USER-DRIVEN REVERSE AUCTIONS SYSTEMS AND METHODS

• US 20150081467A1
• Filed: 11/21/2014
• Published: 03/19/2015
• Est. Priority Date: 08/19/2011
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Grigg, David M., Bose, Raja, Calman, Matthew A., Jones, Alicia C., Hanson, Carrie Anne, Votaw, Elizabeth S.
• Application Number:
  US14/550,253
• Publication Number:
  US 20150081467A1
• Time in Patent Office: Days
• US Class Current: 705/26.3
• CPC Class Codes: G06Q 30/08 Auctions

Abstract

Systems and methods for providing user-driven reverse auctions are provided. The systems and methods enable a user to request bids for products or services, receive bids in response to the offers, and manage the bids. The methods provide receiving, at a computing device, a request from a user for an offer for products or services, the request including search criteria; identifying, via the computing device, at least one merchant of said products or services based on the search criteria; sending the request to the at least one merchant and receiving one or more bids from the at least one merchant; and presenting, via a computing device, the one or more bids to the user.

Claims

1. A computer-implemented method for setting up a reverse auction for a product or service desired by a user, the method comprising:

receiving, via the computing device processor, a request from a user for at least one merchant to provide a bid to offer a product or service to the user, wherein the request includes selection criteria comprising a maximum distance from a geographic location of the user for the bid, the product or service desired by the user, a maximum price for the product or service, and an expiration time for receiving the bid;

determining, via the computing device processor, the geographic location of the user and a time at which the request was created in relation to the expiration time;

receiving a transaction history of the user comprising previous purchases made by the user;

determining, via the computing device processor, at least one merchant based on the maximum distance from the geographic location of the user for the bid and the transaction history of the user, wherein the at least one merchant is determined based on the user having conducted a previous transaction at the least one merchant;

sending, via the computing device processor, the request for the bid to the at least one merchant;

receiving one or more bids from the at least one merchant;

filtering, via the computing device processor, the one or more bids based at least in part on the maximum price for the product or service and the expiration time for receiving the bid; and

presenting, via the computing device processor, the filtered one or more bids to the user.

2. The computer-implemented method of claim 1, wherein the one or more bids comprise a first bid and a second bid, and wherein the first bid comprises a first price and the second bid comprises a second price, wherein the second price is lower than the first price.

3. The computer-implemented method of claim 1, wherein the method further comprises:

communicating a notice that none of the one or more bids meet the maximum price for the product or service and the expiration time for receiving the bid; and

presenting an option to the user to submit an maximum price.

4. The computer-implemented method of claim 1, the method further comprising ranking the one or more filtered bids based on proximity to the user.

5. The computer-implemented method of claim 1, wherein the method further comprises grouping the one or more filtered bids into sub-categories based on the product or service offered by the one or more merchants.

6. The computer-implemented method of claim 1, wherein the method further comprises processing a transaction associated with the one or more bids.

7. The computer-implemented method of claim 1, wherein the method further comprises:

identifying a reward offer associated with the one or more bids based on the transaction history of the user; and

presenting the reward offer to the user.

8. A computer program product for setting up a reverse auction for a product or service desired by a user, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion for receiving a request from a user for at least one merchant to provide a bid to offer a product or service to the user, wherein the request includes selection criteria comprising a maximum distance from a geographic location of the user for the bid, the product or service desired by the user, a maximum price for the product or service, and an expiration time for receiving the bid;

an executable portion for determining the geographic location of the user and a time at which the request was created in relation to the expiration time;

an executable portion for receiving a transaction history of the user comprising previous purchases made by the user;

an executable portion for determining, via the computing device processor, at least one merchant based on the maximum distance from the geographic location of the user for the bid and the transaction history of the user, wherein the at least one merchant is determined based on the user having conducted a previous transaction at the least one merchant;

an executable portion for sending the request for the bid to the at least one merchant;

an executable portion for receiving one or more bids from the at least one merchant;

an executable portion for filtering the one or more bids based at least in part on the maximum price for the product or service and the expiration time for receiving the bid; and

an executable portion for presenting the filtered one or more bids to the user.

9. The computer program product of claim 8, wherein the one or more filtered bids comprise a first bid and a second bid, and wherein the first bid comprises a first price and the second bid comprises a second price, wherein the second price is lower than the first price.

10. The computer program product of claim 8, wherein the computer-readable program code portions further comprises:

an executable portion for communicating a notice that none of the one or more bids meet the maximum price for the product or service and the expiration time for receiving the bid; and

an executable portion for presenting an option to the user to submit an maximum price.

11. The computer program product of claim 8, wherein the computer-readable program code portions further comprises an executable portion for ranking the one or more filtered bids based on proximity to the user.

12. The computer program product of claim 8, wherein the computer-readable program code portions further comprises an executable portion for grouping the one or more filtered bids into sub-categories based on the product or service offered by the one or more merchants.

13. The computer program product of claim 8, wherein the computer-readable program code portions further comprises an executable portion for processing a transaction associated with the one or more bids.

14. The computer program product of claim 8, wherein the computer-readable program code portions further comprises:

an executable portion for identifying a reward offer associated with the one or more bids based on the transaction history of the user; and

an executable portion for presenting the reward offer to the user.

15. A system for a reverse auction for setting up a reverse auction for a product or service desired by a user, the system comprising:

a non-transitory storage device;

a communication device;

one or more processing devices operatively coupled to the storage device and the communication device;

at least one module stored in said storage device and comprising instruction code that is executable by the one or more processors and configured to cause said one or more processors to;

receive a request from a user for at least one merchant to provide a bid to offer a product or service to the user, wherein the request includes selection criteria comprising a maximum distance from a geographic location of the user for the bid, the product or service desired by the user, a maximum price for the product or service, and an expiration time for receiving the bid;

determine the geographic location of the user and a time at which the request was created in relation to the expiration time;

receive a transaction history of the user comprising previous purchases made by the user;

determine at least one merchant based on the maximum distance from the geographic location of the user for the bid and the transaction history of the user, wherein the at least one merchant is determined based on the user having conducted a previous transaction at the least one merchant;

send the request for the bid to the at least one merchant;

receive one or more bids from the at least one merchant;

filter the one or more bids based at least in part on the maximum price for the product or service and the expiration time for receiving the bid; and

present the filtered one or more bids to the user.

16. The system of claim 15, wherein the one or more bids comprises a first bid and a second bid, and wherein the first bid comprises a first price and the second bid comprises a second price, wherein the second price is lower than the first price.

17. The system of claim 15, wherein said module further comprises instruction code for causing said one or more processors to:

communicate a notice that none of the one or more bids meet the maximum price for the product or service and the expiration time for receiving the bid; and

present an option to the user to submit an maximum price.

18. The system of claim 15, wherein said module further comprises instruction code for causing said one or more processors to rank the one or more filtered bids based on proximity to the user.

19. The system of claim 15, wherein said module further comprises instruction code for causing said one or more processors to group the one or more filtered bids into sub-categories based on the product or service offered by the one or more merchants.

20. The system of claim 15, wherein said module further comprises instruction code for causing said one or more processors to process a transaction associated with the one or more bids.