs with the issuers. Once a user selects a desired product the exchange computer can mediate or manage the purchase transaction in which reward points are redeemed by the selected issuer and consideration is conveyed to the merchant in exchange for the merchant providing the product to the user.

Claims

1. A method for operating an online reward exchange system comprising:

a) a user registering via a user computer over a computer network with an exchange computer via a web site, said user registering by entering into said user computer user information comprising reward account information for at least one reward program in which the user is previously enrolled, said reward program operated by an issuer via an issuer computer and providing reward points to a reward account of the user stored in association with the issuer computer as a result of a transaction previously executed between the user and the issuer;

b) a plurality of merchants registering with the exchange computer via the web site, each of said merchants registering by using an associated merchant computer for providing merchant information comprising (i) product information that identifies at least one product to be offered for sale to the user via the exchange computer, and (ii) a designation of issuers registered with the exchange computer with which the merchant agrees to execute a reward redemption transaction when requested by the user; and

c) a plurality of issuers registering with the exchange computer via the web site, each of said issuers registering using an associated issuer computer for providing issuer information comprising a designation of merchants registered with the exchange computer with which the issuer agrees to execute a reward redemption transaction when requested by the user.

2. The method of claim 1 further comprising

the exchange computer communicating with each of the issuer computers with which the user is enrolled with a reward account with said issuer computer;

the exchange computer receiving reward account information from each of said issuer computers for said user;

the exchange computer calculating a promotional wallet for the user, said promotional wallet comprising a total redeemable value for all of the user'"'"'s reward accounts stored in the plurality of issuer computers; and

the exchange computer displaying to the user via the user computer said user'"'"'s promotional wallet.

3. The method of claim 1 further comprising the steps of

d) an unregistered user viewing via an unregistered user computer a web page from an issuer computer of a registered issuer, said unregistered user being previously enrolled in a reward program of said registered issuer;

e) the unregistered user selecting via the unregistered user computer a link on the web page that automatically links the unregistered user computer to the exchange computer; and

f) the exchange computer automatically registering said unregistered user by using reward account information transmitted from the issuer computer to the exchange computer.

4. The method of claim 3 further comprising the unregistered user entering via the unregistered user computer additional reward account information for a plurality of additional issuers with which the user is previously enrolled.

5. The method of claim 1 further comprising

d) executing a reward redemption transaction comprising:

i) a user selecting via a web page served to the user computer by the exchange computer an item for purchase from a merchant, said item to be purchased at least partially by the redemption of reward points from at least one issuer;

ii) the user selecting via the web page at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be redeemed for the purchase of the item by the user; and

iii) the exchange computer causing a purchase transaction to be executed for the item selected by the user using at least the quantity of reward points from the reward program selected by the user.

6. The method of claim 5 wherein the user selects the item for purchase by utilizing a dynamic search filter presented by the web page that enables the user to select a desired product category, manufacturer, and/or price range.

7. The method of claim 5 wherein the user selects the item for purchase by scanning with a mobile camera-phone a bar code associated with a product to obtain a bar code image and transmitting the bar code image to the exchange server.

8. The method of claim 6 wherein

the user selects via the user computer a plurality of points of interest,

the exchange computer tracks and analyzes said points of interest selected by the user;

the exchange computer provides the user computer with a web page displaying products available for redemption determined as a result of analyzing said points of interest selected by the user.

9. The method of claim 8 further comprising the exchange computer dynamically displaying to the user computer a quantity of products available for redemption that correspond to each of the points of interest selected by the user.

10. The method of claim 5 in which the exchange computer causes the purchase transaction to be executed for the item selected by the user using at least the quantity of reward points from the reward program selected by the user by the steps of:

a. the exchange computer requesting the issuer computer associated with the selected reward program to (I) reduce the reward account associated with the user by the quantity of reward points selected by the user for execution of the reward redemption transaction, and (II) convey consideration to the exchange computer corresponding to the quantity of reward points selected by the user for execution of the reward redemption transaction;

b. the exchange computer conveying consideration to the merchant computer selected by the user in exchange for the associated merchant providing to the user the selected item.

11. The method of claim 5 in which the exchange computer causes the purchase transaction to be executed by requesting the merchant to execute the purchase transaction by the steps of:

a. the exchange computer transmitting to the merchant computer (I) an identification of the item selected by the user and (ii) an identification of the reward issuer selected by the user and the quantity of reward points selected by the user for redemption for the item;

b. the merchant computer requesting the issuer computer associated with the selected reward program to (I) reduce the reward account associated with the user by the quantity of reward points selected by the user for execution of the reward redemption transaction, and (II) convey consideration to the merchant computer corresponding to the quantity of reward points selected by the user for execution of the reward redemption transaction;

c. the issuer computer conveying consideration to the merchant in exchange for the merchant providing to the user the selected item.

12. The method of claim 10 in which the user selects via the web page at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be redeemed for the purchase of the item by the user by the steps of:

a. the exchange computer providing a proposed redemption solution to the user computer, said proposed redemption solution designating at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be redeemed for the purchase of the item by the user;

b. the user via the user computer either;

(I) accepts the proposed redemption solution, or

(II) modifies the proposed redemption solution as desired.

13. The method of claim 12 in which the exchange computer determines the proposed redemption solution by referencing a user profile stored in an associated user profile database that indicates user preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

14. The method of claim 12 in which the exchange computer determines the proposed redemption solution by analyzing prior reward redemptions by the user stored in an associated reward redemption database to ascertain a preferred reward program.

15. The method of claim 12 in which the exchange computer determines the proposed redemption solution by ascertaining by reference to a merchant profile database a preferred redemption partner of the merchant from which the user is making the product purchase.

16. The method of claim 12 in which the exchange computer determines the proposed redemption solution by referencing an exchange rules profile stored in an exchange rules profile database that indicates exchange preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

17. The method of claim 12 in which the exchange computer determines the proposed redemption solution by referencing an issuer rules profile stored in an issuer rules profile database that indicates issuer preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

18. The method of claim 17 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer before redeeming reward points of issuers other than the primary issuer.

19. The method of claim 17 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer after redeeming reward points of issuers other than the primary issuer.

20. The method of claim 17 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer up to a specified amount, after which the points of issuers other than the primary issuer will be redeemed.

21. The method of claim 17 in which the issuer preferences comprise a preference to redeem the reward points of a issuers other than a primary issuer up to a specified amount, after which the points of the primary issuer will be redeemed.

22. The method of claim 1 further comprising

d) the user bidding on a reward redemption transaction comprising:

i) a user selecting via a web page served by the exchange computer to the user computer an item for purchase from a merchant, said item to be purchased at least partially by the redemption of reward points from at least one issuer;

ii) the user selecting via the web page at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be bid to be redeemed for the purchase of the item by the user; and

iii) the user computer submitting to the exchange computer a bid comprising a quantity of reward points that the user is offering for redemption for purchase of the item.

23. The method of claim 22 further comprising:

e) the exchange computer submitting the bid received from the user computer to the merchant computer; and

f) the merchant computer either accepting or rejecting the bid for purchase of the product.

24. The method of claim 22 further comprising:

d) the exchange computer submitting the bid received from the user computer to the issuer computer; and

e) the issuer computer either accepting or rejecting the bid for purchase of the product.

25. The method of claim 1 further comprising:

d) a merchant and an issuer executing a trading agreement by the steps of;

i) the merchant creating a bid by

A. selecting via the merchant computer a desired issuer from a group of issuers that are registered with the exchange, and

B. entering into the merchant computer a desired redemption discount offer, said desired redemption discount offer being the amount that the merchant is willing to provide in a transaction with the selected issuer;

ii) the merchant submitting via the merchant computer the bid to the exchange computer;

iii) the exchange computer forwarding the bid to the issuer computer of the desired issuer selected by the merchant in the bid;

iv) the issuer via the issuer computer accepting the bid, rejecting the bid, or counter proposing a modified bid in which a modified redemption discount is submitted to the exchange computer for forwarding to the merchant computer.

26. The method of claim 1 further comprising:

d) a merchant and an issuer executing a trading agreement by the steps of;

i) the issuer creating a bid by

A. selecting with the issuer computer a desired merchant from a group of merchants that are registered with the exchange, and

B. entering into the web page a desired redemption discount offer, said desired redemption discount offer being the amount that the issuer is willing to accept in a transaction with the selected merchant;

ii) the issuer submitting via the issuer computer the bid to the exchange computer;

iii) the exchange computer forwarding the bid to the merchant computer of the desired merchant selected by the issuer in the bid;

iv) the merchant via the merchant computer accepting the bid, rejecting the bid, or counter proposing a modified bid in which a modified redemption discount is submitted to the exchange computer for forwarding to the issuer computer.

27. The method of claim 1 further comprising:

d) a merchant submitting via the merchant computer to the exchange computer a price discount schedule, said price discount schedule specifying price discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

28. The method of claim 1 further comprising:

d) a merchant submitting via the merchant computer to the exchange computer a redemption schedule, said redemption schedule specifying redemption discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

29. The method of claim 1 further comprising:

d) a merchant submitting via the merchant computer to the exchange computer a transacted value discount schedule, said transacted value discount schedule specifying transacted value discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

30. The method of claim 1 further comprising:

d) building a user profile for storage in a user profile database associated with the exchange computer;

e) generating a reward redemption offer based on information in the user profile; and

f) presenting the generated redemption offer to the user via the user computer.

31. The method of claim 30 wherein the user profile comprises information regarding the user'"'"'s past reward redemptions.

32. The method of claim 30 wherein the user profile comprises information regarding the user'"'"'s past product viewing history.

33. The method of claim 30 wherein a merchant accesses the user profile database in order to generate a product offer to a user that is targeted to said user based on the profile information of the user.

34. The method of claim 1 further comprising

d) executing a product purchase transaction comprising:

a. a user selecting via a web page served by the exchange computer an item for purchase from a merchant,

b. the exchange computer determining the lowest price that is being charged by the plurality of merchants for the item selected by the user;

c. the exchange computer determining the lowest number of reward points that may be redeemed from the plurality of issuers for the item selected by the user;

d. displaying to the user via the user computer the determined lowest price and the determined lowest number of reward points;

e. the user selecting with the user computer a mode of purchase of the item with either the determined lowest price or the determined lowest number of reward points;

f. executing a purchase transaction for the item selected by the user by the mode selected by the user.

35. An online reward exchange system comprising:

a) an exchange computer programmed to provide an online reward exchange web site over a computer network;

b) a user computer associated with a user and programmed with a web browser to enable the user to register with an exchange computer via the web site, said user registering by entering into said user computer user information comprising reward account information for at least one reward program in which the user is previously enrolled, said reward program operated by an issuer via an issuer computer and providing reward points to a reward account of the user stored in association with the issuer computer as a result of a transaction previously executed between the user and the issuer;

c) a plurality of merchant computers, each of said merchant computers associated with a merchant, each of said merchant computers programmed with a web browser to enable said merchant to register with the exchange computer via the web site, each of said merchants registering by providing merchant information comprising (i) product information that identifies at least one product to be offered for sale to the user via the exchange computer, and (ii) a designation of issuers registered with the exchange computer with which the merchant agrees to execute a reward redemption transaction when requested by the user; and

d) a plurality of issuer computers, each of said issuer computers associated with an issuer, each of said issuer computer programmed with a web browser to enable said issuer to register with the exchange computer via the web site, each of said issuers registering by providing issuer information comprising a designation of merchants registered with the exchange computer with which the issuer agrees to execute a reward redemption transaction when requested by the user.

36. The online reward exchange system of claim 35 wherein the exchange computer is further programmed to:

communicate with each of the issuer computers with which the user is enrolled with a reward account with said issuer computer;

receive reward account information from each of said issuer computers for said user;

calculate a promotional wallet for the user, said promotional wallet comprising a total redeemable value for all of the user'"'"'s reward accounts stored in the plurality of issuer computers; and

display to the user via the user computer said user'"'"'s promotional wallet.

37. The online reward exchange system of claim 35 wherein, when the user selects via a web page served to the user computer by the exchange computer an item for purchase from a merchant, said item to be purchased at least partially by the redemption of reward points from at least one issuer, and the user selects via the web page at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be redeemed for the purchase of the item by the user;

the exchange computer is further programmed to cause a purchase transaction to be executed for the item selected by the user using at least the quantity of reward points from the reward program selected by the user.

38. The online reward exchange system of claim 37 wherein exchange computer is further programmed to provide to the user computer a dynamic search filter that enables the user to select the item for purchase by selecting a desired product category, manufacturer, and/or price range.

39. The online reward exchange system of claim 37 further comprising a mobile camera-phone programmed to enable the user to select the item for purchase by scanning with the mobile camera-phone a bar code associated with a product to obtain a bar code image and transmit the bar code image to the exchange computer.

40. The online reward exchange system of claim 38 wherein the exchange computer is further programmed to track and analyze a plurality of points of interest selected by the user with the user computer and provide the user computer with a web page displaying products available for redemption determined as a result of analyzing said points of interest selected by the user.

41. The online reward exchange system of claim 39 wherein the exchange computer is further programmed to dynamically display to the user computer a quantity of products available for redemption that correspond to each of the points of interest selected by the user.

42. The online reward exchange system of claim 37 in which the exchange computer is further programmed to cause the purchase transaction to be executed for the item selected by the user using at least the quantity of reward points from the reward program selected by the user by:

a. requesting the issuer computer associated with the selected reward program to (I) reduce the reward account associated with the user by the quantity of reward points selected by the user for execution of the reward redemption transaction, and (II) convey consideration to the exchange computer corresponding to the quantity of reward points selected by the user for execution of the reward redemption transaction; and

b. conveying consideration to the merchant computer selected by the user in exchange for the associated merchant providing to the user the selected item.

43. The online reward exchange system of claim 37 in which

the exchange computer is further programmed to cause the purchase transaction to be executed by requesting the merchant to execute the purchase transaction by transmitting to the merchant computer (I) an identification of the item selected by the user and (ii) an identification of the reward issuer selected by the user and the quantity of reward points selected by the user for redemption for the item;

the merchant computer is further programmed to request the issuer computer associated with the selected reward program to (I) reduce the reward account associated with the user by the quantity of reward points selected by the user for execution of the reward redemption transaction, and (II) convey consideration to the merchant computer corresponding to the quantity of reward points selected by the user for execution of the reward redemption transaction; and

the issuer computer is further programmed to convey consideration to the merchant in exchange for the merchant providing to the user the selected item.

44. The online reward exchange system of claim 42 in which the exchange computer is further programmed to:

determine and provide to the user computer a proposed redemption solution designating at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be redeemed for the purchase of the item by the user; and

enable the user via the user computer to either;

(I) accept the proposed redemption solution, or

(II) modify the proposed redemption solution as desired.

45. The online reward exchange system of claim 44 further comprising a user profile database associated with the exchange computer, and in which the exchange computer is programmed to determine the proposed redemption solution by referencing a user profile stored in the user profile database that indicates user preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

46. The online reward exchange system of claim 44 further comprising a reward redemption database associated with the exchange computer, and in which the exchange computer determines the proposed redemption solution by analyzing prior reward redemptions by the user stored in the reward redemption database to ascertain a preferred reward program.

47. The online reward exchange system of claim 44 further comprising a merchant profile database associated with the exchange computer, and in which the exchange computer determines the proposed redemption solution by referencing in the merchant profile database a preferred redemption partner of the merchant from which the user is making the product purchase.

48. The online reward exchange system of claim 44 further comprising an exchange rules profile database associated with the exchange computer, and in which the exchange computer determines the proposed redemption solution by referencing an exchange rules profile stored in the exchange rules profile database that indicates exchange preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

49. The online reward exchange system of claim 44 further comprising an issuer rules profile database associated with the exchange computer, and in which the exchange computer determines the proposed redemption solution by referencing an issuer rules profile stored in the issuer rules profile database that indicates issuer preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

50. The online reward exchange system of claim 49 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer before redeeming reward points of issuers other than the primary issuer.

51. The online reward exchange system of claim 49 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer after redeeming reward points of issuers other than the primary issuer.

52. The online reward exchange system of claim 49 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer up to a specified amount, after which the points of issuers other than the primary issuer will be redeemed.

53. The online reward exchange system of claim 49 in which the issuer preferences comprise a preference to redeem the reward points of a issuers other than a primary issuer up to a specified amount, after which the points of the primary issuer will be redeemed.

54. The online reward exchange system of claim 35 in which the exchange computer is further programmed to enable a merchant and an issuer to execute a trading agreement by:

i) the exchange computer enabling the merchant to create a bid by

A. selecting via the merchant computer a desired issuer from a group of issuers that are registered with the exchange, and

B. entering into the merchant computer a desired redemption discount offer, said desired redemption discount offer being the amount that the merchant is willing to provide in a transaction with the selected issuer;

ii) the exchange computer receiving the bid from the merchant computer;

iii) the exchange computer forwarding the bid to the issuer computer of the desired issuer selected by the merchant in the bid;

iv) the exchange computer allowing the issuer computer to accept the bid, reject the bid, or counter propose a modified bid in which a modified redemption discount is submitted to the exchange computer for forwarding to the merchant computer.

55. The online reward exchange system of claim 35 in which the exchange computer is further programmed to enable a merchant and an issuer to execute a trading agreement by:

i) the exchange computer enabling the issuer to create a bid by

A. selecting with the issuer computer a desired merchant from a group of merchants that are registered with the exchange, and

B. entering into the issuer computer a desired redemption discount offer, said desired redemption discount offer being the amount that the issuer is willing to accept in a transaction with the selected merchant;

ii) the exchange computer receiving the bid from the issuer computer;

iii) the exchange computer forwarding the bid to the merchant computer of the desired merchant selected by the issuer in the bid;

iv) the exchange computer allowing the merchant computer to accept the bid, reject the bid, or counter propose a modified bid in which a modified redemption discount is submitted to the exchange computer for forwarding to the issuer computer.

56. The online reward exchange system of claim 35 wherein the merchant computer is further programmed to generate and submit to the exchange computer a price discount schedule, said price discount schedule specifying price discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

57. The online reward exchange system of claim 35 wherein the merchant computer is further programmed to generate and submit to the exchange computer a redemption schedule, said redemption schedule specifying redemption discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

58. The online reward exchange system of claim 35 wherein the merchant computer is further programmed to generate and submit to the exchange computer a transacted value discount schedule, said transacted value discount schedule specifying transacted value discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

59. The online reward exchange system of claim 35 wherein the exchange computer is further programmed to:

build a user profile for storage in a user profile database associated with the exchange computer;

generate a reward redemption offer based on information in the user profile; and

present the generated redemption offer to the user via the user computer.

60. The online reward exchange system of claim 59 wherein the user profile comprises information regarding the user'"'"'s past reward redemptions.

61. The online reward exchange system of claim 59 wherein the user profile comprises information regarding the user'"'"'s past product viewing history.

62. The online reward exchange system of claim 59 wherein the merchant computer is further programmed to access the user profile database in order to generate a product offer to a user that is targeted to said user based on the profile information of the user.

63. A method for operating an online reward exchange computer comprising:

a) the exchange computer sending via a computer network to a user computer a user registration web page, said user registration web page comprising user controls for a user to enter user information to register with the exchange computer;

b) the exchange computer receiving from the user computer user information comprising reward account information for at least one reward program in which the user is previously enrolled, said reward program operated by an issuer via an issuer computer and providing reward points to a reward account of the user stored in association with the issuer computer as a result of a transaction previously executed between the user and the issuer;

c) the exchange computer sending via a computer network to each of a plurality of merchant computers a merchant registration web page, said merchant registration web page comprising merchant controls for a merchant to enter merchant information to register with the exchange computer;

d) the exchange computer receiving from each of the plurality of merchant computers merchant information comprising (i) product information that identifies at least one product to be offered for sale to the user via the exchange computer, and (ii) a designation of issuers registered with the exchange computer with which the merchant agrees to execute a reward redemption transaction when requested by the user;

e) the exchange computer sending via a computer network to each of a plurality of issuer computers an issuer registration web page, said issuer registration web page comprising issuer controls for an issuer to enter issuer information to register with the exchange computer; and

f) the exchange computer receiving from each of the plurality of issuer computers issuer information comprising a designation of merchants registered with the exchange computer with which the issuer agrees to execute a reward redemption transaction when requested by the user.

64. The method of claim 63 further comprising

g) the exchange computer communicating with each of the issuer computers with which the user is enrolled with a reward account with said issuer computer;

h) the exchange computer receiving reward account information from each of said issuer computers for said user;

i) the exchange computer calculating a promotional wallet for the user, said promotional wallet comprising a total redeemable value for all of the user'"'"'s reward accounts stored in the plurality of issuer computers; and

j) the exchange computer sending to the user computer a promotional wallet web page that displays to the user via the user computer the user'"'"'s promotional wallet.

65. The method of claim 63 further comprising

g) the exchange computer receiving from the user computer a transaction request comprising (i) a selection of an item to be purchased from a merchant at least partially by the redemption of reward points from at least one issuer, and (ii) a selection of at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be redeemed for the purchase of the item by the user;

and

h) the exchange computer causing a purchase transaction to be executed for the item selected by the user using at least the quantity of reward points from the reward program selected by the user.

66. The method of claim 65 wherein, prior to receiving from the user computer the transaction request, the exchange computer sends to the user computer a product selection web page comprising a dynamic search filter comprising controls to select a desired product category, manufacturer, and/or price range.

67. The method of claim 66 further comprising

the exchange computer receiving from the user computer a user selection of a plurality of points of interest,

the exchange computer tracking and analyzing said plurality of points of interest;

the exchange computer sending to the user computer a web page displaying products available for redemption determined as a result of analyzing said points of interest selected by the user.

68. The method of claim 67 further comprising the exchange computer sending to the user computer a web page that dynamically displays a quantity of products available for redemption that correspond to each of the points of interest selected by the user.

69. The method of claim 65 in which the exchange computer causes the purchase transaction to be executed for the item selected by the user using at least the quantity of reward points from the reward program selected by the user by:

a. the exchange computer sending a request to the issuer computer associated with the selected reward program to (I) reduce the reward account associated with the user by the quantity of reward points selected by the user for execution of the reward redemption transaction, and (II) convey consideration to the exchange computer corresponding to the quantity of reward points selected by the user for execution of the reward redemption transaction; and

b. the exchange computer conveying consideration to the merchant computer selected by the user in exchange for the associated merchant providing to the user the selected item.

70. The method of claim 65 in which the exchange computer causes the purchase transaction to be executed by requesting the merchant to execute the purchase transaction by the steps of:

a. the exchange computer transmitting to the merchant computer (I) an identification of the item selected by the user and (ii) an identification of the reward issuer selected by the user and the quantity of reward points selected by the user for redemption for the item;

b. the exchange computer instructing the merchant computer to

(A) request the issuer computer associated with the selected reward program to

(I) reduce the reward account associated with the user by the quantity of reward points selected by the user for execution of the reward redemption transaction, and

(II) convey consideration to the merchant computer corresponding to the quantity of reward points selected by the user for execution of the reward redemption transaction, and

(B) provide to the user the selected item.

71. The method of claim 69 further comprising:

the exchange computer providing a proposed redemption solution to the user computer, said proposed redemption solution designating at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be redeemed for the purchase of the item by the user; and

the exchange computer receiving instructions from the user computer that either;

(I) accepts the proposed redemption solution, or

(II) modifies the proposed redemption solution as desired.

72. The method of claim 71 further comprising the exchange computer determining the proposed redemption solution by referencing a user profile stored in an associated user profile database that indicates user preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

73. The method of claim 71 further comprising the exchange computer determining the proposed redemption solution by analyzing prior reward redemptions by the user stored in an associated reward redemption database to ascertain a preferred reward program.

74. The method of claim 71 further comprising the exchange computer determining the proposed redemption solution by ascertaining by reference to a merchant profile database a preferred redemption partner of the merchant from which the user is making the product purchase.

75. The method of claim 71 further comprising the exchange computer determining the proposed redemption solution by referencing an exchange rules profile stored in an exchange rules profile database that indicates exchange preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

76. The method of claim 71 further comprising the exchange computer determining the proposed redemption solution by referencing an issuer rules profile stored in an issuer rules profile database that indicates issuer preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

77. The method of claim 76 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer before redeeming reward points of issuers other than the primary issuer.

78. The method of claim 76 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer after redeeming reward points of issuers other than the primary issuer.

79. The method of claim 76 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer up to a specified amount, after which the points of issuers other than the primary issuer will be redeemed.

80. The method of claim 76 in which the issuer preferences comprise a preference to redeem the reward points of a issuers other than a primary issuer up to a specified amount, after which the points of the primary issuer will be redeemed.

81. The method of claim 63 further comprising:

the exchange computer sending to the user computer a user bid web page comprising controls for (i) selection of an item for purchase from a merchant, said item to be purchased at least partially by the redemption of reward points from at least one issuer;

(ii) selection of at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be bid to be redeemed for the purchase of the item by the user; and

the exchange computer receiving from the user computer a bid comprising a quantity of reward points that the user is offering for redemption for purchase of the item.

82. The method of claim 81 further comprising:

the exchange computer sending to the merchant computer the bid received from the user computer; and

the exchange computer receiving from the merchant computer either an acceptance or a rejection of the bid for purchase of the product.

83. The method of claim 81 further comprising:

the exchange computer sending to the issuer computer the bid received from the user computer; and

the exchange computer receiving from the issuer computer either an acceptance or a rejection of the bid for purchase of the product.

84. The method of claim 63 further comprising:

the exchange computer sending to a merchant computer a merchant bid web page comprising controls for a merchant to enter a bid by selecting a desired issuer from a group of issuers that are registered with the exchange and entering a desired redemption discount offer, said desired redemption discount offer being the amount that the merchant is willing to provide in a transaction with the selected issuer;

the exchange computer receiving the bid from the merchant computer;

the exchange computer forwarding the bid to the issuer computer of the desired issuer selected by the merchant in the bid;

the exchange computer receiving from the issuer computer a bid action comprising a bid acceptance, a bid rejection, or a bid modification proposal comprising a modified redemption discount; and

the exchange computer forwarding the bid action to the merchant computer.

85. The method of claim 63 further comprising:

the exchange computer sending to an issuer computer an issuer bid web page comprising controls for an issuer to enter a bid by selecting a desired merchant from a group of merchants that are registered with the exchange and entering a desired redemption discount offer, said desired redemption discount offer being the amount that the issuer is willing to accept in a transaction with the selected merchant;

the exchange computer receiving the bid from the issuer computer;

the exchange computer forwarding the bid to the merchant computer of the desired merchant selected by the issuer in the bid;

the exchange computer receiving from the merchant computer a bid action comprising a bid acceptance, a bid rejection, or a bid modification proposal comprising a modified redemption discount; and

the exchange computer forwarding the bid action to the issuer computer.

86. The method of claim 63 further comprising the exchange computer receiving from a merchant computer a price discount schedule, said price discount schedule specifying price discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

87. The method of claim 63 further comprising the exchange computer receiving from a merchant computer a redemption schedule, said redemption schedule specifying redemption discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

88. The method of claim 63 further comprising the exchange computer receiving from a merchant computer a transacted value discount schedule, said transacted value discount schedule specifying transacted value discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

89. The method of claim 63 further comprising:

the exchange computer generating a user profile for storage in a user profile database associated with the exchange computer;

the exchange computer generating a reward redemption offer based on information in the user profile; and

the exchange computer sending the generated redemption offer to the user computer.

90. The method of claim 89 wherein the user profile comprises information regarding the user'"'"'s past reward redemptions.

91. The method of claim 89 wherein the user profile comprises information regarding the user'"'"'s past product viewing history.

92. The method of claim 89 wherein the reward exchange computer allows a merchant computer to access the user profile database in order to generate a product offer to a user that is targeted to said user based on the profile information of the user

93. The method of claim 63 further comprising:

the exchange computer receiving from the user computer a selection of an item for purchase from a merchant,

the exchange computer determining the lowest price that is being charged by the plurality of merchants for the item selected by the user;

the exchange computer determining the lowest number of reward points that may be redeemed from the plurality of issuers for the item selected by the user;

the exchange computer sending to the user computer for display thereon the determined lowest price and the determined lowest number of reward points;

the exchange computer receiving from the user computer a mode of purchase of the item with either the determined lowest price or the determined lowest number of reward points;

the exchange computer causing a purchase transaction to be executed for the item selected by the user by the mode selected by the user.

94. An online reward exchange computer programmed to:

a) send via a computer network to a user computer a user registration web page, said user registration web page comprising user controls for a user to enter user information to register with the exchange computer;

b) receive from the user computer user information comprising reward account information for at least one reward program in which the user is previously enrolled, said reward program operated by an issuer via an issuer computer and providing reward points to a reward account of the user stored in association with the issuer computer as a result of a transaction previously executed between the user and the issuer;

c) send via a computer network to each of a plurality of merchant computers a merchant registration web page, said merchant registration web page comprising merchant controls for a merchant to enter merchant information to register with the exchange computer;

d) receive from each of the plurality of merchant computers merchant information comprising (i) product information that identifies at least one product to be offered for sale to the user via the exchange computer, and (ii) a designation of issuers registered with the exchange computer with which the merchant agrees to execute a reward redemption transaction when requested by the user;

e) send via a computer network to each of a plurality of issuer computers an issuer registration web page, said issuer registration web page comprising issuer controls for an issuer to enter issuer information to register with the exchange computer; and

f) receive from each of the plurality of issuer computers issuer information comprising a designation of merchants registered with the exchange computer with which the issuer agrees to execute a reward redemption transaction when requested by the user.

95. The exchange computer of claim 94 further programmed to:

g) communicate with each of the issuer computers with which the user is enrolled with a reward account with said issuer computer;

h) receive reward account information from each of said issuer computers for said user;

i) calculate a promotional wallet for the user, said promotional wallet comprising a total redeemable value for all of the user'"'"'s reward accounts stored in the plurality of issuer computers; and

j) send to the user computer a promotional wallet web page that displays to the user via the user computer the user'"'"'s promotional wallet.

96. The exchange computer of claim 94 further programmed to:

g) receive from the user computer a transaction request comprising (i) a selection of an item to be purchased from a merchant at least partially by the redemption of reward points from at least one issuer, and (ii) a selection of at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be redeemed for the purchase of the item by the user; and

h) cause a purchase transaction to be executed for the item selected by the user using at least the quantity of reward points from the reward program selected by the user.

97. The exchange computer of claim 94 further programmed to, prior to receiving from the user computer the transaction request, send to the user computer a product selection web page comprising a dynamic search filter comprising controls to select a desired product category, manufacturer, and/or price range.

98. The exchange computer of claim 97 further programmed to:

receive from the user computer a user selection of a plurality of points of interest,

track and analyze said plurality of points of interest;

send to the user computer a web page displaying products available for redemption determined as a result of analyzing said points of interest selected by the user.

99. The exchange computer of claim 98 further programmed to:

send to the user computer a web page that dynamically displays a quantity of products available for redemption that correspond to each of the points of interest selected by the user.

100. The exchange computer of claim 96 further programmed to cause the purchase transaction to be executed for the item selected by the user using at least the quantity of reward points from the reward program selected by the user by:

a. sending a request to the issuer computer associated with the selected reward program to (I) reduce the reward account associated with the user by the quantity of reward points selected by the user for execution of the reward redemption transaction, and (II) convey consideration to the exchange computer corresponding to the quantity of reward points selected by the user for execution of the reward redemption transaction; and

b. conveying consideration to the merchant computer selected by the user in exchange for the associated merchant providing to the user the selected item.

101. The exchange computer of claim 96 further programmed to cause the purchase transaction to be executed by requesting the merchant to execute the purchase transaction by the steps of:

a. transmitting to the merchant computer (I) an identification of the item selected by the user and (ii) an identification of the reward issuer selected by the user and the quantity of reward points selected by the user for redemption for the item;

b. instructing the merchant computer to

(A) request the issuer computer associated with the selected reward program to

(I) reduce the reward account associated with the user by the quantity of reward points selected by the user for execution of the reward redemption transaction, and

(II) convey consideration to the merchant computer corresponding to the quantity of reward points selected by the user for execution of the reward redemption transaction, and

(B) provide to the user the selected item.

102. The exchange computer of claim 100 further programmed to:

provide a proposed redemption solution to the user computer, said proposed redemption solution designating at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be redeemed for the purchase of the item by the user; and

receive instructions from the user computer that either;

(I) accepts the proposed redemption solution, or

(II) modifies the proposed redemption solution as desired.

103. The exchange computer of claim 102 further programmed to determine the proposed redemption solution by referencing a user profile stored in an associated user profile database that indicates user preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

104. The exchange computer of claim 102 further programmed to determine the proposed redemption solution by analyzing prior reward redemptions by the user stored in an associated reward redemption database to ascertain a preferred reward program.

105. The exchange computer of claim 102 further programmed to determine the proposed redemption solution by ascertaining by reference to a merchant profile database a preferred redemption partner of the merchant from which the user is making the product purchase.

106. The exchange computer of claim 102 further programmed to determine the proposed redemption solution by referencing an exchange rules profile stored in an exchange rules profile database that indicates exchange preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

107. The exchange computer of claim 102 further programmed to determine the proposed redemption solution by referencing an issuer rules profile stored in an issuer rules profile database that indicates issuer preferences as to which of a plurality of reward programs is desired to be used for reward redemption.

108. The exchange computer of claim 107 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer before redeeming reward points of issuers other than the primary issuer.

109. The exchange computer of claim 107 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer after redeeming reward points of issuers other than the primary issuer.

110. The exchange computer of claim 107 in which the issuer preferences comprise a preference to redeem the reward points of a primary issuer up to a specified amount, after which the points of issuers other than the primary issuer will be redeemed.

111. The exchange computer of claim 107 in which the issuer preferences comprise a preference to redeem the reward points of a issuers other than a primary issuer up to a specified amount, after which the points of the primary issuer will be redeemed.

112. The exchange computer of claim 94 further programmed to:

send to the user computer a user bid web page comprising controls for (i) selection of an item for purchase from a merchant, said item to be purchased at least partially by the redemption of reward points from at least one issuer;

(ii) selection of at least one reward program previously registered in the exchange computer by the user and a quantity of reward points to be bid to be redeemed for the purchase of the item by the user; and

receive from the user computer a bid comprising a quantity of reward points that the user is offering for redemption for purchase of the item.

113. The exchange computer of claim 112 further programmed to:

send to the merchant computer the bid received from the user computer; and

receive from the merchant computer either an acceptance or a rejection of the bid for purchase of the product.

114. The exchange computer of claim 112 further programmed to:

send to the issuer computer the bid received from the user computer; and

receive from the issuer computer either an acceptance or a rejection of the bid for purchase of the product.

115. The exchange computer of claim 94 further programmed to:

send to a merchant computer a merchant bid web page comprising controls for a merchant to enter a bid by selecting a desired issuer from a group of issuers that are registered with the exchange and entering a desired redemption discount offer, said desired redemption discount offer being the amount that the merchant is willing to provide in a transaction with the selected issuer;

receive the bid from the merchant computer;

forward the bid to the issuer computer of the desired issuer selected by the merchant in the bid;

receive from the issuer computer a bid action comprising a bid acceptance, a bid rejection, or a bid modification proposal comprising a modified redemption discount; and

forward the bid action to the merchant computer.

116. The exchange computer of claim 94 further programmed to:

send to an issuer computer an issuer bid web page comprising controls for an issuer to enter a bid by selecting a desired merchant from a group of merchants that are registered with the exchange and entering a desired redemption discount offer, said desired redemption discount offer being the amount that the issuer is willing to accept in a transaction with the selected merchant;

receive the bid from the issuer computer;

forward the bid to the merchant computer of the desired merchant selected by the issuer in the bid;

receive from the merchant computer a bid action comprising a bid acceptance, a bid rejection, or a bid modification proposal comprising a modified redemption discount; and

forward the bid action to the issuer computer.

117. The exchange computer of claim 94 further programmed to receive from a merchant computer a price discount schedule, said price discount schedule specifying price discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

118. The exchange computer of claim 94 further programmed to receive from a merchant computer a redemption schedule, said redemption schedule specifying redemption discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

119. The exchange computer of claim 94 further programmed to receive from a merchant computer a transacted value discount schedule, said transacted value discount schedule specifying transacted value discounts to be automatically generated by the exchange computer as a function of elapsed time that a specified product is available for purchase.

120. The exchange computer of claim 94 further programmed to:

generate a user profile for storage in a user profile database associated with the exchange computer;

generate a reward redemption offer based on information in the user profile; and

send the generated redemption offer to the user computer.

121. The exchange computer of claim 120 wherein the user profile comprises information regarding the user'"'"'s past reward redemptions.

122. The exchange computer of claim 120 wherein the user profile comprises information regarding the user'"'"'s past product viewing history.

123. The exchange computer of claim 120 further programmed to allow a merchant computer to access the user profile database in order to generate a product offer to a user that is targeted to said user based on the profile information of the user

124. The exchange computer of claim 94 further programmed to:

receive from the user computer a selection of an item for purchase from a merchant,

determine the lowest price that is being charged by the plurality of merchants for the item selected by the user;

determine the lowest number of reward points that may be redeemed from the plurality of issuers for the item selected by the user;

send to the user computer for display thereon the determined lowest price and the determined lowest number of reward points;

receive from the user computer a mode of purchase of the item with either the determined lowest price or the determined lowest number of reward points; and

cause a purchase transaction to be executed for the item selected by the user by the mode selected by the user.