PAYMENT METHOD DECISION ENGINE

• US 20110218884A1
• Filed: 03/04/2011
• Published: 09/08/2011
• Est. Priority Date: 03/04/2010
• Status: Active Grant

• Current Assignee: Sanjay Kothari, Vinay Pulim
• Original Assignee: Milewise Incorporated (Apollo Global Management, Inc.)
• Inventors: Pulim, Vinay, Kothari, Sanjay
• Granted Patent: US 8,527,336 B2
• Time in Patent Office: Days
• US Class Current: 705/27.1
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0233 Method of redeeming a frequent usage reward
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0641 Shopping interfaces

Abstract

A computerized system and method that enables identifying the best payment currency for a product or service is disclosed. Payment currencies include cash, reward programs and the unit or currency in which reward programs are denominated, and combinations thereof. A single product search request initiates searches of multiple payment currencies. Availability, discounts, prices, comparable costs, net values and relative values are determined and/or calculated per each payment currency. Comparable cost, relative value, or other criteria, may be used to determine the best payment method, that is, the lowest cost in a common currency, such as cash. Determination of the best payment currency is accomplished in “real-time” and has an advantage of leveraging quantitative and qualitative analysis in its determination. In addition, the search may be personalized by adding information unique to each user.

Claims

1. A method, comprising:

accepting a request from a user to find a product or a service;

in response to the request, conducting a computerized search for prices for the product or service;

calculating a plurality of results in at least two currencies for the product or service, wherein at least one of the currencies is a currency for a rewards program; and

presenting at least one result of the search.

2. The method of claim 1, wherein the results of the search are based on at least one of historical usage data from the user, a desired future usage by the user, historical usage data from at least one rewards program, and a status of the user.

3. The method of claim 1, wherein a currency is at least one of domestic currency, foreign currency, real currency, virtual currency, money, rewards points, rewards credits and rewards miles.

4. The method of claim 1, further comprising calculating at least one net value or relative value for each result, and further comprising presenting a best value for the user, wherein the at least one value for each result includes at least one of benefits, discounts, miles, points and rewards expected to be earned for at least one of purchasing or using the product or service.

5. The method of claim 4, further comprising:

adapting the step of calculating based on a user'"'"'s historical usage of the at least one currency or based on at least one response from the user to a query concerning at least one of past or prospective use of the currency.

6. The method of claim 1, wherein the step of searching is performed in a number of steps less than a search interface of the provider of the product or service or of the rewards program.

7. The method of claim 1, further comprising collecting and storing information on a plurality of balances or usage activities in a user'"'"'s rewards programs.

8. The method of claim 1, further comprising collecting information on prices for plurality of goods and services, the prices including a plurality of rewards program prices and money prices, for inclusion into a database for use in the step of searching.

9. The method of claim 1, further comprising facilitating an exchange or a purchase of a non-cash currency between at least two parties.

10. A method, comprising:

accepting a request from an on-line user to find a product or a service;

in response to the request, conducting a computerized search to find price information for the product or service;

calculating results in at least two currencies for the product or service, wherein at least one of the currencies is a currency for a rewards program; and

presenting at least one result of the search to the on-line user, wherein the results of the search are based on at least one of historical usage data from the user, a desired future usage by the user, historical usage data from at least one rewards program, and a status of the user.

11. The method of claim 10, wherein the step of presenting comprises presenting only a lowest price option to the user, and wherein additional results of the searching are available for presenting to the on-line user.

12. The method of claim 10, further comprising calculating an average value in a common currency over a time period for the at least one currency for a rewards program and comparing the average value to a present value in the common currency of the at least one currency for a rewards program in results presented to the on-line user.

13. The method of claim 10, further comprising searching for an upgrade in the product or service, and presenting at least one result of the search for the upgrade to the on-line user.

14. The method of claim 13, wherein the search for the upgrade is adapted to calculate results in at least two currencies for the upgrade, wherein at least one of the currencies is a currency for a rewards program.

15. The method of claim 10, further comprising presenting information to the user for an exchange or transfer of an amount of a currency from a rewards program.

16. The method of claim 10, further comprising storing a currency balance for at least one rewards program for the user, and optionally using the currency balance in determining the at least one result of the search for presenting to the user.

17. A computer program embodied on a computer-readable medium for conducting a search for a product or service, the computer program containing code segments for steps comprising:

a code segment for receiving a search request from a user to find a product or a service;

a code segment for conducting a computerized search to determine a price for the product or service, in response to the request; and

a code segment for presenting at least one result of the search to the user, wherein the computer program further comprises a code segment for calculating results in at least two currencies for the product or service, wherein at least one of the currencies is a currency for a rewards program.

18. The computer program of claim 17, wherein at least one of the currencies is a currency for a rewards program, wherein the results of the search are based on at least one of historical usage data from the user, historical usage data from at least one rewards program, and a status of the user.

19. The computer program of claim 17, further comprising a code segment for converting at least one rewards program currency into a different currency.

20. The computer program of claim 17, further comprising a code segment for calculating at least one of a net value and a relative value of the at least two currencies.

21. The computer program of claim 17, further comprising a code segment for presenting a summary of a value of currency in one or more rewards programs of which the user is a member.

22. The computer program of claim 17, further comprising a code segment for at least one of specifying a user preference, calculating an average redemption behavior of a population, or calculating a personal redemption behavior of a user, for use in determining a comparable cost or a relative value of the return results.

23. The computer program of claim 17, further comprising a code segment for determining an optimal reward program for the user based on preferences of the user.

24. A system, comprising:

a computer;

a user database connected to the computer, the user database comprising information of a plurality of users concerning user preferences for products, services and at least one rewards program;

a rules database connected to the computer, the rules database comprising information of a plurality of merchants and providers of products and services, said rules database also comprising information for rewards programs of the plurality of merchants and providers;

a computer program embodied on a computer-readable memory accessible to the computer, the computer program comprising a search engine for searching for prices for the products and services, and a pricing engine for calculating prices, values and costs for the products and services,

wherein the computer program is adapted to calculate prices for at least one product or service in at least two currencies, wherein at least one of the currencies is a currency for a rewards program, and to present results of the searching.

25. The system of claim 24, wherein the computer program is adapted to access a plurality of providers, intermediaries and aggregators of the products and services to update the rules database and the user database.

26. The system of claim 24, wherein the computer program is adapted to search for a best value in at least two currencies wherein at least one of the currencies is a currency for a rewards program, based on a combination of prices, relative values and user preferences.

27. The system of claim 24, wherein the computer program is adapted to update the user database by accumulating discrete transactional data of individual user'"'"'s purchases, preferences, and redemption behavior across multiple payment methods, including rewards programs.