Consumer Discount Payment Card System and Method™
Over the years, consumers are finding ways to save money on their purchases whether it be through discounts, coupons, cash back programs, or other methods. Retailers often utilize these methods to attract consumers to shop with them instead of their competitors. The healthcare industry has also seen a recent development similar to this with drug discount cards to help consumers save money on their pharmaceutical prescriptions without having to worry about using insurance. The Consumer Discount Payment Card System and Method™ seeks to challenge the industry standards with its innovative process to save consumers money along with helping retailers and healthcare organizations better gain and retain clients.
The Consumer Discount Payment Card System and Method™ is a process related to providing discounted goods and services to customers through card-based methods and other technologically advanced methods. One of the key features of this discount system is the ability to pair it with a payment to allow customers to use the card to pay and get a discount for their goods or services simultaneously at the time of purchase. The discount system also provides more flexibility to merchants when it comes to deciding the discounts to be given to customers. There is also the potential for multiple retailers or health organizations to share the same card or system to reduce the amount of discount cards consumers have to keep track of. In addition, attainment of this particular card will have universal applicability across all business sectors.
PRODUCT FEATURES & BENEFITS
- Provides a discount system for a variety of retailers and healthcare organizations to utilize
- Combines both a discount system and a payment method
- Allows merchants to choose what discounts are given to customers
- Allows merchants to adjust discount amounts throughout the year
- Discount is provided immediately at time of purchase
- Ability to have consumers use same discount account for multiple retailers
- Customizable for the needs of the merchant and consumer
- Leverages cloud-based model for maximum efficiency
- Simple process for consumers and merchants to use
The Consumer Discount Payment Card System and Method™ is an automated method of employing a dynamic discount card payment program to enable a discount card-carrying consumer to pay a discount card-accepting service provider bill amount. This method includes a dynamic discount payment card computer system to monitor modifications made, by a service provider, to a discount rate methodology. This discount system empowers merchants to control in real time the criteria and variables used to determine discount rates to be applied at the time of payment. The system automatically calculates and applies the service provider-modified discount rate methodology to the service provider bill amount during processing of a corresponding consumer discount card-based payment of the provider bill amount.
The Consumer Discount Payment Card System and Method™ is designed to be utilized both by retailers and healthcare organizations. One of the key features of this discount system is the ability to pair it with a payment to allow customers to use the card to pay and get a discount for their goods or services simultaneously at the time of purchase. There are some credit card companies that have credit cards with rewards programs, but this would allow consumers to choose whichever payment method they prefer while still getting access to the same discounts. This will also eliminate the need for credit card companies from having to pay consumers bonus rewards and have all the expense of running their rewards programs. The latter is a true and measurable expense that can be negated by the credit card companies exclusively via this system/method.
The product provides the flexibility to merchants to allow them to choose exactly what to allow discounts and during what periods of time. Most conventional card-based discount programs offer very little to no control to the merchants on the discounts assigned to their goods or services. External factors, such as the time of year, can greatly affect the amount of discount merchants wish to provide to their consumers. For example, during slower business times, merchants may want to increase the discount rate to attract more consumers to buy from them. Merchants may also want the ability to restrict which products or services consumers can get discounts on since some products or services already have a small profit margin. Merchants may also want to provide a greater discount on certain products that are not selling as well or need to be moved out of stock. This system will provide the real-time capability for merchants to adjust what discounts are available and for how much with ease.
One of the great things that could come from this product is the ability for multiple retailers or health organizations to share the same card or system hence greatly reducing the amount of discount cards consumers must keep track of. The current multitude of rewards and discount program available is burdensome for the consumer since it is often too much of a hassle to make sure they always have all the cards they need. Consumers are also becoming increasingly weary of sharing their personal information with so many companies since they typically get bombarded by promotional material in the process. Having just one discount card system for them to use with their favorite retailers and healthcare organizations would make many consumers much more inclined to sign up and utilize these discounts.
There is also the untapped healthcare organization side of this discount program. We have seen in recent years the rise of pharmacy discount card programs, but there has yet to be a company entering the space on the rest of the healthcare side. With how cumbersome the healthcare system has become on consumers and healthcare providers, many are yearning for a better way to receive healthcare services at a great price where the healthcare provider is getting paid a fair rate. Many consumers are also uninsured or underinsured causing even routine tasks to be vastly more expensive than it would with full coverage health insurance.
Many consumers would love to have a discount card where they could get discounts on the services they already utilize such as routine dental cleanings, and they could also explore add-on services they might not usually look into due to the extra cost. Healthcare organizations would also greatly benefit from a program like this to reduce the amount of time and expense involved with the traditional way of administering and collecting accounts receivable from their patients. This will also allow patients the potential to focus more on getting the healthcare from a provider they prefer versus always being stuck with whoever their insurance says is in network.
Materials needed to produce the Consumer Discount Payment Card System and Method™:
- Software design of the system
- Equipment to deploy the product as a cloud-based system
- Discount cards for customers to use, potential customization
- A support team of people to create and manage the system
The Consumer Discount Payment Card System and Method™ is covered by United States Utility Patent: 10,922,687
For additional information, licensing opportunities, and a full prospectus on the Consumer Discount Payment Card System and Method™ contact:
VP of Business Development