Electronic Rebate Transfer via Email Network
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Solution Overview
Problem
Current methods for sending money over the Internet are inefficient and costly, particularly for rebates, as they require credit card merchant accounts and physical delivery, which are slow and burdensome.
Innovation Solution
A system and method for initiating and delivering rebates via a computer network that allows users to send funds electronically, using embedded data in emails to transfer money directly to recipients' accounts, without the need for credit card merchant accounts, through a network involving web servers, databases, and financial institutions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Speed
If physical delivery services are used to send cash or checks, then money transfer is possible, but delivery time is slow and cost is high
Solution Approach 1:
The patent replaces the mechanical physical delivery system (cash or check transport) with an electronic information transmission system. Money transfer is achieved by sending electronic messages containing encoded financial instructions through computer networks, eliminating the need for physical movement of cash or checks via delivery services.
Solution Approach 2:
The patent creates an electronic copy or representation of the money transfer instruction embedded within an electronic message. Instead of physically moving the actual money or check, the system transmits a digital representation containing all necessary financial data (amount, recipient account, routing information) that can be processed electronically to effect the transfer.
2Ease of operation
If credit card merchant accounts are required for money transfer, then electronic payment is enabled, but system complexity and cost increase
Solution Approach 1:
The patent creates a universal money transfer system that works through standard electronic messaging infrastructure already widely available. The system can transfer funds using various account types (checking, savings, money market) without requiring specialized credit card merchant accounts, making the service accessible to ordinary consumers with basic bank accounts.
Solution Approach 2:
The patent introduces an intermediary processing system that receives electronic messages containing money transfer instructions, validates them, and executes the fund transfer through appropriate financial channels. This intermediary layer simplifies the user interface while handling the complexity of financial processing in the background, shielding users from system complexity.
Data Source
AI summary
A method and apparatus are disclosed for transferring money representing a rebate from a retailer or manufacturer to a customer/recipient via an electronic mail message over a computer network such as the Internet. The recipient purchases, either conventionally or via an online store, a product for which an electronic rebate applies. In one embodiment, the recipient acquires the product through a conventional sale and requests a rebate online. Using the product's universal product code and serial numbers as identifiers, the sale is authenticated, and a transaction processor completes a funds transfer between the retailer or manufacturer and the recipient.