Transaction Arbiter System and Method

• US 20140081766A1
• Filed: 11/14/2013
• Published: 03/20/2014
• Est. Priority Date: 05/16/2005
• Status: Active Grant

• Current Assignee: Price Setter, L.L.C.
• Original Assignee: Jorge Maass
• Inventors: Maass, Jorge Arturo
• Granted Patent: US 10,019,745 B2
• Time in Patent Office: Days
• US Class Current: 705/14.64
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A transaction arbiter system and method is disclosed which incorporates a merchant function database under control of a transaction arbiter that permits merchants to interact in an automated way with bids generated by other merchants. Rather than utilizing fixed price schedules as taught by the prior art, the present invention permits each merchant to define a set of functions which describe how the merchant will respond to a customer request-for-quote for a given product or service. These merchant functions interact with both the customer request-for-quote and the results of other merchant functions to generate a dynamic real-time bidding system which integrates competition among merchant bidders to achieve an optimal consumer price for a given product or service.

Claims

1. A system for processing arbitrated price quote transactions over a network from at least one merchant in response to a request for quote (RFQ) by at least one customer, comprising:

a customer input device;

a merchant database; and

a transaction arbiter processing component in communication over the network with the customer input device and the merchant database via a remote host computer system, the transaction arbiter processing component storing at least one of algorithms and executable instructions that when executed perform a method comprising the steps of;

(a) receiving, over the network, RFQ data for a product or service generated from the customer input device, the RFQ data including parameters specified from the at least one customer;

(b) communicating, via the remote host computer system with the merchant database;

(c) inputting, via the remote host computer system, at least one of merchant data, bidding functions and limiting parameters from at least one merchant, and storing the merchant data, bidding functions and limiting parameters into the merchant database, the merchant data including information on the merchant and at least one of products and services available from at least one merchant, the merchant data, bidding functions and limiting parameters further describing how a given merchant will respond to at least one of merchant data, bidding functions and limiting parameters from at least one other merchant, in response to the parameters specified in the customer'"'"'s RFQ;

(d) interrogating, by the transaction arbiter processing component, and identifying at least one of merchant data, bidding functions and limiting parameters stored in the merchant database satisfying the parameters of the customer RFQ, and the transaction arbiter processing component performing at least one of;

interacting with, processing, and executing a sequence of at least one of algorithms, permutations and calculations using the identified merchant data, bidding functions and limiting parameters;

(e) generating, by the transaction arbiter processing component, an arbitrated price quote result satisfying the RFQ parameters;

(f) communicating, from the transaction arbiter processing component over the network, the arbitrated price quote result to the customer input device; and

(g) receiving, by the customer input device over the network, the arbitrated price quote result from the transaction arbiter processing component in response to the RFQ parameters.

2. The system of claim 1, further comprising at least one sub-database, wherein the sub-database comprises at least one of a remote database, an external database, a merchant database, a merchant function database, a merchant price database, a manufacturer database, a UPC database, a product identifier database, a location database, a purchasing patterns database, an advertisement database, an index database, an individual store database, an individual website database, a membership database, a credit card database, a number of bids won database, a schedule database, a statistics database, an average price database, a lowest price database, a financial statistic database, a ratings database, a suggested retail price database, a product database, a market data database, a loyalty card database, a coupon database, and a website database.

3. The system of claim 1, wherein the bidding functions and limiting parameters are configured as comprising at least one of a merchant specific function and parameter, and a system specific function and parameter wherein the bidding functions and parameters are entered and stored in at least one of a system database, and the individual store database, directly and through at least one of linking, relaying and transferring in to the system merchant database via a communication network.

4. The system of claim 1, wherein the algorithms and executable instructions are configured for different applications comprising at least one of a brokering function, a minimum value function, an arbitration function, a percentage reduction function, a sequential function, an iterative function, a one shot function, a price arbitration initialization function, an advertisement targeting function, an ad initiation function, an algorithmic function, a combinatorial function, a price optimization function, a bid engine function, a search engine function, a market condition function, a coupon function, a discount function, a feedback driven function, a closed-loop adaptive function, a rating function, an economic function, and a financial function, wherein the algorithms and executable instructions has at least one terminology including at least one of an engine, an optimizer, a processor, a data manager, an auction controller, an auctioneer, and computer readable instructions.

5. The system of claim 1, wherein the process of generating arbitrated prices has at least one terminology including at least one of a repricing application, an auction, a reverse auction, a price competition, a price optimization application, wherein the price has at least one terminology including an optimal price, a best price, a bid price, a quote, a lowest price, a maximum price, a minimum price, a total price, a current price, a fixed price, a basic price, a retail price, a final price, and a firm price.

6. The system of claim 5, wherein the price is at least one of a participant merchant price and a non-participant merchant price.

7. The system of claim 1, wherein the generation of arbitrated prices is initiated before, during or after a request for quote.

8. The system of claim 1, where the process of generating an arbitrated price is initiated by an event comprising at least one of a request for quote, a time event, a date event, a function change event, a parameter change event, a product identifier scanning event, a radio frequency detecting event, a NFC event, a location event, a proximity event, a membership card swiping event, a credit card swiping event, and a code scanning event.

9. The system of claim 1, wherein the RFQ parameters are arranged to indicate at least one of a request for advertisement, and a request for content, wherein the RFQ parameters are configured as at least one of an initiator, a trigger, a generator, and an activator related to the action of starting the arbitrated price generation process.

10. The system of claim 1, wherein the method further generating at least one of an arbitrated price from a single merchant resulting from identifying or recognizing that there is only one price to interact with or to process, an arbitrated price resulting from identifying or recognizing that there are no more than one of at least one of merchant data, limiting parameters or bidding functions to interact with or to process, a sorted arbitrated price tabulation resulting from identifying or recognizing that only one merchant has stored at least one of limiting parameters and bidding functions to interact with or to process, an arbitrated price quote resulting from engaging and incorporating at least one of electronic coupons or discounts, electronic arbitrated value coupons or discounts from different manufacturers to generate the best discount or coupon value, wherein the price quote comprises at least one of product data, product ratings, product reviews, manufacturer'"'"'s ratings, manufacturer'"'"'s reviews, product information, and manufacturer information.

11. A system for operating a wide range of applications comprising:

a computing device connecting to at least one of a wireless communication network, a wired communication network, a cellular communication network, a base site controller (BCS) a computer network and Internet, wherein the computing device is arranged to generate a user interface and is operated through an operating system and is arranged to implement a web browser, the computing device being configured to operate at least one software program to gather and disseminate at least one of information, data and voice to facilitate high speed networking and transmission of speech and product data wirelessly in real-time, and to implement an internet based search engine;

a server connecting to the computing device;

a multifunctional mobile hand held input device connecting to the server; and

at least one of a transaction arbiter processing component, a transaction arbiter software, a transaction arbiter application, a mobile application, mobile computing software, mobile computing hardware, mobile system software, and a mobile operation system.

12. The system of claim 11, further comprising a customer input device which comprises at least one of an input device, an output device, and communication equipment which comprise at least one of a mobile device, a computer interface, a printer, a credit card reader, self-check outs, points of sale, NFC components, and RFID components.

13. The system of claim 11, wherein at least one of graphic advertisement, video advertisement and voice advertisement is integrated, generated and displayed on the customer input device before, during or after at least one of a request for quote is initiated, an arbitrated price quote is generated, and application is processed by the transaction arbiter processing component, wherein the advertisement is stored in a server and is generated at least one of randomly independently of the RFQ parameters or arbitrated quote, rotated independently of the RFQ parameters or arbitrated quote results, and targeted in response to at least one of key words and data in the RFQ parameters, key words and data in the arbitrated quote results and other event data.

14. A multipurpose portable handheld electronic device, comprising:

a device housing;

a multifunctional interactive display screen provided on the device housing;

a central processing unit residing in the device housing and being configured to implement an operating system to perform at least one of synchronizing information, generating instructions and commands and running at least one of web browser applications and software applications;

a graphics processing unit residing in the device housing, and being configured to generate at least one of an interactive graphical user interface on the display screen and a video or graphic commercial advertisement;

a communication module residing in the device housing being configured to generate a networking interface to transmit and receive data, over the network having flexibility of data formats and protocols, between the device and the system for processing one or more functions comprising at least one of arbitrated price quote transactions, voice, SQL and HTTP;

at least one data scanning device being configured to obtain at least one of a product identifier conforming with a product or service to be purchased or searched by a user of the customer input device and information;

a positioning device configured to provide and relay location of the electronic device, wherein a request for information includes an indication of the location of the customer input device;

at least one memory operatively connected to the main processing unit, wherein the memory stores one or more applications or programs wherein the programs are configured to be executed by the one or more processors, the one or more programs including instructions for at least one of;

displaying a document on the interactive screen display wherein the electronic document includes a plurality of user input elements that include a respective user input element and performing at least one of several functions;

detecting a first input that corresponds to selection of the respective user input element, wherein the respective user input element is displayed with text that corresponds to the respective user input element wherein the input interface includes a plurality of text input choices for entering text into the respective user input element;

performing the functionality of at least one of a PDA, a cell phone, a personal shopping assistant, a transceiver, a credit card reader, a point of sale, and a computer;

generating data for a product or service, wherein the data includes parameters specified from the user;

sending the parameters to a processing component; and

receiving from the processing component a processed result satisfying the parameters.

15. The device of claim 14 comprising a near field communication device and a radio frequency identification device.

16. The device of claim 14, being configured to allow a user to purchase a product and pay by using at least one of a linked credit card, a linked membership card, an attached credit card reader, an unattached credit card reader, a code scanner, an NFC reader, and an RFID reader.

17. The customer input device of claim 14, being configured to allow a user to purchase a product by transferring or sharing data to the system via the network and perform at least one of prepaying for an article to be picked up or delivered later, paying at a self-checkout or card reader using at least one of a credit card, a membership card and a wireless scanner.

18. The customer input device of claim 14, wherein the interactive display screen is configured as a graphical user interface to allow a user to interact with at least one stored software application to generate at least one interactive graphics button, and a processor for processing instructions and commands when the interactive graphics button is pressed for at least one of entering information, selecting options, advancing to a next flow item, advancing to a next item on a list and transitioning to at least one of a derived menu item, a derivative screen, and a different area in the screen.

19. The customer input device of claim 14, wherein the memory comprises a web browser compatible with the operating system.