Transaction settlement using value exchange systems and methods

• US 7,908,212 B2
• Filed: 04/25/2005
• Issued: 03/15/2011
• Est. Priority Date: 04/25/2005
• Status: Active Grant

• Current Assignee: Western Union
• Original Assignee: Western Union
• Inventors: Hansen, Kurt
• Primary Examiner(s): Maguire; Lindsay M.
• Assistant Examiner(s): Abdi; Kambiz
• Application Number:
  US11/114,911
• Publication Number:
  US 20060242059A1
• Time in Patent Office: 2,150 Days
• Field of Search: 705/39, 705/40
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

A method of settling a purchase transaction includes establishing an account on behalf of a customer. The account relates to a quantity of service and establishing the account includes establishing an exchange ratio that equates the quantity of service to a measure of value. The method also includes thereafter receiving a transaction settlement request from a merchant for a purchase by the customer. The transaction settlement request has associated therewith an amount of value the customer has agreed to pay the merchant. The method also includes, in satisfaction of the transaction settlement request, decrementing the customer'"'"'s quantity of service in accordance with the exchange ratio and the amount of value and providing the amount of value to the merchant.

Claims

1. A system for settling a purchase transaction, comprising:

a processor;

a storage arrangement; and

instructions that program the processor to;

store account information for a customer account at the storage arrangement, wherein the account information includes information that defines a quantity of service for the customer and an exchange ratio that equates the quantity of service to a measure of value;

receive a transaction settlement request from a merchant relating to the customer, wherein the transaction settlement request has associated therewith an amount of value the customer has agreed to pay the merchant;

decrement the customer'"'"'s quantity of service in accordance with the exchange ratio and the amount of value; and

provide the amount of value to the merchant;

wherein the instructions, in programming the processor to provide the amount of value to the merchant, program the processor to aggregate a plurality of transaction settlement requests for a specific merchant and provide an amount of value to the specific merchant based on the aggregation.

2. The system of claim 1, wherein the account information relates to Internet access and the exchange ratio equates a period of Internet access to an amount of money.

3. The system of claim 1, wherein the account information relates to telephone service and the exchange ratio equates a period of access to an amount of money.

4. The system of claim 1, wherein the amount of value is less than one cent.

5. The system of claim 1, wherein the quantity of service comprises a first term having a first expiration date and time, wherein decrementing the customer'"'"'s quantity of service in accordance with the exchange ratio and the amount of value comprises advancing the first expiration date and time to a revised expiration date and time, and wherein the software further programs the processor to, upon receipt of payment from the customer for a subsequent term, establish the beginning of the subsequent term as the revised expiration date and time.

6. The system of claim 5, wherein the payment from the customer includes an overhead portion and a service portion, and wherein the software further programs the processor to establish the end of the subsequent term using only the service portion of the payment.

7. A computer-readable medium having stored thereon instructions that program a processor to:

store account information for a customer account at the storage arrangement, wherein the account information includes information that defines a quantity of service for the customer and an exchange ratio that equates a measure of value to the customer'"'"'s quantity of service;

receive a transaction settlement request from a merchant relating to the customer, wherein the transaction settlement request has associated therewith an amount of value the customer has agreed to pay the merchant;

decrement the customer'"'"'s quantity of service in accordance with the exchange ratio and the amount of value;

provide the amount of value to the merchant; and

provide the amount of value to the merchant, program the processor to aggregate a plurality of transaction settlement requests for a specific merchant and provide an amount of value to the specific merchant based on the aggregation.

8. The non-transitory computer-readable medium of claim 7, wherein the instructions, in programming the processor to provide the amount of value to the merchant, program the processor to aggregate a plurality of transaction settlement requests for a specific merchant and provide an amount of value to the specific merchant based on the aggregation.

9. The non-transitory computer-readable medium of claim 7, wherein the account information relates to Internet access and the exchange ratio equates a period of Internet access to an amount of money.

10. The non-transitory computer-readable medium of claim 7, wherein the account information relates to telephone service and the exchange ratio equates a period of access to an amount of money.

11. The non-transitory computer-readable medium of claim 7, wherein the amount of value is less than one cent.

12. The non-transitory computer-readable medium of claim 7, wherein the quantity of service comprises a first term having a first expiration date and time, wherein decrementing the customer'"'"'s quantity of service in accordance with the exchange ratio and the amount of value of the transaction comprises advancing the first expiration date and time to a revised expiration date and time, and wherein the software further programs the processor to, upon receipt of payment from the customer for a subsequent term, establish the beginning of the subsequent term as the revised expiration date and time.

13. The non-transitory computer-readable medium of claim 12, wherein the payment from the customer includes an overhead portion and a service portion, and wherein the software further programs the processor to establish the end of the subsequent term using only the service portion of the payment.

14. A method for settling a purchase transaction, the method comprising:

storing, at a host computer system, account information for a customer account at the storage arrangement, wherein the account information includes information that defines a quantity of service for the customer and an exchange ratio that equates a measure of value to the customer'"'"'s quantity of service;

receiving, by the host computer system, a transaction settlement request from a merchant relating to the customer, wherein the transaction settlement request has associated therewith an amount of value the customer has agreed to pay the merchant;

decrementing, by the host computer system, the customer'"'"'s quantity of service in accordance with the exchange ratio and the amount of value;

providing, by the host computer system, the amount of value to the merchant; and

providing, by the host computer system, the amount of value to the merchant, program the processor to aggregate a plurality of transaction settlement requests for a specific merchant and provide an amount of value to the specific merchant based on the aggregation.

15. The method of claim 14, further comprising:

aggregating a plurality of transaction settlement requests for a specific merchant; and

providing an amount of value to the specific merchant based on the aggregation.

16. The method of claim 14, wherein the account information relates to Internet access and the exchange ratio equates a period of Internet access to an amount of money.

17. The method of claim 14, wherein the account information relates to telephone service and the exchange ratio equates a period of access to an amount of money.

18. The method of claim 14, wherein the amount of value is less than one cent.

19. The method of claim 14, wherein the quantity of service comprises a first term having a first expiration date and time, wherein decrementing the customer'"'"'s quantity of service in accordance with the exchange ratio and the amount of value of the transaction comprises advancing the first expiration date and time to a revised expiration date and time, and wherein upon receipt of payment from the customer for a subsequent term, the method further comprises establishing the beginning of the subsequent term as the revised expiration date and time.

20. The method of claim 19, wherein the payment from the customer includes an overhead portion and a service portion, and wherein the method further comprises establishing the end of the subsequent term using only the service portion of the payment.