Receipt insurance systems and methods

• US 8,560,353 B2
• Filed: 01/06/2012
• Issued: 10/15/2013
• Est. Priority Date: 06/25/2009
• Status: Active Grant

• Current Assignee: Victor Smith
• Original Assignee: Victor Smith
• Inventors: Smith, Victor
• Primary Examiner(s): Robinson, Kito R
• Application Number:
  US13/344,820
• Publication Number:
  US 20120109693A1
• Time in Patent Office: 648 Days
• Field of Search: 705/4, 705/14, 705/35
• US Class Current: 705/4
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/389 Keeping log of transactions for guaranteeing non-repudiation of a transaction
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

Receipt insurance systems and methods provide protection to consumers against losses which may result from failure to possess a physical receipt or proof of purchase for retail purchase transactions. In one embodiment, a third party receipt insurer insures or guarantees consumers or purchasers of benefits associated with having possession of a receipt or other proof of purchase for a retail purchase without the need for possession of a physical or paper receipt. A receipt insurance agreement between a receipt insurance provider and a consumer protects the consumer against a loss of consumer rights or personal property insurance rights resulting from a lost receipt by electronically storing for retrieval, if necessary, an electronic record of all of the receipt information.

Claims

1. A receipt insurance credit card payment system for purchase transactions by use of receipt-insured-credit-cards as payment in conjunction with hardware and software configured for purchase transaction receipt data processing and management whereby receipt for purchase transactions by use of receipt-insured-credit-cards are insured under an insurance agreement, the receipt insurance credit card payment system comprising:

an insurance agreement between a receipt insurer and a credit card issuer in connection with a credit card account to provide a receipt-insured-credit-card by which a cardholder of a receipt-insured-credit-card issued by a receipt-insured-credit-card issuer is insured under the insurance agreement against loss of rights related to a receipt for a purchase transaction made with the receipt-insured-credit-card;

a computer server connected to a computing device of a cardholder by which an account for a receipt-insured-credit-card is arranged;

the receipt-insured-credit-card configured for acceptance as payment by a retailer by a communication device for a purchase transaction as a charge against a receipt-insured-credit-card account;

a data transfer connection between the retailer and the receipt-insured-credit-card issuer for transfer of receipt data including an itemized listing of goods for purchase transactions by receipt-insured-credit-cards from the retailer to the receipt-insured-credit-card issuer or to the receipt insurer or to the cardholder, and a queinq server and a data storage device configured to receive and store the receipt data for access by the receipt-insured-credit-card cardholder or the receipt insurer;

wherein the insurance agreement is incorporated in terms of issuance between the receipt-insured-credit-card issuer and cardholders of receipt-insured-credit-cards, and a receipt-insured-credit-card cardholder is insured under the insurance agreement against loss of rights related to a receipt for a purchase transaction made with the receipt-insured-credit-card upon use of the receipt-insured-credit-card as payment for a purchase transaction by the communication device.

2. The receipt insurance credit card payment system of claim 1 wherein the receipt insurance of the insurance agreement is implemented by a cardholder'"'"'s acceptance and use of the receipt-insured-credit-card for purchase transactions by the cardholder with a retailer by the communication device.

3. The receipt insurance credit card payment system of claim 1 wherein the retailer agrees to the terms of the insurance agreement by acceptance of a receipt-insured-credit-card as payment for a purchase transaction in the data transfer connection between the retailer and the receipt-insured-credit-card issuer.

4. The receipt insurance credit card payment system of claim 1 wherein the retailer receives consideration from the issuer of the receipt-insured-credit-card for acceptance of a receipt-insured-credit-card as payment for a purchase transaction by the data transfer connection between the retailer and the receipt-insured-credit-card issuer as part of a transaction fee agreement between the retailer and the receipt-insured-credit-card issuer.

5. The receipt insurance credit card payment system of claim 4 wherein the retailer receives consideration from the issuer of the receipt-insured-credit-card on a per transaction basis by the data transfer connection between the retailer and the receipt-insured-credit-card issuer for acceptance of a receipt-insured-credit-card as payment for a purchase transaction as part of a transaction fee agreement.

6. The receipt insurance credit card payment system of claim 4 wherein the retailer receives consideration from the issuer of the receipt-insured-credit-card as a percentage based transaction charge for acceptance of a receipt-insured-credit-card as payment by the data transfer connection between the retailer and the receipt-insured-credit-card issuer for a purchase transaction as part of a transaction fee agreement.

7. The receipt insurance credit card payment system of claim 1 wherein the issuer of the receipt-insured-credit-card receives receipt data from the retailer by the data transfer connection between the retailer and the receipt-insured-credit-card issuer on purchase transactions for which a receipt-insured-credit-card is accepted as payment by the retailer.

8. The receipt insurance credit card payment system of claim 1 wherein the receipt insurer receives receipt data from the retailer by the data transfer connection between the retailer and the receipt-insured-credit-card issuer on purchase transactions for which a receipt-insured-credit-card is accepted as payment by the retailer.

9. The receipt insurance credit card payment system of claim 1 wherein the cardholder may access receipt data from the receipt-insured-credit-card issuer on purchase transactions for which a receipt-insured-credit-card is accepted as payment by the retailer by the data transfer connection between the retailer and the receipt-insured-credit-card issuer.

10. The receipt insurance credit card payment system of claim 1 wherein the cardholder may access receipt data from the receipt insurer on purchase transactions for which a receipt-insured-credit-card is accepted as payment by the retailer by the data transfer connection between the retailer and the receipt-insured-credit-card issuer and the receipt insurer.

11. The receipt insurance credit card payment system of claim 1 wherein the issuer of the receipt-insured-credit-card may access receipt data from the receipt insurer by a data transfer connection on purchase transaction for which a receipt-insured-credit-card is accepted as payment by the retailer.

12. The receipt insurance credit card payment system of claim 1 wherein the receipt data transferred by the data transfer connection between the retailer and the receipt-insured-credit-card issuer includes monetary amounts of purchase transactions and itemized purchase transaction information.

13. The receipt insurance credit card payment system of claim 1 configured to provide by a data transfer connection substantially all receipt data on purchase transactions made with a receipt-insured-credit-card by reference to the receipt-insured-credit-card with which the corresponding purchase transaction was made.

14. The receipt insurance credit card payment system of claim 1 further configured for cardholder access by a data transfer connection with the receipt-insured-credit-card issuer to receipt data on purchase transactions made with a receipt-insured-credit-card.

15. The receipt insurance credit card payment system of claim 1 further configured for cardholder access to receipt data on purchase transactions made with a receipt-insured-credit-card by a data transfer connection with the receipt insurer.

16. The receipt insurance credit card payment system of claim 1 further configured for retailer access to receipt data on purchase transactions made with a receipt-insured-credit-card by a data transfer connection with the receipt-insured-credit-card issuer.

17. The receipt insurance credit card payment system of claim 1 further configured for retailer access to receipt data on purchase transactions made with a receipt-insured-credit-card by a data transfer connection with the receipt insurer.

18. The receipt insurance credit card payment system of claim 1 wherein the receipt-insured-credit-card issuer is a credit card company.

19. The receipt insurance credit card payment system of claim 1 wherein the receipt-insured-credit-card issuer is a bank.

20. A method of insuring a purchaser in a purchase transaction of a product or service against losses resulting from the absence of a physical receipt for the purchase transaction, the method comprising the steps of:

issuing by a communication device a receipt-insured-credit-card to a purchaser under a receipt-insured-credit-card cardholder agreement, the receipt-insured-credit-card cardholder agreement being associated with insurance coverage under an insurance policy for the purchaser for losses resulting from or related to the absence of a physical receipt or proof of purchase for a purchase transaction made with the receipt-insured-credit-card,

providing a receipt insurance system including a data storage device configured to receive and store a plurality of electronic receipt records from one or more retailers;

establishing a data transfer connection between the receipt insurance system and a point of sale system or enterprise resource planning system of a retailer for transfer of receipt data for a purchase transaction from a point-of-sale system to the receipt insurance system and for access by the purchaser by a computer connected to the receipt insurance system;

creating an electronic record of receipt data received from the point of sale system and storing the electronic record of receipt data in the receipt insurance system, and

insuring for each purchaser that each electronic record of receipt data for purchase transactions by the purchaser that are stored within the receipt insurance system will be available to the purchaser;

wherein the insurance agreement is incorporated in terms of issuance between the receipt-insured-credit-card issuer and cardholders of receipt-insured-credit-cards, and a receipt-insured-credit-card cardholder is insured under the insurance agreement against loss of rights related to a receipt for a purchase transaction made with the receipt-insured-credit-card upon use of the receipt-insured-credit-card as payment for a purchase transaction by the communication device.

21. The method of claim 20 further comprising the step of providing insurance coverage is defined by an insurance agreement which is associated with the receipt-insured-credit-card cardholder agreement.

22. The method of claim 20 further comprising the step of invoking the insurance coverage by use of the receipt-insured-credit-card for a purchase transaction by the purchaser.

23. The method of claim 20 further comprising the step of the issuer of the receipt-insured-credit-card receiving consideration from the purchaser for issuance of the receipt-insured-credit-card to the purchase.

24. The method of claim 20 further comprising the step of the issuer of the receipt-insured-credit-card compensating a seller of a product or service for acceptance of the receipt-insured-credit-card in connection with a purchase transaction.

25. The method of claim 20 further comprising the step of a seller of a product or service agreeing to terms of the insurance by acceptance of a receipt-insured-credit-card in connection with a purchase transaction.

26. The method of claim 20 further comprising the step of the seller of a product or service transmitting receipt data for a purchase made with a receipt-insured-credit-card to the issuer of the receipt-insured-credit-card.

27. The method of claim 20 further comprising the step of the seller of a product or service transmitting receipt data for a purchase made with a receipt-insured-credit-card to the purchaser.

28. The method of claim 20 further comprising the step of the seller of a product or service transmitting receipt data for a purchase made with a receipt-insured-credit-card to a receipt insurer.

29. The method of claim 20 further comprising the step of a receipt insurer covering any claims against the receipt-insured-credit-card issuer by a purchaser in connection with any purchases made with a receipt-insured-credit-card.

30. The method of claim 20 further comprising the step of a purchaser submitting claims for losses resulting from the absence of a physical receipt for a purchase transaction to a receipt insurer.

31. The method of claim 20 further comprising the step of a purchaser submitting claims for losses resulting from the absence of a physical receipt for a purchase transaction to the issuer of the receipt-insured-credit-card.

32. The method of claim 20 further comprising the step of a purchaser accessing receipt data on purchase transactions made with a receipt-insured-credit-card via the issuer of the receipt-insured-credit-card by reference to a receipt-insured-credit-card account.

33. A receipt insurance credit card payment system for purchase transactions by use of receipt-insured-credit-cards as payment in conjunction with hardware and software for purchase transaction data processing and management whereby receipt for purchase transactions by use of a receipt-insured credit card are insured under an insurance agreement, the receipt insurance credit card payment system comprising:

an insurance agreement between a receipt insurer and a credit card issuer in connection with a credit card account to provide a receipt-insured-credit-card by which a cardholder of a receipt-insured-credit-card issued by a receipt-insured-credit-card issuer is insured under the insurance agreement against loss of rights related to a receipt for a purchase transaction made with the receipt-insured-credit-card;

a computer server connected to a computing device of a cardholder by which an account for a receipt-insured credit card is established;

the receipt-insured-credit-card configured to function as a payment device in connection with a point-of-sale transaction device for acceptance as payment by a retailer for a purchase transaction as a charge against a receipt-insured-credit-card account;

the point-of-sale transaction device connected to a data network and operative to transfer receipt data for purchase transactions by a receipt-insured-credit-cards from the retailer to a computer and data storage device of the receipt-insured-credit-card issuer or to the receipt insurer or to the cardholder for storage in a receipt database, the receipt-insured credit card issuer receiving an economic benefit from the cardholder for issuance of receipt-insured-credit-cards for purchase transactions;

wherein the insurance agreement is incorporated in terms of issuance between the receipt-insured-credit-card issuer and cardholders of receipt-insured-credit-cards, and a receipt-insured-credit-card cardholder is insured under the insurance agreement against loss of rights related to a receipt for a purchase transaction made with the receipt-insured-credit-card upon use of the receipt-insured-credit-card as payment for a purchase transaction by the communication device.

34. The system of claim 33 wherein the insurance coverage is defined by an insurance agreement which is associated with the receipt-insured-credit-card cardholder agreement.

35. The system of claim 33 wherein the insurance coverage is invoked by use of the receipt-insured-credit-card for a purchase transaction by the purchaser with the point-of-sale transaction device.

36. The system of claim 33 wherein the issuer of the receipt-insured-credit-card receives consideration from the cardholder for issuance of the receipt-insured-credit-card to the cardholder.

37. The system of claim 33 wherein the issuer of the receipt-insured-credit-card compensates a seller of a product or service for acceptance of the receipt-insured-credit-card for a purchase transaction.

38. The system of claim 33 wherein a seller of a product or service agrees to terms of the insurance by acceptance of a receipt-insured-credit-card in connection with a purchase transaction with a point-of-sale transaction device.

39. The system of claim 33 wherein the seller of a product or service transmits receipt data for a purchase made with a receipt-insured-credit-card to the issuer of the receipt-insured-credit-card by the data network connected to the point-of-sale transaction device.

40. The system of claim 33 wherein the seller of a product or service transmits receipt data for a purchase made with a receipt-insured-credit-card to the purchaser by the data network connected to the point-of-sale transaction device.

41. The system of claim 33 wherein the seller of a product or service transmits receipt data for a purchase made with a receipt-insured-credit-card to a receipt insurer by the data network connected to the point-of-sale transaction device.

42. The system of claim 33 wherein a receipt insurer covers any claims against the receipt-insured-credit-card issuer by a purchaser in connection with any purchases made with a receipt-insured-credit-card.

43. The system of claim 33 wherein a purchaser submits claims for losses resulting from the absence of a physical receipt for a purchase transaction to a receipt insurer.

44. The system of claim 33 wherein a purchaser submits claims for losses resulting from the absence of a physical receipt for a purchase transaction to the issuer of the receipt-insured-credit-card.

45. The system of claim 33 wherein a purchaser accesses receipt data on purchase transaction made with a receipt-insured-credit-card via a data network connection to the issuer of the receipt-insured-credit-card by reference to a receipt-insured-credit-card account.