WHAT IS PRICE SETTER?
Price Setter® generally relates to a transaction arbitration system also known as a Real-Time Bidding℠ system or RTB, 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 commerce methods by acting as an interface between Buyers and Sellers engaging pricing/bidding functions and limiting parameters to compete optimizing competition among Buyers and Sellers and presenting the optimal possible price to a request-for-bid.
Price Setter® is the cloud platform where service providers can store their pricing/bidding parameters so their prices can adjust up or down when compared to competitor’s prices. Our mission is to create a more efficient e-commerce environment where both buyers and sellers experience greater benefits.
Participants will benefit by having the opportunity to get an even better price/bid on a product or service. They will get results in real-time without having to wait on responses form the providers. They will experience the instant satisfaction of getting the best deal on the spot.
Providers will benefit by having the power to control what kind of price/bid they give when being compared to a competitors price/bid. 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 offer a bottom-line price/bid.
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 and service providers 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 merchants and service providers in a real time, unattended, on demand, instantaneous Price Competition (Price Arbitration) for any products or services also known as Real-Time Bidding℠. Price Setter® is a cloud based platform where providers can deposit and store their pricing parameters 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 providers 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, 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 and Header Bidding Advertising.
Other published continuation applications include 14/080,610 and 15/859,179