Financial transaction system with consumer reward and net settlement
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
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Apr 14, 2009
Grant Date -
Apr 29, 2004
app pub date -
Jul 14, 2003
filing date -
Jul 17, 1998
priority date (Note) -
Expired
status (Latency Note)
Importance
Abstract
A financial transaction system in which a participant may make a purchase of goods or services from a merchant using an access device such as a payment card. Upon approval, the transaction is routed for net settlement of all funding to a Program Manager that applies logic to the transaction to calculate a merchant funded loyalty reward to the participant and administration and bank association fees. The bank association funds the merchant's account net rebate and other fees. The participant's rebate, if in cash, is placed in an investment account which may be interest bearing and is distributed upon the occurrence of an event such as retirement. The rebate provides the participant a convenient way to save money while also providing business benefits to the merchants.
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