Method and system for using reward points to liquidate products
First Claim
1. A computer-implemented method of executing a product liquidation transaction in conjunction with a reward account stored on a reward server computer, comprising the steps of:
- a. a user having a reward account stored on a reward server computer associated with a reward account issuer comprising reward points previously awarded by a reward issuing entity to the user as part of a previous transaction, the reward points having (i) a par value established by the reward account issuer equivalent to the amount that the reward account issuer will convey upon surrender of said reward points, and (ii) a retail value equivalent to an amount that the user will accept for surrender of said reward points, said retail value being substantially higher than said par value;
b. a product provider offering to sell a product at a liquidation price that is substantially less than a reference price otherwise charged for the product;
c. the user requesting a transacting entity to facilitate the user in obtaining the product by surrendering at least some of the reward points from the reward account stored on the reward server computer to the reward account issuer, the number of reward points surrendered having a par value substantially equal to the liquidation price and a retail value substantially equal to the reference price;
d. requesting the reward account issuer to convey to the transacting entity the par value of the surrendered reward points;
e. the transacting entity conveying consideration to the product provider equivalent to the liquidation price of the product; and
f. the product provider causing the product to be conveyed to the user;
whereby the user receives the product from the product provider as a result of surrendering the reward points;
from the reward account stored on the reward server computer.
1 Assignment
0 Petitions
Accused Products
Abstract
A user selects a product to be liquidated from a product provider and then designates to the transacting entity that reward points are to be used towards the purchase of the liquidated product. The transacting entity acts to decrease the number of reward points in the user'"'"'s reward account by the required number of points. The reward account holder conveys consideration to the transacting entity equivalent to the par value of the reward points. The consumer obtains the product in exchange for reward points having a retail value equivalent to what he would have otherwise paid for the product, while the reward account holder is required to convey only the par value of the points. The product provider is able to liquidate the product and obtain payment equivalent to what it would otherwise have obtained in a prior art liquidation process, auction or trading environment.
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Citations
75 Claims
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1. A computer-implemented method of executing a product liquidation transaction in conjunction with a reward account stored on a reward server computer, comprising the steps of:
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a. a user having a reward account stored on a reward server computer associated with a reward account issuer comprising reward points previously awarded by a reward issuing entity to the user as part of a previous transaction, the reward points having (i) a par value established by the reward account issuer equivalent to the amount that the reward account issuer will convey upon surrender of said reward points, and (ii) a retail value equivalent to an amount that the user will accept for surrender of said reward points, said retail value being substantially higher than said par value; b. a product provider offering to sell a product at a liquidation price that is substantially less than a reference price otherwise charged for the product; c. the user requesting a transacting entity to facilitate the user in obtaining the product by surrendering at least some of the reward points from the reward account stored on the reward server computer to the reward account issuer, the number of reward points surrendered having a par value substantially equal to the liquidation price and a retail value substantially equal to the reference price; d. requesting the reward account issuer to convey to the transacting entity the par value of the surrendered reward points; e. the transacting entity conveying consideration to the product provider equivalent to the liquidation price of the product; and f. the product provider causing the product to be conveyed to the user; whereby the user receives the product from the product provider as a result of surrendering the reward points;
from the reward account stored on the reward server computer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27)
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28. A system for executing a product liquidation transaction comprising:
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a. a reward points server computer selectively interconnected over a computer network and associated with a reward account holder issuer, comprising data storage means for storing a reward account associated with a user, the reward account configured to track reward points previously earned by the user for previous transactions between the user and a reward issuing entity, wherein the reward points have (i) a par value established by the reward account issuer equivalent to the amount that the reward account issuer will convey upon surrender of said reward points, and (ii) a retail value equivalent to an amount that the user will accept for surrender of said reward points, said retail value being substantially higher than said par value; b. a product provider server computer selectively interconnected over the computer network and associated with a product provider, comprising means for offering to sell a product at a liquidation price that is substantially less than a reference price otherwise charged for the product; c. a user computer selectively interconnected over the computer network and associated with a user, comprising means for requesting a transacting entity to facilitate the user in obtaining the product by surrendering at least some of the reward points to the reward account issuer, the number of reward points surrendered having a par value substantially equal to the liquidation price and a retail value substantially equal to the reference price; d. a transaction server computer selectively interconnected over the computer network and associated with a transacting entity, comprising; i. means for requesting the reward account issuer to convey to the transacting entity the par value of the surrendered reward points; ii. means for conveying consideration to the product provider equivalent to the liquidation price of the product; whereby the user receives the product from the product provider as a result of surrendering the reward points. - View Dependent Claims (29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52)
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53. A method of a transacting entity facilitating a product liquidation transaction comprising the steps of:
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a. a transacting entity offering a product for sale from a product provider to a user in exchange for a quantity of reward values, the reward values being stored in a reward account held by a reward account holder on a reward server computer comprising reward values previously provided by a reward issuing entity to the user, the reward values having a par value attributed by the reward account holder equivalent to a first amount that the reward account holder is willing to convey upon surrender of said reward values, the reward values also having a retail value attributed by the user equivalent to a second amount that the user is willing to accept upon surrender of said reward values, wherein the retail value of the quantity of reward values is equivalent to a reference price; b. accepting a request from a user to convey the product in exchange for the quantity of reward values from the reward server computer specified by the transacting entity; c. causing the reward account on the reward server computer to be reduced by the quantity of reward values specified by the transacting entity; d. effecting a transfer of consideration from the reward account holder on the reward server computer to the product provider, the consideration equivalent to a liquidation price that is substantially less than the reference price, the liquidation price equivalent to the par value of the reward values surrendered; and e. causing the product provider to transfer the product to the user. - View Dependent Claims (54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72)
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73. A product transaction server computer comprising:
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a. means for offering a product for sale from a product provider to a user in exchange for a quantity of reward values, the reward values being stored in a reward account held by a reward account holder comprising reward values previously provided by a reward issuing entity to the user, the reward values having a par value attributed by the reward account holder equivalent to a first amount that the reward account holder is willing to convey upon surrender of said reward values, the reward values also having a retail value attributed by the user equivalent to a second amount that the user is willing to accept upon surrender of said reward values, wherein the retail value of the quantity of reward values is equivalent to a reference price; b. means for accepting a request from a user to convey the product in exchange for the quantity of reward values specified by the transacting entity; c. means for causing the reward account to be reduced by the quantity of reward values specified by the transacting entity; d. means for effecting a transfer of consideration from the reward account holder to the product provider, the consideration equivalent to a liquidation price that is substantially less than the reference price, the liquidation price equivalent to the par value of the reward values surrendered; and e. means for causing the product provider to transfer the product to the user.
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74. A product transaction server computer comprising processing circuitry programmed to operate the computer to:
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a. enable offering a product for sale from a product provider to a user in exchange for a quantity of reward values, the reward values being stored in a reward account held by a reward account holder comprising reward values previously provided by a reward issuing entity to the user, the reward values having a par value attributed by the reward account holder equivalent to a first amount that the reward account holder is willing to convey upon surrender of said reward values, the reward values also having a retail value attributed by the user equivalent to a second amount that the user is willing to accept upon surrender of said reward values, wherein the retail value of the quantity of reward values is equivalent to a reference price; b. accept a request from a user to convey the product in exchange for the quantity of reward values specified by the transacting entity; c. cause the reward account to be reduced by the quantity of reward values specified by the transacting entity; d. effect a transfer of consideration from the reward account holder to the product provider, the consideration equivalent to a liquidation price that is substantially less than the reference price, the liquidation price equivalent to the par value of the reward values surrendered; and e. cause the product provider to transfer the product to the user.
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75. A method of a product provider facilitating a product liquidation transaction comprising the steps of:
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a. causing a transacting entity to offer a product for sale to a user in exchange for a quantity of reward values, the reward values being stored in a reward account held by a reward account holder on a reward server computer comprising reward values previously provided by a reward issuing entity to the user, the reward values having a par value attributed by the reward account holder equivalent to a first amount that the reward account holder is willing to convey upon surrender of said reward values, the reward values also having a retail value attributed by the user equivalent to a second amount that the user is willing to accept upon surrender of said reward values, wherein the retail value of the quantity of reward values is equivalent to a reference price; b. authorizing the transacting entity to (i) accept a request from a user to convey the product in exchange for the quantity of reward values specified by the transacting entity; (ii) cause the reward account on the reward server computer to be reduced by the quantity of reward values specified by the transacting entity; and (iii) effect a transfer of consideration from the reward account holder on the reward server computer to the product provider, the consideration equivalent to a liquidation price that is substantially less than the reference price, the liquidation price equivalent to the par value of the reward values surrendered; and c. providing the product to the user.
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Specification