WHAT IS PRICE SETTER?
Price Setter® generally relates to a transaction arbitration system, specifically a system which permits Buyers to interact with Sellers over a communication network and achieve deals for services or merchandise in real time. Price Setter® augments existing shopping methods by acting as an interface between Buyers and Sellers engaging pricing functions and limiting parameters to compete within a function database optimizing competition among Sellers and presenting the optimal possible price to a request-for-quote generated by the Buyer.
Price Setter® is the cloud platform where Sellers can store their pricing parameters so their prices can adjust up or down when compared to competitor’s prices. Our mission is to create a more efficient e-commerece environment where both buyers and sellers are experiencing greater benefits.
Buyers will benefit by having the opportunity to get an even lower price on a product that they perceived to be at an already low price. They will get results in real-time without having to wait on responses form Sellers. They will experience the instant satisfaction of getting a deal on the spot.
Sellers will benefit by having the power to control what kind of discount they give when being compared to a competitors price. They can set their limits according to their needs. They have the power to change their parameters whenever necessary or according to conditions that may have effects on their business. They can maximize their profits by not having to advertise they bottom-line prices.
Jorge Maass, being a little bit of a perfectionist, is always thinking about how to make things simpler yet more effective and how to turn problems in to opportunities. Frequently when asked he tells a story about how he came up with the idea for Price Setter® and recalls one time back in 2003 when he visited a pharmacy to purchase a prescription medicine. After he was told that it would cost him around $100 he decided to go to another pharmacy near by. That pharmacy was selling the same prescription for $ 150 dollars. Intrigued about the big difference in price, Jorge told the pharmacist that their competitor was selling it for $50 less. It was then when the pharmacist told Jorge not to go to the other pharmacy and that they will match their competitor’s price.
Jorge thought it would be nice to have a hand held tool that you can use to engage local and online merchants to compete in real time. That was the beginning of a new world commerce, but at that time this technology was way ahead of its time as the needed infrastructure was not there. It was until 2007 and 2008 that the cellular communication networks began to adapt to the smart phone technology which was about to explode.
Jorge Maass founder of Price Setter® was granted patent No. 8,533,097 by the U.S. Patent and Trademark Office for his “Transaction Arbiter System and Method” on Sept. 10, 2013, a one of a kind multi-purpose E-commerce and M-commerce platform where buyers can interact with and engage local and online sellers in a real time, unattended, on demand, instantaneous Price Competition (Price Arbitration) for any products or services. Price Setter® is a cloud based platform where sellers can deposit and store their pricing parameters and functions which come in to play when their prices are being compared to the prices of their competitors and have the option to automatically self-adjust up or down as necessary for each individual transaction without affecting the prices on their individual store’s website, this way sellers do not have to advertise low prices on their website across the board all of the time.
On Dec. 24, 2013 the USPTO issued a notice of allowance (NOA) for a second patent application No. 13/938,113 now patent No. 8,655,771 disclosing many more interesting features for the Transaction Arbiter, these features represent radical improvements over hundreds of conventional systems and methods used for many years through the use of PC’s over the internet, by incorporating the use of much advanced technology such as today’s smart phones and tablets, interactive screens, code scanners, GPS, RFID and NFC hardware, all of them including the phones and tablets themselves covered by the Transaction Arbiter patents making the scope of the patents practically unlimited and retroactive back to 2005, a few years earlier than the introduction of the iPhone, Android phones and tablets.
On February 13, 2018 the USPTO issued patent No. 9,892,445 covering Programmatic Advertising, Real-time Bidding Advertising and Header Bidding Advertising.
Other published continuation applications include 14/080,610 and 15/859,179