Dual currency debit card

• US 5,687,323 A
• Filed: 06/03/1996
• Issued: 11/11/1997
• Est. Priority Date: 06/17/1994
• Status: Expired due to Term

• Current Assignee: Commonweal Incorporated
• Original Assignee: Commonweal Incorporated
• Inventors: Hodroff, Joel
• Primary Examiner(s): Hayes, Gail O.
• Assistant Examiner(s): Yount, Steven R.
• Application Number:
  US08/657,418
• Time in Patent Office: 526 Days
• Field of Search: 235/379, 235/380, 235/492, 395/201, 395/216, 395/217, 395/226, 395/230, 395/239
• US Class Current: 705/30
• 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 respectively to cash and service credit accounts for each participant member;

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 or 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 goods or services;

2.

3. complete the transaction. 2. The invention of claim 1 wherein the calculation of the amounts of cash and service credits required to be paid by a participant to complete the transaction includes determining a discount rate based upon the economic need of the participant.

4. The invention of claim 1 further comprising means for receiving information from vendors of goods and services regarding the amount of service credits they are willing to accept instead of cash, thereby adjusting the cash base of a product or service.

5. The invention of claim 1 further comprising a plurality of dual-currency debit cards carried by participants for activating access to their respective accounts.

7. The invention of claim 5 wherein the calculation of the amounts of cash and non-cash scrip credits required to be paid by a participant to complete the transaction includes determining a discount rate based upon the economic need of the participant.

9. The invention of claim 5 further comprising means for receiving information from vendors of goods and services regarding the amount of non-cash scrip credits they are willing to accept instead of cash, thereby adjusting the cash base of a product or service.

10. The invention of claim 5 further comprising a plurality of dual-currency debit cards carried by participants for activating access to their respective accounts.

2. calculating a cash base equal to the minimum cash percentage of the transaction price required for the sale of the selected quantity of the goods or services;

3. calculating the amounts of cash and service credits required to be paid by a participant to complete the transaction, with the minimum cash amount equaling the cash base; and

4. debiting a member'"'"'s cash and service credit accounts in the register means by an amount equal to the cash and service credits necessary to

6. 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 non-cash scrip credits, said system comprising:

a) input means for receiving data indicative of the cash and non-cash scrip credit balances credited respectively to cash and non-cash scrip credit accounts for each participant member;

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 or 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 goods or services;

2. calculating a cash base equal to the minimum cash percentage of the transaction price required for the sale of the selected quantity of the goods or services;

3. calculating the amounts of cash and non-cash scrip credits required to be paid by a participant to complete the transaction, with the minimum cash amount equaling the cash base; and

4. debiting a member'"'"'s cash and non-cash scrip credit accounts in the register means by an amount equal to the cash and non-cash scrip credits necessary to complete the transaction.

8. The invention of claim 6 wherein the calculation of the amounts of cash and non-cash scrip credits required to be paid by a participant to complete the transaction includes determining a discount rate based upon a cash discount category to which the member is assigned.