Stored Value Card Rebate Activation System
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Solution Overview
Problem
Traditional rebate systems are cumbersome, leading to delayed and uncertain rebate fulfillment, high administrative costs, and low redemption rates due to paper-based processes and the requirement for pre-existing relationships with issuers, which discourages consumers from redeeming rebates.
Innovation Solution
A system and method for creating a stored value account at the point of sale, where an indicia of an identifier is provided to customers, allowing them to activate a rebate account immediately, linked to their purchase information, enabling instant access to rebate funds without the need for paper submissions or pre-existing relationships.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of time
If traditional paper-based rebate systems are used, then rebate fulfillment can be achieved, but processing time is excessively long and administrative costs are high
Solution Approach 1:
The patent replaces the mechanical paper-based system with an electronic data processing system. Customers submit rebate information electronically through a website, and the system automatically processes claims using computer algorithms to verify purchase information, eliminating manual paper handling and accelerating the entire rebate fulfillment process.
Solution Approach 2:
The system performs preliminary verification of rebate claims by automatically checking purchase information against database records before final approval. This preliminary electronic validation prevents fraudulent claims early in the process and reduces the time needed for manual review of each submission.
2Adaptability or versatility
If pre-existing relationships with issuers are required, then stored value cards can be issued, but consumer participation and redemption rates decrease
Solution Approach 1:
The patent creates a universal rebate system that accepts submissions from any customer without requiring pre-existing relationships with specific issuers. The electronic platform serves multiple functions: accepting rebate submissions, verifying purchases, issuing stored value cards, and managing multiple product lines, making the system accessible and convenient for all consumers.
3Reliability
If paper rebate forms and UPC symbols are required, then proof of purchase can be verified, but customer hassle and submission errors increase
Solution Approach 1:
The system uses electronic copies of purchase information stored in databases rather than requiring physical paper copies from customers. The electronic platform captures and stores purchase data digitally, allowing automated verification without requiring customers to physically handle, mail, or attach paper receipts and UPC symbols.
4Measurement precision
If manual processing of rebate submissions is used, then individual claims can be reviewed, but administrative labor costs are excessive
Solution Approach 1:
The system enables self-service rebate processing where the electronic platform automatically performs verification, validation, and approval functions without requiring manual administrative intervention for each claim. The automated system serves itself by comparing submitted information against database records and making determination, dramatically reducing labor costs while maintaining processing capacity.
Data Source
AI summary
A system and method for creating a stored value account based on a purchase transaction are provided. An indicia of an identifier to be distributed to a customer at a point of sale as a result of a purchase is passed. A request to activate a stored value account associated with the identifier is received from the customer, wherein the request comprises the identifier. The stored value account is activated by a computer processor. The stored value account comprises information about a rebate value that is associated with the purchase and usable by the customer.