Money card system, method and apparatus
First Claim
1. A method for conducting a transaction using a money card comprising the steps of:
- creating a transaction request containing a money card account information, a money card authentication information and a transaction amount;
transmitting the transaction request from a merchant to a clearinghouse;
determining whether to approve the transaction by verifying the money card account information and the money card authentication information with an account information stored in a database, and determining whether the transaction amount exceeds a credit balance for the money card stored in the database;
transmitting a transaction response, which approves or disapproves the transaction, to the merchant; and
whenever the transaction is approved, reducing the credit balance for the money card in the database by the transaction amount and reconciling the transaction amount with the merchant.
1 Assignment
0 Petitions
Accused Products
Abstract
The present invention provides a money card system, method and apparatus that is convenient, easy to use, does not require good or any credit, is useable by individuals having low incomes, is interchangeable with cash, is available in many currencies, can be used in COD transactions, and is safer than cash, checks, money orders, cashier'"'"'s checks, traveler'"'"'s checks, ATM cards, credit cards, debit cards, stored-value cards and smart cards. For these individuals, the money card would provide the functionality of cash enhanced with the security of a Personal Identification Number (PIN) or Personal Identification Code (PIC) or other biometric information, such as fingerprint, handprint, voiceprint, iris scan, retina scan, thermal image, electronic/digital signature or any other form of endorsement that may be used to personalize and secure the transaction.
261 Citations
36 Claims
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1. A method for conducting a transaction using a money card comprising the steps of:
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creating a transaction request containing a money card account information, a money card authentication information and a transaction amount;
transmitting the transaction request from a merchant to a clearinghouse;
determining whether to approve the transaction by verifying the money card account information and the money card authentication information with an account information stored in a database, and determining whether the transaction amount exceeds a credit balance for the money card stored in the database;
transmitting a transaction response, which approves or disapproves the transaction, to the merchant; and
whenever the transaction is approved, reducing the credit balance for the money card in the database by the transaction amount and reconciling the transaction amount with the merchant. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method for dispensing a money card comprising the steps of:
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obtaining a payment of funds and a money card authentication information from a customer;
creating an activation request containing a credit balance based on the payment of funds, the money card authentication information and a money card account information;
transmitting the activation request from a vendor to a clearinghouse;
creating an account for the money card and storing the credit balance, the money card authentication information and the money card account information in a database;
transmitting an activation response to the vendor; and
providing the money card to the customer. - View Dependent Claims (10, 11, 12)
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13. A method for cardless authentication comprising the steps of:
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receiving authentication information, the authentication information comprising;
vendor receipt information whenever a customer has a vendor receipt from the customer'"'"'s purchase of a money card, or money card purchase information whenever the customer does not have the vendor receipt from the customer'"'"'s purchase of the money card and the money card has not been used, or merchant receipt information whenever the customer does not have the vendor receipt from the customer'"'"'s purchase of the money card and the money card has been used and the customer has a merchant'"'"'s receipt, or product purchase information whenever the customer does not have the vendor receipt from the customer'"'"'s purchase of the money card and the money card has been used and the customer does not have the merchant'"'"'s receipt; and
verifying the authentication information. - View Dependent Claims (14, 15, 16)
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17. A method for cardless authentication comprising the steps of:
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receiving authentication information, the authentication information comprising;
general product purchase information and general vendor receipt information whenever a money card has been used and a customer does not have a previous merchant'"'"'s receipt and the customer does not have a vendor'"'"'s receipt from the customer'"'"'s purchase of the money card, or exact product purchase information and general vendor receipt information whenever the money card has been used and the customer has the previous merchant'"'"'s receipt and the customer does not have the vendor'"'"'s receipt from the customer'"'"'s purchase of the money card, or general vendor receipt information whenever a money card has not been used and the customer does not have the vendor'"'"'s receipt from the customer'"'"'s purchase of the money card, or exact vendor receipt information whenever the money card has not been used and the customer has the vendor'"'"'s receipt from the customer'"'"'s purchase of the money card; and
verifying the authentication information. - View Dependent Claims (18, 19, 20)
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21. A computer program for conducting a transaction using a money card embodied on
a computer readable medium comprising: -
a code segment for creating a transaction request containing a money card account information, a money card authentication information and a transaction amount;
a code segment for transmitting the transaction request from a merchant to a clearinghouse;
a code segment for determining whether to approve the transaction by verifying the money card account information and the money card authentication information with an account information stored in a database, and determining whether the transaction amount exceeds a credit balance for the money card stored in the database;
a code segment for transmitting a transaction response, which approves or disapproves the transaction, to the merchant; and
whenever the transaction is approved, a code segment for reducing the credit balance for the money card in the database by the transaction amount and reconciling the transaction amount with the merchant. - View Dependent Claims (22, 23, 24)
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25. A computer program for dispensing a money card embodied on a computer readable medium comprising:
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a code segment for obtaining a payment of funds and a money card authentication information from a customer;
a code segment for creating an activation request containing a credit balance based on the payment of funds, the money card authentication information and a money card account information;
a code segment for transmitting the activation request from a vendor to a clearinghouse;
a code segment for creating an account for the money card and storing the credit balance, the money card authentication information and the money card account information in a database;
a code segment for transmitting an activation response to the vendor; and
a code segment for providing the money card to the customer.
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26. A computer program for cardless authentication embodied on a computer readable medium comprising:
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a code segment for receiving authentication information, the authentication information comprising;
vendor receipt information whenever a customer has a vendor receipt from the customer'"'"'s purchase of a money card, or money card purchase information whenever the customer does not have the vendor receipt from the customer'"'"'s purchase of the money card and the money card has not been used, or merchant receipt information whenever the customer does not have the vendor receipt from the customer'"'"'s purchase of the money card and the money card has been used and the customer has a merchant'"'"'s receipt, or product purchase information whenever the customer does not have the vendor receipt from the customer'"'"'s purchase of the money card and the money card has been used and the customer does not have the merchant'"'"'s receipt; and
a code segment for verifying the authentication information. - View Dependent Claims (27, 28, 29)
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30. A computer program for cardless authentication embodied on a computer readable medium comprising:
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a code segment for receiving authentication information, the authentication information comprising;
general product purchase information and general vendor receipt information whenever a money card has been used and a customer does not have a previous merchant'"'"'s receipt and the customer does not have a vendor'"'"'s receipt from the customer'"'"'s purchase of the money card, or exact product purchase information and general vendor receipt information whenever the money card has been used and the customer has the previous merchant'"'"'s receipt and the customer does not have the vendor'"'"'s receipt from the customer'"'"'s purchase of the money card, or general vendor receipt information whenever a money card has not been used and the customer does not have the vendor'"'"'s receipt from the customer'"'"'s purchase of the money card, or exact vendor receipt information whenever the money card has not been used and the customer has the vendor'"'"'s receipt from the customer'"'"'s purchase of the money card; and
a code segment for verifying the authentication information. - View Dependent Claims (31, 32, 33)
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34. A system for conducting a transaction using a money card comprising:
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a merchant unit that creates and transmits a transaction request containing a money card account information, a money card authentication information and a transaction amount;
a clearinghouse that determines whether to approve the transaction by verifying the money card account information and the money card authentication information with an account information stored in a database, and determines whether the transaction amount exceeds a credit balance for the money card stored in the database, the clearinghouse further creating and transmitting a transaction response, which approves or disapproves the transaction, and whenever the transaction is approved, reducing the credit balance for the money card in the database by the transaction amount and reconciling the transaction amount with the merchant; and
a communication link between the merchant unit and the clearinghouse for transmission of the transaction request and the transaction response. - View Dependent Claims (35)
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36. A system for dispensing a money card comprising:
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a vendor unit that creates and transmits an activation request containing a credit balance based on a payment of funds, a money card authentication information and a money card account information;
a clearinghouse that creates an account for the money card and stores the credit balance, the money card authentication information and the money card account information in a database, and creates and transmits an activation response; and
a communication link between the vendor unit and the clearinghouse for transmission of the activation request and the activation response.
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Specification