Transaction settlement using value exchange systems and methods
AssigneeFirst Data Corporation
InventorKurt Hansen
Life of this patent
Estimating the term…
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.
Claims21
A method of settling a purchase transaction, comprising:
- establishing an account on behalf of a customer, wherein the account relates to a quantity of service and wherein establishing the account includes establishing an exchange ratio that equates the quantity of service to a measure of value;
- thereafter receiving a transaction settlement request from a merchant for a purchase by the customer, wherein the transaction settlement request has associated therewith an amount of value the customer has agreed to pay the merchant;
- and
- 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.
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.
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;
- and
- provide the amount of value to the merchant.
The system of claim 21, 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.
Dependencies are inferred from the claim text.