Patronage incentive award system incorporating retirement accounts and method thereof

• US 5,991,736 A
• Filed: 02/26/1997
• Issued: 11/23/1999
• Est. Priority Date: 02/26/1997
• Status: Expired due to Fees

• Current Assignee: Clayton T. Ferguson, Henry Ferguson
• Original Assignee: Clayton T. Ferguson, Henry Ferguson
• Inventors: Ferguson, Clayton T., Ferguson, Henry
• Primary Examiner(s): Kemper, Melanie A.
• Application Number:
  US08/806,166
• Time in Patent Office: 1,000 Days
• Field of Search: 705/14.1, 705/39, 705/35, 902/25, 902/37, 902/41, 235/380
• US Class Current: 705/14.18
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0216 Investment accounts
• CPC Class Codes: G06Q 30/0234 Rebates after completed purchase
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Embodiments are disclosed of a patronage incentive system in which a monetary award is made to a customer'"'"'s retirement account as incentive for the customer to participate in a transaction with the sponsor for the sponsor'"'"'s goods or services. The system includes a means for identifying the customer, a means for inputting the identification information and other information about the transaction into a computer data storage, a computer data processing device which uses a software program along with the transactional information to calculate an incentive award amount a means for transferring the monetary funds equal to the incentive award amount from an incentive award pool to the customer'"'"'s retirement account, and a means of reporting the incentive award amount to the customer and to the sponsor. Embodiments of a method of conducting a patronage incentive system of the present invention are also disclosed comprising the steps of inputting transactional information into a computer data storage device, calculating the incentive award amount through the use of a computer data processing device, transferring monetary funds equal to the incentive award amount from an incentive award pool to the customer'"'"'s retirement account, and reporting the incentive award amount to the customer and to the sponsor.

Claims

1. A patronage incentive award system for promoting a customer to enter into a transaction with a sponsor for goods or services, said patronage incentive award system comprising:

(a) an identification means for identifying a customer who participates in a transaction with a sponsor of an incentive award system, said transaction involving goods or services of said sponsor, said identification means having identification information about said customer, and said customer having a retirement account;

(b) transactional information including said identification information;

(c) a computer data storage memory device for storing said transactional information and an input device for inputting said transactional information into said storage memory device;

(d) a software program for determining an incentive award amount;

(e) a computer data processing device for utilizing said software program, said computer data processing device being in communication with said computer data storage memory device;

(f) an incentive award pool having monetary funds;

(g) a means for transferring a portion of said monetary funds from said incentive award pool to said retirement account; and

(h) a means for reporting said incentive award amount to said customer and to said sponsor,

wherein said customer is an employer having at least one employee and said retirement account is an account from which said customer distributes monetary funds to at least one account maintained for the retirement benefit of said at least one employee.

2. A patronage incentive award system as described in claim 1, wherein said retirement account comprises at least one financial investment instrument.

3. A patronage incentive award system as described in claim 2, wherein said retirement account comprises at least one IRA account.

4. A patronage incentive award system as described in claim 1, wherein said identification means comprises a credit card.

5. A patronage incentive award system as described in claim 1, wherein said means for transferring a portion of said monetary funds from said incentive award pool to said retirement account of said customer comprises an electronic transfer means for transferring a portion of said monetary funds from said incentive award pool to said retirement account of said customer.

6. A patronage incentive award system as described in claim 1 further comprising a means for debiting an account of said sponsor for an amount equal to at least said incentive award amount.

7. A patronage incentive award system as described in claim 1, wherein said incentive award system accommodates participation of a plurality of sponsors.

8. A patronage incentive award system as described in claim 1, wherein said incentive award system accommodates participation of a plurality of customers.

9. A patronage incentive award system as described in claim 7, wherein said incentive award system accommodates participation of a plurality of customers.

10. A patronage incentive award system as described in claim 1, further comprising a means for varyingly controlling said incentive award amount.

11. A patronage incentive award system as described in claim 1, wherein said transactional information further comprises incentive award calculation special information.

12. A method of operating a patronage incentive award system for promoting a customer to enter into a transaction with a sponsor for goods or services, said method comprising the steps of:

(a) inputting into a computer data memory device information about a transaction between a customer and a sponsor of an incentive award system, said transaction involving goods or services of said sponsor;

(b) calculating an incentive award amount by using a computer data processing device;

(c) transferring from an incentive award pool having monetary funds to a retirement account of said customer a portion of said monetary funds equal to said incentive award amount; and

(d) reporting said incentive award amount to said customer and to said sponsor;

wherein said customer is an employer having at least one employee and said retirement account is an account from which said employer distributes monetary funds to at least one account maintained for the purpose of providing retirement benefits to said at least one employee.

13. The method of operating a patronage incentive award system described in claim 12, wherein said retirement account comprises at least one financial instrument.

14. The method of operating a patronage incentive award system described in claim 13, wherein said retirement account comprises at least one IRA account.

15. The method of operating a patronage incentive award system described in claim 12, wherein the step of transferring from an incentive award pool having monetary funds to a retirement account of said customer comprises electronically transferring said monetary funds.

16. The method of operating a patronage incentive award system described in claim 12, further comprising the step of debiting an account of said sponsor for an amount equal to at least said incentive award amount.

17. The method of operating a patronage incentive award system described in claim 12, further comprising the step of varyingly controlling said incentive award amount.

18. The method of operating a patronage incentive award system described in claim 12, further comprising the step of using a credit card to identify said customer.