Currency and barter exchange debit card and system

• US 5,592,376 A
• Filed: 06/17/1994
• Issued: 01/07/1997
• Est. Priority Date: 06/17/1994
• Status: Expired due to Fees

• Current Assignee: Commonweal Incorporated
• Original Assignee: Commonweal Incorporated
• Inventors: Hodroff, Joel
• Primary Examiner(s): Hayes, Gail O.
• Assistant Examiner(s): VERDUN, HAYWARD AUBRY
• Application Number:
  US08/261,459
• Time in Patent Office: 935 Days
• Field of Search: 235/379, 235/380
• US Class Current: 705/14.36
• CPC Class Codes: G06Q 10/101 Collaborative creation, e.g. joint development of products or services
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 30/0236 Incentive or reward received by requiring registration or ID from user
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

The Currency Exchange Network transaction management and accounting system assists businesses, employees, and consumers to engage in productive economic activity that is not supported by traditional cash- and credit-based transaction systems. The system functions as a currency exchange between the non-cash, volunteer and barter economies and the mainstream cash economy. This dual-currency system handles transactions for goods and services using a combination of cash and Community Economic Development Scrip, a new currency based on non-cash service credits.

Claims

1. A record management system for use in accounting for sales by a Vendor of a quantum of goods or services in return for a payment in a dual-currency combination of cash and service credits, said system comprising:

a) input means for receiving data indicative of the cash and service credit balances credited those respective accounts of each participant Member and on each Member'"'"'s Cash Discount Category (CDC);

b) register means connected for receiving data from said input means and for storing that data for each Member and each account; and

c) control means for implementing and accounting for a sale of a particular quantum of goods and services to be sold through the dual-currency system, said control means carrying out the operations for each transaction of;

1. obtaining information indicative of the TRANSACTION PRICE for the selected quantity of the goods or services;

2. calculating the minimum cash percentage of the CASH BASE price required for the selected quantity of the goods or services;

3. accessing cumulative records of cash discounts made available to Members over a specified time interval and cumulative records of all service credits earned by all Members in the same selected time interval to enable the calculation of a current ratio of goods and services to service credits and storing that current ratio in the register means;

3. The invention of claim 1 wherein the distribution plan includes payments to the Vendor'"'"'s account and to other accounts.

5. The invention of claim 3 wherein the other accounts also include an account of a sponsoring organization designated by the Member.

6. The system according to claim 1 wherein the means of activating access to register means on behalf of a specific participant is a dual-currency debit card carrying information enabling secure identification of the participant.

8. The invention of claim 6 wherein the control means is constructed for carrying out the operations of:

a) receiving information indicative of a lack of available qualified employees to meet production goals for additional desired goods and services for a participating Vendor;

b) announcing training opportunities for interested Members payable in CEDS;

c) announcing increased cash and CEDS compensation for production jobs in Vendors experiencing a lack of qualified labor, to encourage recruitment of additional Members and improve retention of existing Vendor employees.

9. The invention of claim 1 wherein a further means is provided for Vendors or their employees to express a willingness to earn service credits instead of cash, thereby indicating that the cash base of a product or service can be lowered and that service credits can buy more within the system.

2. accessing CDC and current ratio information in the register means and calculating the amounts of cash and service credits required to be paid by a participant to complete the transaction, with the minimum cash portion equaling the CASH BASE;

and

5. debiting the Member'"'"'s dollar and service credit accounts in the register means by an amount equal to the dollars and service credits necessary to complete the transaction and crediting designated accounts with those dollars and service credits in accordance with a distribution plan implemented by the control means.

4. The invention of claim 2 wherein the other accounts include an account of the agency responsible for operation of the record management system.

7. A record management system for planning and organizing the production and sale of goods and services to Members in return for payment to Vendors in a combination of dollars and Community Economic Development Scrip or CEDS, said system comprising, in combination:

a) first input means for receiving data indicative of the identity and quantity of goods and services desired by Members and their account balances in cash and service credits and discount category and estimating total cash/CEDS revenues available in the system;

b) second input means for receiving data on the availability of those goods and services in inventory and the incremental labor and/or material needs of Vendors to produce additional desired goods and services;

c) third input means for receiving data on the availability and skill level of labor to fill participating Vendor'"'"'s requirements to produce additional desired goods and services;

d) fourth input means for receiving data on the availability of materials in the system and valuing those materials on a cash and CEDS basis;

e) means for calculating cash plus CEDS wages in various job classifications based upon available jobs, regular retail prices, labor requirements, Member discount categories and total volume of production and for making information on the wage rates available to Members and Vendors;

f) control means for matching specific employment seeking Members to the participating employee needing Vendors for producing the additional desired goods and services; and

g) control means for determining the dollar value of service credits to be paid in CEDS, by dividing the total discount in dollar value of new goods and services made available to Members by the number of service credits earned or made available to be earned by Members.