Method and apparatus for managing the sale of aging products

• US 6,507,822 B1
• Filed: 05/02/2000
• Issued: 01/14/2003
• Est. Priority Date: 10/06/1997
• Status: Expired due to Term

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: Walker Digital LLC (Walker Innovation Inc. (f/k/a Patent Properties, Inc.))
• Inventors: Walker, Jay S., Van Luchene, Andrew S.
• Primary Examiner(s): Rice, Kenneth R.
• Assistant Examiner(s): JASMIN, LYNDA C
• Application Number:
  US09/563,715
• Time in Patent Office: 987 Days
• Field of Search: 705/37, 705/20, 705/26, 705/27
• US Class Current: 705/20
• 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 20/04 Payment circuits
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/201 Price look-up processing, e.g. updating
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G07F 9/026 for alarm, monitoring and auditing in vending machines or means for indication, e.g. when empty

Abstract

A store controller stores a series of prices for a product and respective effective periods during which the prices are effective. A customer submits an offer to buy the product at an “offer price” that is one of the series of prices. The offer also has an offer period that elapses when the respective effective period of the product price elapses. The offer period thereby defines a period during which the offer is effective and after which the offer cannot be accepted. Each offer further specifies (i) a customer identifier for identifying the customer, and (ii) funds or a payment identifier for specifying an account from which funds (typically the offer price) may be collected if the offer is accepted. The store controller then determines whether to accept the offer. If the offer is accepted, the store controller (i) initiates use of the payment identifier, if any, to collect the funds, and (ii) uses the customer identifier to identify the customer as having paid for the product. Thus, the customer pays for the product and the seller must deliver the product or otherwise inform the customer that the product has been sold to him.

Claims

1. A method for managing the sale of a product, comprising:

generating a customer identifier for identifying a customer;

selecting a price from a series of prices;

generating an offer for the product, the offer including an offer price which is the selected price;

generating a payment identifier for specifying an account from which funds may be collected; and

transmitting the customer identifier, the offer and the payment identifier to a controller for storage,

wherein the stored offer further includes an offer period during which the offer is effective.

2. An apparatus for managing the sale of a product, comprising:

a storage device; and

a processor connected to the storage device,

the storage device storing

a program for controlling the processor;

the processor operative with the program to

generate a customer identifier for identifying a customer;

select a price from a series of prices;

generate an offer for the product, the offer including an offer price which is the selected price;

generate a payment identifier for specifying an account from which funds may be collected;

transmit the customer identifier, the offer and the payment identifier to a controller for storage; and

wherein the stored offer further includes an offer period during which the offer is effective.

3. A method for selling a product, comprising:

advertising a series of special prices for the product, each of the special prices having an effective time period associated therewith;

receiving at least one offer for the product, the offer identifying one of the series of special prices and the corresponding effective time period;

continuing to sell the product at a list price while performing the receiving step, thereby establishing a source of alternate demand for the product;

periodically reviewing the at least one offer to determine whether to accept the at least one offer; and

storing an indication of whether the product is available.

4. A method for selling a product, comprising:

advertising a series of special prices for the product, each of the special prices having an effective time period associated therewith;

receiving at least one offer for the product, the offer identifying one of the series of special prices and the corresponding effective time period;

continuing to sell the product at a list price while performing the receiving step, thereby establishing a source of alternate demand for the product; and

periodically reviewing the at least one offer to determine whether to accept the at least one offer in which the step of reviewing is performed only if the product is available.

5. A method for selling a product, comprising:

advertising a series of special prices for the product, each of the special prices having an effective time period associated therewith;

receiving at least one offer for the product, the offer identifying one of the series of special prices and the corresponding effective time period;

continuing to sell the product at a list price while performing the receiving step, thereby establishing a source of alternate demand for the product;

periodically reviewing the at least one offer to determine whether to accept the at least one offer; and

storing the at least one offer.

6. A method for selling a product, comprising:

advertising a series of special prices for the product, each of the special prices having an effective time period associated therewith;

receiving at least one offer for the product, the offer identifying one of the series of special prices and the corresponding effective time period;

continuing to sell the product at a list price while performing the receiving step, thereby establishing a source of alternate demand for the product;

periodically reviewing the at least one offer to determine whether to accept the at least one offer; and

in which the step of reviewing comprises;

determining whether any of the identified one of the series of special prices is above a predetermined threshold.

7. A method for selling a product, comprising:

advertising a series of special prices for the product, each of the special prices having an effective time period associated therewith;

receiving at least one offer for the product, the offer identifying one of the series of special prices and the corresponding effective time period;

continuing to sell the product at a list price while performing the receiving step, thereby establishing a source of alternate demand for the product;

periodically reviewing the at least one offer to determine whether to accept the at least one offer; and

in which the step of reviewing comprises;

determining whether a quantity available of the product is greater than a predetermined threshold.

8. A method for selling a product, comprising:

advertising a series of special prices for the product, each of the special prices having an effective time period associated therewith;

receiving at least one offer for the product, the offer identifying one of the series of special prices and the corresponding effective time period;

continuing to sell the product at a list price while performing the receiving step, thereby establishing a source of alternate demand for the product;

periodically reviewing the at least one offer to determine whether to accept the at least one offer; and

in which the step of reviewing comprises;

determining whether sales of the product are less than a predetermined threshold.