Price guarantee methods and systems

• US 7,606,731 B2
• Filed: 09/08/2006
• Issued: 10/20/2009
• Est. Priority Date: 08/17/1999
• Status: Expired due to Term

• Current Assignee: Kioba Processing, LLC (IP Investments Group LLC)
• Original Assignee: Auctnyc 13 LLC (Intellectual Ventures LLC)
• Inventors: McClung, Guy Lamonte III
• Primary Examiner(s): Alvarez; Raquel
• Application Number:
  US11/518,552
• Publication Number:
  US 20070265914A1
• Time in Patent Office: 1,138 Days
• Field of Search: 705/14, 705/26, 705/27
• US Class Current: 705/14.34
• CPC Class Codes: G06Q 30/0211 Determining the effectiveness of discounts or incentives
• CPC Class Codes: G06Q 30/0212 Chance discounts or incentives
• CPC Class Codes: G06Q 30/0222 During e-commerce, i.e. online transactions
• CPC Class Codes: G06Q 30/0234 Rebates after completed purchase
• CPC Class Codes: G06Q 30/0235 constrained by time limit or expiration date
• 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 30/0601 Electronic shopping [e-shopping]

Abstract

A method for guaranteeing a consumer a best price on an item or service purchased from a vendor in a consummated final first transaction, the method including, in certain aspects, determining a refund due to insure that a consumer receives the benefit of a later better price.

Claims

1. A computer implemented method for guaranteeing a consumer a best price on an item or service purchased from a vendor in a first transaction at a first time at a first price, the first price paid by the consumer at the first time, the method comprising:

storing in a first database at a computer data for a first price on an item or service at a first time and information identifying a consumer,

receiving at the computer at least one second price for the item or service, the at least one second price comprising a price for the item or service at a time later than the first time,

determining, during a predetermined time period following the first time, any price of the at least one second price lower than the first price for the item,

comparing the first price to the at least one second price and calculating a money-value difference between the first price and the price of the at least one second price lower than the first price,

determining a refund amount equal to the money-value difference, and

posting the refund amount as a credit to an account of the consumer, wherein only prices for the item or service purchased from the vendor involved in the first transaction are taken into account in the step of determining any price of the at least one second price lower than the first price for the item.

2. The method of claim 1 wherein the computer implemented method further comprises entering the consumer in a contest, the consumer qualifying for said entering and for winning a prize in said contest by completing the first transaction.

3. The method of claim 2 wherein the prize is from the group consisting of an item or items;

a service or services;

a monetary amount; and

a payment to the account of the consumer.

4. The method of claim 2 wherein the prize is awarded for the consumer to designate for another entity other than the consumer.

5. The method of claim 2 wherein the prize is a monetary amount paid to an account of the consumer in lieu of payment due on said account of the consumer.

6. The method of claim 2 wherein the consumer is automatically entered in the contest upon completion of the first transaction.

7. The method of claim 2 wherein the prize is a monetary amount automatically credited to an account of the consumer.

8. The method of claim 1 wherein the item or service is purchased by the consumer on-line via a network system.

9. The method of claim 1 wherein the item is purchased via a host system with at least one computer for implementing the computer implemented method and the host system records the first price and information identifying the customer.

10. The method of claim 9 wherein the host system provides the refund by crediting the account of the consumer.

11. The method of claim 10 wherein the account is an account of the consumer with the host system.

12. The method of claim 1 wherein a refund adjustment is made for each subsequent sales price lower than the at least one second price for the predetermined time period.

13. The method of claim 1 further comprising monitoring sales of the item or service during the predetermined time period for any incentive provided to consumers purchasing the item or service following the first transaction, and providing the consumer involved in the first transaction with a refund based on a money value of said incentive.

14. A computer program product comprising a computer storage medium having a computer program therein for guaranteeing a consumer a best price of an item or service purchased at a first price from a vendor in a first transaction at a first time, the first price paid by the consumer at the first time, said computer program performing the steps of

receiving and storing in a first database data for the first price with a unique identifier identifying the consumer,

receiving and storing in a second database at least one second price for the item or service, said second price comprising a price for the item or service at a time later than the first time,

determining, during a predetermined time period following the first time, any price of the at least one second price lower than the first price,

comparing the first price to the at least one second price,

calculating a money-value difference between the first price and the at least one second price lower than the first price, generating a refund amount equal to the money-value difference,

crediting an account of the consumer with the refund amount, and wherein only prices for the item or service purchased from the vendor involved in the first transaction are taken into account in the determining step.

15. The computer program product of claim 14 wherein the computer program performs the step of entering the consumer in a contest, the consumer qualifying for said entering and for winning a prize in said contest by completing the first transaction.

16. The computer program product of claim 14 wherein the computer program performs the steps of said at least one second price lower than the first price comprising a plurality of said second prices, the computer program further comprising determining the lowest price of the plurality of said second prices and generating a refund amount corresponding to a money-value difference between said lowest price and said first price, generating a refund amount equal to said money-value difference and, crediting an account of the consumer with the largest money-value difference.

17. An apparatus for guaranteeing a best price to a consumer for an item or service purchased at a first price at a first time from a vendor in a first transaction, the first price paid by the consumer at the first time, the apparatus comprising

a storage device,

a processor connected to the storage device, the storage device storing a program for controlling the processor, the processor operative to compare the first price to at least one second price for the item or service, said at least one second price temporally subsequent to the first price, determine whether the at least one second price is lower than the first price, wherein only prices for the item or service purchased from the vendor involved in the first transaction are taken into account, and, if so, calculate a money-value difference between the first price and the at least one second price which is lower than the first price, generate a refund amount equal to the money-value difference, and credit an account of the consumer with the refund amount.

18. The apparatus of claim 17 wherein the processor is operative to enter the consumer in a contest upon completion of the first transaction.

19. The apparatus of claim 17 wherein the processor is operative to credit the consumer'"'"'s account by transmitting data indicative of the refund amount and data identifying the consumer from a first computer to a second computer, the second computer maintaining the account of the consumer.

20. The apparatus of claim 17 wherein said at least one second price lower than the first price comprises a plurality of said second prices, the processor operative to determine the lowest price of the plurality of said second prices and a refund amount corresponding to a money-value difference between said lowest price and said first price, and generate a refund amount equal to said money-value difference.

21. A computer implemented method for guaranteeing a consumer a best price on an item or service purchased from a vendor in a first transaction at a first time at a first price, the first price paid by the consumer at the first time, the method comprising

recording at a computer a first price on an item or service and information identifying a consumer;

monitoring at the computer the sales price of the item for a predetermined time period after purchase of the item by the consumer in a consummated final first transaction;

noting any price lower than the first price for the item during the predetermined time period following the purchase of the item;

calculating a money-value difference between the first price and said any price lower than the first price;

determining a refund to an account of the consumer an amount equal to the money-value difference; and

duplicating for the consumer any incentive accompanying sales of the item after the consummated final first transaction during the predetermined time period.

22. The computer implemented method of claim 21 further comprising conducting the consummated final first transaction with the vendor via a host system.

23. The computer implemented method of claim 21 further comprising determining a pertinent geographic area for the consummated final first transaction and for limiting the monitoring step to sales prices available within the pertinent geographic area.

24. The computer implemented method of claim 21 further comprising providing a warranty to the consumer.

25. A new system for guaranteeing a consumer a best price on an item or service purchased from a vendor in a first transaction at a first time at a first price, the first price paid by the consumer at the first time, the system comprising:

means for storing in a first database at a computer data for a first price on an item or service at a first time and information identifying a consumer,

means for receiving at the computer at least one second price for the item or service, the at least one second price comprising a price for the item or service at a time later than the first time,

means for determining, during a predetermined time period following the first time, any price of the at least one second price lower than the first price for the item,

means for comparing the first price to the at least one second price and calculating a money-value difference between the first price and the any price of the at least one second price lower than the first price,

means for determining a refund amount equal to the money-value difference, and

means for posting the refund amount as a credit to an account of the consumer, wherein only prices for the item or service purchased from the vendor involved in the first transaction are taken into account in the means for determining any price of the at least one second price lower than the first price for the item.