Electronic quantity purchasing system

• US 8,065,191 B2
• Filed: 06/06/2007
• Issued: 11/22/2011
• Est. Priority Date: 03/15/2000
• Status: Expired due to Fees

• Current Assignee: Rodney Senior
• Original Assignee: Rodney Senior
• Inventors: Senior, Rodney
• Primary Examiner(s): FADOK, MARK A
• Application Number:
  US11/810,638
• Publication Number:
  US 20080033833A1
• Time in Patent Office: 1,630 Days
• Field of Search: 705/26, 705/27, 705/26.2, 705/14.39, 705/22
• US Class Current: 705/26.2
• CPC Class Codes: G06Q 20/203 Inventory monitoring
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0239 Online discounts or incentives
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0605 Supply or demand aggregation
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

Disclosed is an electronic quantity purchasing system which is a host computer that a user may access to purchase quantities of goods or services at a locked-in price for later redemption. The preferred communication means employed is via secure, high-speed Internet access. Data storage is electronic. Users employ the system to make an instant purchase of a small or large quantity of a commodity, such as gasoline at the current purchase price. Users can redeem all or part of their balance for real product at a physical location in the future when desired. The redemption will draw down the user'"'"'s account balance at the locked-in purchase price, so the user is able to circumvent the market price in effect at the time of redemption.

Claims

1. A method of electronically transacting purchase and redemption of at least one tangible commodity which comprises:

a) providing a computer-based system for purchasing tangible commodities over a communication network and which computer-based system includes a computer database containing commodity information concerning at least one product which may be purchased at a current time purchase price, and which purchase price is posted and locked-in at time of purchase, for at least partial redemption at a future date;

b) establishing, using the computer-based system, an account for the purchaser;

c) establishing, using the computer-based system, an account balance for each commodity in quantity units;

d) authorizing, using the computer-based system, the purchaser to purchase a quantity of at least one tangible commodity from the electronic system;

e) electronically accessing, using the computer-based system, the electronic system for purchaser transactions;

f) performing, using the computer-based system, a purchaser transaction including purchasing from said computer database a first purchase quantity of a selected tangible commodity at the current time purchase price reflected in said computer database for redemption of at least a portion of the first purchase quantity of the selected commodity at a future date at the locked-in purchase price;

g) summing, using the computer-based system, the first purchase quantity with the account balance to provide a current account balance in said account for the purchaser in the computer database for the selected commodity;

h) storing, using the computer-based system, data in said computer database for the current account balance in an electronically accessible format;

i) performing, using the computer-based system, a purchaser transaction including redeeming at least a portion of the current account balance of the selected commodity;

j) adjusting, using the computer-based system, the current account balance to reflect the redeemed portion of the selected commodity;

k) using the computer-based system, identifying a zone for redemption from the account balance of each commodity, identifying at least another zone of redemption, and converting at least a portion of the account balance of at least one commodity to an account balance for the another zone of redemption;

l) repeating, using the computer-based system, at least one of the steps of performing a purchaser transaction selected from purchasing from said computer database a subsequent purchase quantity or redeeming at least a portion of the current account balance; and

m) adjusting, using the computer-based system, the current account balance to reflect the purchaser transaction from the step of repeating.

2. The method of claim 1 wherein at least a portion of the current account balance of the selected commodity is electronically transferred in the computer database by the purchaser in order to be redeemed by another entity.

3. The method of claim 1 wherein the steps of purchasing and redeeming are performed at a plurality of locations.

4. The method of claim 1 wherein the step of electronically accessing the electronic system is performed over a computer network.

5. The method of claim 1 wherein at least one commodity is a brand name commodity and the purchasing and redeeming steps are effected with the same brand name of the commodity.

6. The method of claim 1 wherein the commodities are transportation fuels.

7. The method of claim 1 further including the step of identifying at least one commodity by transportation fuel formulation.

8. The method of claim 1 further includes the step of the purchaser authorizing a plurality of redeemers to redeem at least a portion of the account balance for at least one commodity.

9. The method of claim 8 wherein the step of redeeming is repeated, and wherein the redeeming occurs at a plurality of locations.

10. A method of maintaining an account for purchase of at least one tangible commodity at a posted and locked-in price current at time of purchase and for delivery on-demand of the at least one tangible commodity regardless of a price current at time of delivery, the method including the steps of:

establishing, using a computer-based system, a bulk refillable account for an individual user;

establishing, by the computer-based system, a current account balance for each commodity in quantity units;

accessing, by the computer-based system, the account by the user;

transacting, by the computer-based system, for delivery of a selected tangible commodity, delivery being available on-demand at a plurality of specific locations;

adjusting, by the computer-based system, the current balance for the selected commodity in response to the transacting, wherein the step of transacting includes the steps of;

purchasing, by the computer-based system, a purchase quantity of the selected commodity at the price at time of purchase to lock-in said price at time of purchase for subsequent delivery and redemption,

redeeming, by the computer-based system, subsequently a redeemed quantity of the selected commodity at a subsequent date, the redeemed quantity being at least a portion of the current balance;

identifying a zone for redemption for the account balance of each commodity, identifying at least another zone of redemption, and converting at least a portion of the account balance of at least one commodity to an account balance for the another zone of redemption; and

permitting, by the computer-based system, access to the account for repeating the step of transacting.

11. The method of claim 10 wherein the step of adjusting the current balance includes,

if purchasing a purchase quantity, summing the purchased quantity with the account balance, and,

if redeeming at least a portion of the account balance, subtracting the redeemed quantity from the current balance.

12. The method of claim 10 including the step of identifying at least one commodity by transportation fuel formulation.

13. The method of claim 10 further includes the step of the purchaser authorizing a plurality of redeemers to redeem at least a portion of the account balance for at least one commodity.

14. The method of claim 10 wherein the step of redeeming is repeated, and wherein the redeeming occurs at a plurality of locations.