System and method for transacting purchases with a cash vendor using points and a virtual credit card

Abstract

System and method that utilizes a participant's points and a single use, virtual credit card account to implement a cash purchase with a cash vendor. The virtual credit card is active for a single purchase only with an available credit equal to the total of the cash purchase price and any fees. The virtual credit card may further be active for a limited period of time.

What is claimed is: 
     
         1 . A computerized method for use by a participant of a program of a program owner, in which the program awards points to the participant, wherein the awarded points are maintained in a point account for the participant by a program manager, said method for permitting the participant to transact a purchase using the awarded points with a cash vendor system which transacts purchases in currency wherein the transaction occurs via a broker website which interfaces between the participant and the cash vendor system, wherein a virtual payment provider provides a virtual credit card account for facilitating the transaction, said method comprising:
 permitting the participant to:
 contact the cash vendor system via the broker website; and 
 select from the cash vendor system via the broker website at least one item having a cash purchase price; 
   said method further comprising:   receiving by the broker website a participant credit card account for paying for fees and a nonpoint portion of the cash purchase price;   requesting a virtual credit card account from the virtual payment provider, wherein the virtual credit card account is uniquely associated with the transaction;   charging fees to the virtual credit card account;   providing the virtual credit card account to the cash vendor system so that the cash vendor system can charge the cash purchase price to the virtual credit card account;   charging the participant credit card account for the nonpoint portion of the cash purchase price;   deducting points from the point account of the participant corresponding to the point portion of the cash purchase price;   such that from the perspective of the participant, the participant uses the broker website to conduct a purchase transaction with the cash vendor system based in part on the points in the participant's point account and based in part on the participant's credit card account; and   such that from the perspective of the cash vendor system, the cash vendor system conducts the purchase transaction with the participant as a currency transaction based on the virtual credit card account.   
     
     
         2 . The method of  claim 1 , wherein the virtual credit card account is active for a single purchase only and wherein the virtual credit card account has available credit equal to the total of the cash purchase price and fees. 
     
     
         3 . The method of  claim 1 , wherein the program manager and the program owner are the same entity. 
     
     
         4 . The method of  claim 1 , wherein the virtual payment provider receives payment from the program manager for the total amount charged to the virtual credit card. 
     
     
         5 . The method of  claim 1 , wherein the fees include a program manager fee and/or a broker fee. 
     
     
         6 . The method of  claim 1 , further comprising receiving by the program manager payment from the program owner for the points portion of the cash purchase price. 
     
     
         7 . The method of  claim 5 , further comprising receiving by the program manager payment from the broker for the program manager portion of the fees charged to the virtual credit card by the broker. 
     
     
         8 . The method of  claim 1 , further comprising charging the participant credit card account for the fees associated with the transaction. 
     
     
         9 . The method of  claim 6 , further comprising receiving by the program manager payment from the program owner for the fees charged to the virtual credit card. 
     
     
         10 . The method of  claim 5 , wherein the fees further include a program owner fee. 
     
     
         11 . The method of  claim 10 , further comprising receiving by the program manager payment from the broker for the program owner portion of the fees charged to the virtual credit card by the broker. 
     
     
         12 . The method of  claim 11 , further comprising crediting by the program manager the program owner for the program owner fees. 
     
     
         13 . A computerized method for use by a participant of a program of a program owner, in which the program awards points to the participant, wherein the awarded points are maintained in a point account for the participant by a program manager, said method for permitting the participant to transact a purchase using the awarded points with a cash vendor system which transacts purchases in currency wherein the transaction occurs via a broker website which interfaces between the participant and the cash vendor system, wherein a virtual payment provider provides a virtual credit card account for facilitating the transaction, said method comprising:
 permitting the participant to:
 contact the cash vendor system via the broker website; and 
 select from the cash vendor system via the broker website at least one item having a cash purchase price; 
   said method further comprising:   receiving by the broker website a participant credit card account for paying for a nonpoint portion of the cash purchase price;   requesting a virtual credit card account from the virtual payment provider, wherein the virtual credit card account is uniquely associated with the transaction;   providing the virtual credit card account to the cash vendor system so that the cash vendor system can charge the cash purchase price to the virtual credit card account;   charging the participant credit card account for the nonpoint portion of the cash purchase price;   deducting points from the point account of the participant corresponding to the points portion of the cash purchase price;   such that from the perspective of the participant, the participant uses the broker website to conduct a purchase transaction with the cash vendor system based in part on the points in the participant's point account and based in part on the participant's credit card account; and   such that from the perspective of the cash vendor system, the cash vendor system conducts the purchase transaction with the participant as a currency transaction based on the virtual credit card account.   
     
     
         14 . The method of  claim 13 , wherein the virtual credit card account is active for a single purchase only and wherein the virtual credit card account has available credit equal to the total of the cash purchase price and fees. 
     
     
         15 . The method of  claim 13 , wherein the program manager and the program owner are the same entity. 
     
     
         16 . The method of  claim 13 , wherein the virtual payment provider requests payment from the program manager for the total amount charged to the virtual credit card. 
     
     
         17 . The method of  claim 13 , further comprising receiving by the program manager payment from the program owner for the points portion of the cash purchase price. 
     
     
         18 . The method of  claim 13 , further comprising receiving a recurring payment of a set amount from the program owner for the payment of fees. 
     
     
         19 . The method of  claim 15 , wherein the broker and/or program manager requests the recurring payment from the program owner. 
     
     
         20 . A computerized system for use by a participant of a program of a program owner, in which the program awards points to the participant, wherein the awarded points are maintained in a point account for the participant by a program manager, said system for permitting the participant to transact a purchase using the awarded points with a cash vendor system which transacts purchases in currency wherein the transaction occurs via a broker website which interfaces between the participant and the cash vendor system, wherein a virtual payment provider provides a virtual credit card account for facilitating the transaction, said system comprising:
 A participant graphical user interface (GUI) for permitting the participant to:
 contact the cash vendor system via the broker website; 
 select from the cash vendor system via the broker website at least one item having a cash purchase price; and 
 provide a participant credit card account for paying for a nonpoint portion of the cash purchase price; 
   A virtual payment provider server:
 providing a virtual credit card account, wherein the virtual credit card account is uniquely associated with the transaction; 
   A program manager server:
 requesting the virtual credit card account from the virtual payment provider; 
 charging the participant credit card account for the nonpoint portion of the cash purchase price; and 
 deducting points from the point account of the participant corresponding to the points portion of the cash purchase price; 
   A broker server:
 receiving the participant credit card account for paying for a nonpoint portion of the cash purchase price; 
 charging the cash purchase price of the item to the virtual credit card account; and 
 providing the virtual credit card account to the cash vendor system so that the cash vendor system can charge the cash purchase price to the virtual credit card account; 
 such that from the perspective of the participant, the participant uses the broker website to conduct a purchase transaction with the cash vendor system based in part on the points in the participant's point account and based in part on the participant's credit card account; and 
 such that from the perspective of the cash vendor system, the cash vendor system conducts the purchase transaction with the participant as a currency transaction based on the virtual credit card account.