Payment options for virtual credit

• US 7,774,275 B2
• Filed: 02/28/2005
• Issued: 08/10/2010
• Est. Priority Date: 02/28/2005
• Status: Expired due to Fees

• Current Assignee: The Invention Science Fund I, L.L.C. (Intellectual Ventures LLC)
• Original Assignee: Searete LLC (Intellectual Ventures LLC)
• Inventors: Jung, Edward K. Y., Lord, Robert W., Rinaldo, Jr., John D., Levien, Royce A., Malamud, Mark A.
• Primary Examiner(s): Kramer, James A
• Assistant Examiner(s): WEIS, SAMUEL
• Application Number:
  US11/069,905
• Publication Number:
  US 20060195394A1
• Time in Patent Office: 1,989 Days
• Field of Search: 705/39, 705/38
• US Class Current: 705/39
• CPC Class Codes: G06Q 10/0635 Risk analysis of enterprise or organisation activities
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/0222 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/08 Insurance
• CPC Class Codes: G06Q 40/12 Accounting
• CPC Class Codes: G06Q 90/00 Systems or methods specially adapted for administrative, commercial, financial, managerial or supervisory purposes, not involving significant data processing
• CPC Class Codes: G07F 17/32 for games, toys, sports, or amusements
• CPC Class Codes: G07F 17/3255 Incentive, loyalty and/or promotion schemes, e.g. comps, gaming associated with a purchase, gaming funded by advertisements

Abstract

A method and system provides for the use of credit arrangements in simulated environments. A user can participate in credit transactions involving purchases of virtual products, virtual services, and virtual items of value. Feedback is provided to the user regarding results of the credit transactions. In some embodiments multiple users can make simulated purchases or incur simulated credit obligations that are posted to virtual accounts, and the multiple users can also make simulated compensation against balances due or obligations owed for said virtual accounts. The user is also provided with an opportunity of engaging in real-world financial transactions related to the virtual credit arrangement. In some implementations of the system and method, multiple players at different locations can use virtual charge accounts and/or real world financial accounts in connection with arranging or resolving a virtual credit transaction. One aspect makes a virtual charge account service available for use in a fictional world environment, wherein a billing statement charges various fees that may be valuated in fictional world money, real-world money, or non-monetary fictional world value tokens.

Claims

1. A method of creating credit transactions in a fictional world environment, comprising:

providing a virtual charge account to a user in the fictional world environment;

incorporating a benchmark completion requirement based on an activity of the user in the fictional world environment as a basis for giving the user an option to transition from the virtual charge card account to an actual financial account; and

using a microprocessor, transitioning the user to usage of the actual financial account responsive to the user completing the benchmark completion requirement.

2. The method of claim 1, wherein the providing a virtual charge card account to a user further includes:

issuing an electronic charge card version of said virtual charge card account.

3. The method of claim 1, wherein the providing a virtual charge card account to a user further includes:

issuing a hardcopy charge card version of said virtual charge card account.

4. The method of claim 1, wherein the providing a virtual charge card account to a user further includes:

providing one or more participation levels for usage of the virtual charge card account.

5. The method of claim 4, wherein the providing one or more participation levels for usage of the virtual charge card account further includes:

providing a plurality of levels of participation for usage of the virtual charge card account depending upon a desired financial goal, a desired educational goal, or a desired entertainment goal or a skill level, experience level or sophistication level of the user.

6. The method of claim 1, wherein the providing a virtual charge card account to a user further includes:

enabling the user to make a simulated purchase of a good, a service, or an item of value charged to the virtual charge card account.

7. The method of claim 6, wherein the enabling the user to make a simulated purchase of a good, a service, or an item of value charged to the virtual charge card account further includes:

enabling the user to make a simulated purchase of a good, a service, or an item of value charged to the virtual charge card account at a predetermined value.

8. The method of claim 7, wherein the enabling the user to make a simulated purchase of a good, a service, or an item of value charged to the virtual charge card account at a predetermined value further includes:

posting the predetermined value to a virtual charge card account record.

9. The method of claim 1, wherein the providing a virtual charge card account to a user further includes:

enabling the user to make a simulated purchase of a travel reservation, an auction, food, clothing, merchandise, a vehicle, insurance, an appliance, furnishing, recreation, competition, other items having virtual monetary value, installment purchase, entertainment, rental, education, a book, a publication, a game, or a fictional role playing item.

10. The method of claim 1, wherein the incorporating a benchmark completion requirement based on an activity of the user in the fictional world environment as a basis for giving the user an option to transition from the virtual charge account to an actual financial account includes:

incorporating a benchmark completion requirement based on a credit record of a virtual account;

a test result, a fictional role playing achievement, a fictional role playing skill acquired, a previous experience, an endorsement, or a group membership in a real world or a role playing environment.

11. The method of claim 1, wherein the incorporating a benchmark completion requirement based on an activity of the user in the fictional world environment as a basis for giving the user an option to transition from the virtual charge account to an actual financial account includes:

incorporating a benchmark completion requirement based on an activity of the user in a role playing environment.

12. The method of claim 1, wherein the incorporating a benchmark completion requirement based on an activity of the user in the fictional world environment as a basis for giving the user an option to transition from the virtual charge account to an actual financial account includes:

providing an unrestricted option to transition from the virtual charge card account to the actual financial account.

13. The method of claim 1, wherein the incorporating a benchmark completion requirement based on an activity of the user in the fictional world environment as a basis for giving the user an option to transition from the virtual charge account to an actual financial account includes:

requesting a user ID of a virtual charge card account.

14. The method of claim 13, wherein the requesting a user ID of a virtual charge card account further includes:

determining if the user is on an updated approved list.

15. The method of claim 1, wherein the transitioning the user to usage of an actual financial account responsive to the user completing the benchmark completion requirement further includes:

transitioning the user to an actual financial account issued by a third party.

16. The method of claim 1, wherein the transitioning the user to usage of an actual financial account responsive to the user completing the benchmark completion requirement includes:

transitioning the user to an actual financial account taken from an account allowing carry-forward balance, an account requiring full payment, a debit card, an account with free benefit, an account with extra-cost benefits, an account providing discount promotions, a cash advance account, an account with beneficial links, an insurance product account, an account with a value added benefit, a business-issued charge card, a financial institution charge card, a checking account, a line of credit, a voucher, or a promissory note.

17. The method of claim 1, transitioning the user to usage of an actual financial account responsive to the user completing the benchmark completion requirement further includes:

communicating feedback to the user regarding a consequence of a real financial transaction involving said actual financial account.

18. The method of claim 1, further including:

providing feedback to the user regarding a result of a simulated purchase.

19. The method of claim 18, wherein the feedback to the user regarding a result of a simulated purchase includes:

providing periodic feedback including virtual charge card account status information to the user.

20. The method of claim 1, further including:

utilizing a simulated billing period for the virtual charge card account that occurs in real time at one or more intervals.

21. The method of claim 20, wherein the utilizing a simulated billing period for the virtual charge card account that occurs in real time at one or more intervals further includes:

utilizing a simulated billing period based on a number of purchase transactions, an average balance owed, a highest balance owed, a user age, a user education level, a user experience level, or a user benchmark performance.