Methods and systems for providing a merchant funded rebate program

• US 7,899,704 B1
• Filed: 12/30/2009
• Issued: 03/01/2011
• 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:
  US12/649,903
• Time in Patent Office: 426 Days
• Field of Search: 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 facilitating retail transactions between registered members and selected merchants who fund rebates on the transactions between themselves and the registered members so that the rebates are accumulated and provided for funding an account. Account purchase transactions associated with merchants funding rebates are monitored to determine whether or not each transaction was consummated with a registered member using an eligible account. Rebates for qualifying purchases are calculated and the information needed to apply the earned rebates to a rebate account are generated.

Claims

1. A method of providing a rebate program, the method comprising:

enrolling at least one member account;

associating at least one rebate account with each enrolled member;

having at least one merchant funding rebates for purchases made with an enrolled member account, said rebates being calculated based upon an established formula or sales incentive;

receiving account purchase transaction information associated with a merchant funding rebates from at least one processor that tracks account purchases to provide account purchase transaction information;

monitoring, by a third party, via at least one processor located at a location other than the location of the merchant, all of said account purchase information associated with a merchant funding rebates received from said at least one processor that tracks account purchases to determine whether or not the purchase transactions were consummated using an enrolled member account and qualified for a rebate; and

applying a member'"'"'s earned rebate monies to at least one rebate account associated with the member.

2. The method of claim 1, wherein the rebate account is selected from a group, including mutual funds, savings accounts, bond funds, stock index funds, money market accounts, annuities, any other investment grade securities or equities allowed by law, a charitable donation account, or a loan payment account.

3. The method of claim 2, further comprising:

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

4. The method of claim 3, 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 or its activity.

5. The method of claim 2, wherein the rebate account is education related.

6. The method of claim 5, wherein the education related rebate account is selected from a group, including mutual funds, savings accounts, bond funds, stock index funds, money market accounts, annuities, an educational IRA, a state 529 plan, any other investment grade securities or equities allowed by law, a charitable donation account, or a student loan payment account.

7. The method of claim 2, further comprising managing said rebate account.

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

9. The method of claim 1, wherein a merchant funds varying rebate rates to incentivize certain sales.

10. The method of claim 1, further comprising:

commingling or aggregating rebate monies earned by multiple members; and

generating information needed to apply the aggregated rebate monies to a rebate account.

11. The method of claim 1, wherein the rebate monies are applied against fees assessed the rebate account or the activity in the rebate account.

12. The method of claim 1, further comprising:

providing a web page which contains information about the rebate program or its associated merchants.

13. The method of claim 1, further comprising:

advertising or promoting the rebate program by referring enrolled members to selective merchants.

14. The method of claim 13, wherein the advertising or promotion is provided by an entity not affiliated with the rebate program.

15. The method of claim 1, further comprising:

marketing information relating to enrolled members, merchants associated with the rebate program, or their purchase or sale activity to a third party.

16. The method of claim 1, wherein the member'"'"'s enrolled account is a credit card related account.

17. The method of claim 1, wherein the rebate account is an account associated with an enrolled debit card related account.

18. The method of claim 1, wherein the member'"'"'s enrolled account is a checking account.

19. The method of claim 1, wherein a member'"'"'s enrolled account and the rebate account associated with the member are the same account.

20. The method of claim 1, wherein said at least one processor that tracks account purchases is associated with a tracking entity in communication with said third party, and wherein said tracking entity may provide further additional member transaction information.

21. A method of providing a rebate program, the rebate program including at least one eligible account for a participating member, at least one rebate account in which to apply rebates earned by a participating member, and at least one merchant funding rebates for purchases made with an eligible account, the method comprising:

receiving account purchase transaction information associated with a merchant at a rebate network manager connected to said merchant via at least one processor that tracks account purchases to provide account purchase transaction information;

monitoring, via a centralized processing system operated by said rebate network manager, all of said account purchase transaction information provided by said at least one processor and associated with a merchant to determine if said transactions were consummated with a participating member using said eligible account, wherein said rebate network manager'"'"'s centralized processing system is located at a location other than the location of the merchant; and

calculating a rebate based upon an established formula or sales incentive for a purchase from said merchant.

22. The method of claim 21, wherein the rebate account is selected from a group, including mutual funds, savings accounts, bond funds, stock index funds, money market accounts, annuities, any other investment grade securities or equities allowed by law, a charitable donation account, or a loan payment account.

23. The method of claim 22, further comprising:

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

24. The method of claim 22, further comprising managing said rebate account.

25. The method of claim 21, wherein the rebate applied to the rebate account is an amount equal to or less than said calculated rebate.

26. The method of claim 21, wherein a merchant funds varying rebate rates to incentivize certain sales.

27. The method of claim 21, further comprising:

commingling or aggregating rebates earned by multiple members; and

generating information needed to apply the aggregated rebates to a rebate account.

28. The method of claim 21, wherein the member'"'"'s enrolled account is either a credit card related account, a debit card related account, or a checking account related account.

29. The method of claim 21, wherein a member'"'"'s enrolled account and the rebate account associated with the member are the same account.

30. The method of claim 21, wherein said at least one processor that tracks account purchases is associated with a tracking entity in communication with the rebate network manager, and wherein said tracking entity may provide further additional member tracking information.

31. The method of claim 21, further comprising:

utilizing cookies to obtain information about a participating member or a potentially qualifying transaction of a participating member.

32. The method of claim 21, further comprising:

utilizing account purchase transaction information obtained in connection with the rebate program to assist a current or prospective participating merchant in designing a rebate offer to at least one participating member.

33. The method of claim 21, further comprising:

advertising or promoting the rebate program or a specific rebate offer from a participating merchant to at least one participating member.

34. The method of claim 21, further comprising:

marketing information relating to enrolled members, merchants associated with the rebate program, or their purchase or sale activity to a third party.

35. A system for providing a rebate program, the rebate program including participating members, at least one eligible account for a participating member, at least one rebate account in which to apply rebates earned by participating members, and at least one merchant funding rebates for purchases made with an eligible account, the system comprising:

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 merchants via at least one processor that tracks account purchases to provide account purchase transaction information and configured to

receive account purchase transaction information associated with a merchant;

monitor all of said account purchase transaction information received from said at least one processor and associated with a merchant; and

determine if said transactions were consummated with a participating member using said eligible account; and

a processor configured to calculate a rebate based upon an established formula or sales incentive for a purchase from said merchant.

36. A computer readable medium having stored thereon computer code configured to generate information for a rebate program, the rebate program including at least one eligible account for a participating member, at least one rebate account in which to apply rebates earned by a participating member, and at least one merchant funding rebates for purchases made with an eligible account, the computer code causing at least one processor to:

receive account purchase transaction information associated with a merchant at a rebate network manager connected to said merchant via at least one processor that tracks account purchases to provide account purchase transaction information;

monitor, via a centralized processing system operated by said rebate network manager, all of said account purchase transaction information provided by said at least one processor and associated with a merchant to determine if said transactions were consummated with a participating member using said eligible account, wherein said rebate network manager'"'"'s centralized processing system is located at a location other than the location of the merchant; and

calculate a rebate based upon an established formula or sales incentive for a purchase from said merchant.