Methods and systems for processing, accounting, and administration of stored value cards

• US 20050080728A1
• Filed: 08/27/2004
• Published: 04/14/2005
• Est. Priority Date: 01/30/2002
• Status: Active Grant

• Current Assignee: Card Compliant, LLC
• Original Assignee: Store Financial Services LLC (EML Payments Ltd.)
• Inventors: Sobek, Michael F.
• Granted Patent: US 7,797,233 B2
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/06 Private payment circuits, e.g. involving electronic currency used among participants of a common payment scheme
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

Methods are described for accounting, administration and processing of transactions utilizing a stored value card utilizing an EFT service gateway and providing balances for the cards across a plurality of point of sale devices. One method includes receiving a message generated by the point of sale system of a merchant and parsing the message into data elements. The method also includes routing the message through a switch controller to an account holder database based on an institution ID and a branch ID, accessing an account within the database utilizing the account key, and determining if an account holder'"'"'s monetary balance in the account is greater than or equal to the transaction amount. A message is formatted and one of an authorization approval or a denial based upon the determination is transmitted within the message.

Claims

19-1. A system according to claim 1 wherein at least one of the data elements includes data relating to a language selection by a user, the transaction data being configured in the selected language.