System and method for facilitating commercial transactions
View Patent ↗An electronic fund transfer system that provides vital marketing information to participating merchants and purchasing records to customers while offering the most efficient and effective system to deliver the best terms and conditions for the products and services requested by customers. The system includes an electronic funds transfer card that can be used as a debit or charge card to purchase goods and services. At checkout, the system operates invisibly to the consumer and the cashier. Approval of the transaction operates similarly to a conventional debit card or credit card. All discounts are managed by the data clearinghouse which receives consumer data and merchant data. The clearinghouse communicates with the financial institution and forwards a statement which displays the accumulated discounts to the consumer.
1. A method of facilitating a reward program for buying club members comprising the steps of:
a) forming a reward alliance including club members, merchants and financial institutions;
b) monitoring transactions between club members and merchants and financial institutions by a data clearinghouse server;
c) providing said data clearinghouse server with purchase detail information from a merchant when a club member makes a purchase at a participating merchant using information obtained by said clearinghouse server from a financial institution server;
e) said purchase detail information includes total price paid on each item and item by item discounts on purchases;
f) said merchant authorizes said data clearinghouse server to obtain a club member refund from a merchant financial institution wherein said refund is based on said purchase detail information.
2. The method of facilitating a reward program for buying club members as set forth in claim 1 , further comprising the step of:
providing said merchant with a statement from said data clearinghouse server.
3. The method of facilitating a reward program for buying club members as set forth in claim 1 , wherein:
when a club member makes a purchase, said club member uses a card having a machine readable indicia thereon to purchase items.
4. The method of facilitating a reward program for buying club members as set forth in claim 3 , wherein:
said merchant scans said card through a scanning device which transmits club member information to said financial institution for purchase authorization.
5. The method of facilitating a reward program for buying club members as set forth in claim 1 , further comprising the step of:
transmitting purchase authorization information using a cellular telephone.
6. The method of facilitating a reward program for buying club members as set forth in claim 1 , further comprising the step of:
transmitting purchase detail information from said merchant to said data clearinghouse server.
7. The method of facilitating a reward program for buying club members as set forth in claim 1 , further including the step of:
providing a buying club member with an account and providing said club member with a debit card.
8. The method of facilitating a reward program for buying club members as set forth in claim 1 , further including the step of:
providing a buying club member with an account and providing said club member with a credit card.
9. The method of facilitating a reward program for buying club members as set forth in claim 8 , further including the step of:
providing a buying club member with an account and providing said club member with a personal identification number.