Payment method decision engine

Abstract

A computerized system and method that enables identifying the best payment currency for a product or service is disclosed. Payment currencies include cash, reward programs and the unit or currency in which reward programs are denominated, and combinations thereof. A single product search request initiates searches of multiple payment currencies. Availability, discounts, prices, comparable costs, net values and relative values are determined and/or calculated per each payment currency. Comparable cost, relative value, or other criteria, may be used to determine the best payment method, that is, the lowest cost in a common currency, such as cash. Determination of the best payment currency is accomplished in “real-time” and has an advantage of leveraging quantitative and qualitative analysis in its determination. In addition, the search may be personalized by adding information unique to each user.

What is claimed is: 
     
         1 . A computerized method of calculating a price, comprising:
 conducting a computerized search for prices for a product or service for a user;   receiving a first price in a first currency and at least one second price in a rewards currency for the product or service;   converting the at least one second price in a rewards currency to an equivalent cash price, the step of converting based on at least one of estimated usage of the at least one rewards currency by the user or a group of users, actual usage of the at least one rewards currency by the user or a group of users, historical usage data of the at least one rewards currency by the user or a group of users, a desired future usage of the at least one rewards currency by the user or a group of users, historical usage data from at least one rewards program, a status or desire for status of the user, and potential usage of the at least one rewards program; and   calculating the price.   
     
     
         2 . The method of  claim 1 , wherein the step of converting is based on the user's historical usage of the rewards currency or based on at least one response from the user to a query concerning at least one of past or prospective use of the rewards currency. 
     
     
         3 . The method of  claim 1 , wherein the first currency is selected from the group consisting of a domestic currency, a foreign currency, a cash currency, a virtual currency, money, rewards points, rewards credits and rewards miles. 
     
     
         4 . The method of  claim 1 , further comprising calculating an average value in cash over a time period for at least one rewards currency and comparing the average value to a present value in the common currency of the at least one currency for a rewards program in results presented to the user. 
     
     
         5 . The method of  claim 1 , further comprising calculating a net value and a relative value for the product or service. 
     
     
         6 . The method of  claim 1 , further comprising calculating a cash value of at least one rewards currency earned by the user in purchasing the product or service and using the cash value of the reward in calculating the price. 
     
     
         7 . The method of  claim 1 , wherein in converting the at least one second price in a rewards currency to an equivalent cash price, the step of converting is based on an acquisition cost of the at least one rewards currency. 
     
     
         8 . A computerized method of calculating a value, comprising:
 receiving at least one reward currency balance of a user; and   calculating a value of the at least one reward currency balance of the user in a common currency,   wherein the step of calculating is based on at least one of historical usage data from the user, a desired future usage by the user, historical usage data from at least one rewards program, and a status of the user.   
     
     
         9 . The method of  claim 8 , wherein the at least one reward currency balance is selected from the group consisting of rewards points, rewards credits and rewards miles. 
     
     
         10 . The method of  claim 8 , further comprising adapting the step of calculating based on a user input, based on a user's historical usage of the at least one reward currency, or based on at least one response from the user to a query concerning at least one of past or prospective use of the currency. 
     
     
         11 . The method of  claim 8 , further comprising:
 accepting a request from the user to find a product or a service;   in response to the request, conducting a computerized search to find price information for the product or service;   calculating a first result in a currency of the at least one rewards program and a second result in the common currency; and   presenting at least one result of the search to the user.   
     
     
         12 . The method of  claim 8 , wherein the common currency is selected from the group consisting of US dollars, Canadian dollars, European Euros and British pounds. 
     
     
         13 . A computerized method of calculating a value, comprising:
 receiving at least one non-cash reward balance of a user; and   calculating a value of the at least one non-cash reward balance of the user in a cash currency,   wherein the step of calculating is based on at least one of historical usage data from the user, a desired future usage by the user, historical usage data from at least one rewards program, and a status of the user.   
     
     
         14 . The method of  claim 13 , wherein the at least one reward balance of the user comprises a plurality of rewards balances, and wherein the step of calculating includes calculating a relative value of each of the reward balances in terms of the others of the reward balances and in terms of the cash currency. 
     
     
         15 . The method of  claim 13 , further comprising:
 conducting a computerized search for a product or service for the user; and   presenting at least one result of the search to the user, wherein the at least one result is presented in terms of a price in terms of the non-cash reward balance of the user, and if a second result of the search is presented to the user, the second result of the search is presented in terms of a different non-cash reward balance price of the user or a cash price.   
     
     
         16 . The method of  claim 13 , wherein the step of calculating the value in the cash currency is based on a premium or penalty value of the reward currency based on historical use of the user or a group of users. 
     
     
         17 . The method of  claim 13 , wherein the at least one non-cash reward balance is selected from the group consisting of rewards points, rewards credits and rewards miles. 
     
     
         18 . A system, comprising:
 a computer;   a user database connected to the computer, the user database comprising information of a plurality of users concerning user preferences for products, services and at least one rewards program;   a rules database connected to the computer, the rules database comprising information of a plurality of merchants and providers of products and services, said rules database also comprising information for rewards programs of the plurality of merchants and providers;   a computer program embodied on a computer-readable memory accessible to the computer, the computer program comprising a search engine for searching for prices for the products and services, and a pricing engine for calculating prices, values and costs for the products and services,   wherein the computer program is adapted to calculate a cash value for points, miles or other rewards of a rewards program.   
     
     
         19 . The system of  claim 18 , wherein cash is selected from the group consisting of national currencies. 
     
     
         20 . The system of  claim 18 , wherein the computer program is adapted to access a plurality of providers, intermediaries and aggregators of the products and services to update the rules database and the user database. 
     
     
         21 . The system of  claim 18 , wherein the computer program is adapted to update the user database by accumulating discrete transactional data of individual user's purchases, preferences, and redemption behavior across multiple payment methods, including rewards programs. 
     
     
         22 . The system of  claim 18 , where the computer program is adapted to calculate a personalized cash value for points, miles or other rewards of a user's rewards programs.