Methods and systems for providing a rebate program

• US 7,653,572 B1
• Filed: 12/31/2008
• Issued: 01/26/2010
• Est. Priority Date: 06/02/2000
• Status: Expired due to Fees

• Current Assignee: TuitionFund LLC
• Original Assignee: TuitionFund LLC
• Inventors: Thompson, Michael P.
• Primary Examiner(s): Myhre; James W
• Application Number:
  US12/347,136
• Time in Patent Office: 391 Days
• Field of Search: 705/14, 705/14.34
• US Class Current: 705/14.34
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0225 Avoiding frauds
• CPC Class Codes: G06Q 30/0234 Rebates after completed purchase
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

The present invention relates to methods and systems for funding a college education by accumulating and managing merchant rebates. The present invention also relates to methods and systems for enrolling and registering members in an organization through the organization provision of topical information and materials, useful links to, and information on, Internet and non-Internet based merchants, related to a college education. In particular, the present invention relates to facilitating retail transactions between an organization registered members and selected merchants who offer rebates on the transactions between themselves and the organization members so that the rebates are accumulated and provided for funding a college education.

Claims

1. A method of providing a rebate program, the rebate program including registered members, registered member credit card accounts, registered member debit card accounts, and registered member rebate accounts in which to apply rebates earned by registered members, at least one registered merchant offering rebates to registered members with registered debit or credit card accounts, the method comprising:

a) at a rebate network manager connected to said at least one registered merchant via processors that track debit or credit card account purchases to provide debit and credit card account transaction information, receiving debit and credit card account transaction information associated with a registered merchant;

b) via said rebate network manager operating a centralized processing system configured to monitor all of said debit and credit card account transaction information from said processors and associated with a registered merchant to determine if said transactions are consummated with registered members using said registered member card accounts, wherein said rebate network manager'"'"'s centralized processing system is located at a location other than the location of the merchant,

c) calculating a rebate based upon an existing formula for a purchase by said registered member from said registered merchant, and

d) generating information needed to apply rebate monies earned to at least one rebate account of a registered member.

2. The method of claim 1, wherein a member'"'"'s rebate account is selected from a group, including mutual funds, a savings account, bond funds, stock index funds, money market accounts, annuities, educational IRA, state 529 Plan, or any other investment grade security or equity allowed by law, a charitable donation account, or a loan payment account.

3. The method of claim 2, wherein the member'"'"'s rebate account earns interest or dividends and the rebate monies can be applied against fees normally assessed against such accounts and their activity.

4. The method of claim 2, further comprising:

generating information needed to apply the rebate monies in a member'"'"'s rebate account towards indebtedness owed to banks and other financial institutions, commercial loan companies, state or federal government lending agencies, and private organizations.

5. The method of claim 4, wherein the indebtedness is a) principal, b) interest or the paydown of the rate of interest, or c) fees normally assessed against an indebtedness account and its activity.

6. The method of claim 2, wherein further comprising:

generating information needed to apply the rebate monies in a member'"'"'s rebate account towards higher education expenses including tuition, fees, room, board and any other expenses incidental to obtaining a higher education.

7. The method of claim 2, further comprising managing said at least one member'"'"'s rebate account.

8. The method of claim 1, wherein the rebate monies applied to the member'"'"'s rebate account is an amount equal to or less than said calculated rebate.

9. The method of claim 1, wherein said processors that track debit or credit card account purchases are associated with a tracking entity in communication with a rebate network manager, wherein said tracking entity may provide further additional member transaction information.

10. The method of claim 1, wherein a registered merchant offers a different rebate rate for online versus on-site purchase transactions as well as a different rebate rate for credit card account versus debit card account purchase transactions.

11. The method of claim 1, wherein the rebate network manager may receive a portion of each consummated sale or rebate as compensation for its services.

12. The method of claim 1, wherein a sponsoring organization may receive a portion of each consummated sale or rebate as compensation for its services.

13. The method of claim 1, further comprising providing a registration organization, wherein said registration organization receives a portion of said rebate.

14. A system for providing a rebate program, the rebate program including registered members, registered member credit card accounts, registered member debit card accounts, registered member rebate accounts in which to apply rebates earned by registered members, a network of registered merchants offering rebates to registered members with registered debit or credit card accounts, the system comprising:

a) a centralized rebate network manager processing system located at a location other than the location of the merchant, said centralized rebate network manager processing system being connected to registered merchants via processors that track debit or credit card account purchases to provide debit and credit card account transaction information and configured to

monitor all of said debit and credit card account transaction information from said processors and associated with said network of registered merchants, and

determine if said transactions are consummated with registered members using said registered member card accounts, and

b) a processor configured to calculate a rebate based upon an existing formula for a purchase by said registered member from said registered merchant, and

c) a processor configured to generate information needed to apply rebate monies earned to at least one rebate account of a registered member.

15. A method of managing a rebate program, the rebate program including registered member debit or credit card accounts, registered member rebate accounts, registered merchants offering merchant specific rebates for purchases, and a rebate network manager connected to said registered merchants via at least one processor that tracks credit or debit card account transactions to provide debit or credit card account transaction information, said at least one processor being located at a location other than the location of a registered merchant, the method comprising:

receiving and storing using a rebate network manager processor, member card account information including identification of at least one member debit or credit account;

receiving using a rebate network manager processor, transaction information for a registered merchant, said transaction information including all the credit or debit card account transactions provided by said at least one processor for the registered merchant;

correlating using a rebate network manager processor, the received account transaction information with the stored member registered card account information to determine which transactions were consummated with a registered member;

calculating using a processor, a rebate based upon a predefined formula for each transaction determined to be consummated with a member'"'"'s registered card account; and

generating information needed to apply rebate monies earned by a registered member to at least one registered member rebate account.

16. The method of claim 15, wherein a registered member rebate account is selected from the group consisting of a savings account, mutual funds, bond funds, stock index funds, money market accounts, annuities, educational IRA, state 529 plan, a charitable donation account, and a loan payment account.

17. The method of claim 16, further comprising:

applying the funds in a member'"'"'s rebate account towards fees normally assessed against the registered rebate account.

18. The method of claim 15, further comprising:

applying the funds in a member'"'"'s rebate account towards services provided by or debt owed to a bank, a financial institution, a commercial loan company, a state or federal lending agency, or a private organization, including principal, interest or the paydown of interest, and fees normally assessed against such accounts and their activity.

19. The method of claim 15, further comprising:

applying the funds in a member'"'"'s rebate account towards higher education expenses including tuition, fees, room, board, or any other expenses incidental to a higher education.

20. The method of claim 15, wherein the predefined formula includes different rebate rates for on-line purchases versus point-of-sale purchases.

21. The method of claim 15, wherein the predefined formula includes different rebate rates for purchases consummated with credit card accounts versus debit card accounts.

22. A system for managing a rebate program, the rebate program including registered member debit or credit card accounts, registered member rebate accounts, registered merchants offering merchant specific rebates for purchases, and a rebate network manager connected to said registered merchants via at least one processor that tracks credit or debit card account transactions to provide debit or credit card account transaction information, said at least one processor being located at a location other than the location of a registered merchant, the system comprising:

a plurality of networked processors configured to;

receive transaction information for a registered merchant, said transaction information including all the credit or debit card account transactions provided by said processors for the registered merchant;

correlate the received account transaction information with registered member debit or credit card account information to determine which transactions were consummated with a registered member; and

calculate a rebate for each transaction determined to be consummated with a registered member debit or credit card account;

a processor configured to generate information needed to apply rebate monies earned by a registered member to the registered member'"'"'s rebate account; and

memory for storing member registered card account information and the received merchant transaction information.

23. A computer readable medium having stored thereon computer code configured to manage a rebate program, the rebate program including registered member credit and debit card accounts, registered member rebate accounts, registered merchants offering merchant specific rebates for purchases, and a rebate network manager connected to said registered merchants via at least one processor that tracks credit and debit card account transactions to provide debit and credit card account transaction information, said at least one processor being located at a location other than the location of a registered merchant, the computer code causing at least one processor to:

receive and store member information including identification of at least one member debit or credit card account;

receive transaction information for a registered merchant, said transaction information including all the credit and debit card account transactions provided by said at least one processor for the registered merchant;

correlate the received account transaction information with the stored member registered card account information to determine which transactions were consummated with a registered member;

calculate a rebate based upon a predefined formula for each transaction determined to be consummated with a member'"'"'s registered card account; and

generate information needed to apply rebate monies earned by a registered member to at least one registered member'"'"'s rebate account.

24. A method of providing a rebate program, the rebate program including registered members, registered member credit card accounts, registered member debit card accounts, registered member rebate accounts in which to apply rebates earned by registered members, at least one registered merchant offering rebates to registered members, the method comprising:

a) at a rebate network manager connected to at least one registered merchant via processors that track debit or credit card account purchases to provide debit and credit card account transaction information, receiving debit and credit card account transaction information associated with a registered merchant;

b) via said rebate network manager operating a centralized processing system configured to monitor all of said debit and credit card account transaction information from said processors and associated with a registered merchant to determine if said transactions are consummated with registered members using said registered debit and credit card accounts, wherein said rebate network manager'"'"'s centralized processing system is located at a location other than the location of the merchant;

c) debiting an account of a registered merchant based on an existing formula and calculating a rebate due to the registered member; and

d) generating information needed to apply rebate monies earned to at least one rebate account of a registered member.

25. A method of providing a rebate program, the rebate program including at least one registered debit or credit card account for a registered member, registered member rebate accounts in which to apply rebates earned by registered members, at least one registered merchant offering rebates to registered members with registered debit or credit card accounts, the method comprising:

a) at a rebate network manager connected to said at least one registered merchant via at least one processor that tracks debit or credit card account purchases to provide debit or credit card account transaction information, receiving debit or credit card account transaction information associated with a registered merchant;

b) via said rebate network manager operating a centralized processing system configured to monitor all of said debit or credit card account transaction information provided by said at least one processor and associated with a registered merchant to determine if said transactions are consummated with registered members using said registered member card accounts, wherein said rebate network manager'"'"'s centralized processing system is located at a location other than the location of the merchant,

c) calculating a rebate based upon an existing formula for a purchase by said registered member from said registered merchant, and

d) generating information needed to apply rebate monies earned to at least one rebate account of a registered member.

26. The method of claim 25, wherein a member'"'"'s rebate account is selected from a group, including mutual funds, a savings account, bond funds, stock index funds, money market accounts, annuities, educational IRA, state 529 Plan, or any other investment grade security or equity allowed by law, a charitable donation account, or a loan payment account.