Stored value account for use with virtual coupons

• US 20060074784A1
• Filed: 09/27/2004
• Published: 04/06/2006
• Est. Priority Date: 09/27/2004
• Status: Abandoned Application

• Current Assignee: First Data Corporation (Fiserv Incorporated)
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Brown, Jaime P.
• Application Number:
  US10/951,467
• Publication Number:
  US 20060074784A1
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 30/00 Commerce
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

A system and method for the purchase of products, wherein a database account is credited with virtual coupons. Each virtual coupon is associated with a maximum value and a specified product. When a purchase is made, the coupon is debited from the account upon presentation of a financial card at a POS terminal, and any difference between the maximum value of the coupon and the actual purchase price is stored in the database. In one embodiment, coupons are issued through a government benefits program, such as the federally funded WIC (Women, Infants, Children) program. The financial card may also be associated with a second account, such as a credit or debit card account. The second account may be used to purchase products other than those specified by the virtual coupons.

Claims

1. A method for managing an account used for purchasing products, comprising:

providing a database;

storing credits to the account in the database, the credits representing virtual coupons, each coupon associated with a specified maximum value and a specified product, and redeemable only for the purchase of the specified product at a price no more than the specified maximum value;

purchasing the specified product based on a purchase price, and debiting the associated coupon from the account in the database; and

storing in the database a value reflecting the difference between the maximum value of the debited coupon and the purchase price of the specified product.

2. The method of claim 1, wherein the specified product is a plurality of individual product items.

3. The method of claim 1, wherein each coupon is further associated with a date range, and wherein the coupon is redeemable only if the purchase is within the date range.

4. The method of claim 1, wherein purchases are made against the account through use of a presentation instrument.

5. The method of claim 4, wherein the account is a debit account and wherein the presentation instrument is a debit card.

6. The method of claim 5, wherein the debit account may be used only for purchasing products by redeeming coupons.

7. The method of claim 4, wherein the virtual coupons are issued through a government funded program for providing food items to program participants.

8. The method of claim 7, wherein the government funded program is the WIC (Women, Infants, Children ) program.

9. The method of claim 8, further comprising:

establishing a second account associated with the presentation instrument, the second account for purchases other than the purchase of a specified product made by redeeming coupons, and wherein the stored value reflects the difference between the maximum value of a debited coupon and the purchase price of the specified product is credited to the second account.

10. A system for conducting a sales transaction for products using benefits coupons, each coupon associated with a specified maximum value and a specified product, and redeemable only for the purchase of the specified product at a price no more than the specified maximum value, and each coupon further having a date range defined by a first date to use and a last date to use, the system comprising:

a POS terminal at a merchant location for obtaining a product ID for a specified product at the time the product is presented for purchase, and for obtaining an account ID for an account to be used in making the purchase; and

a data base for maintaining the account, the database storing data associated with virtual coupons posted to the account, each virtual coupon corresponding to a benefits coupon, whereby the stored data associated with each virtual coupon reflects the maximum value, specified product, and date range of the corresponding benefits coupon; and

a database management system for managing the database and receiving data from the terminals, so that when a product ID and coupon account ID are received, the database system debits a virtual coupon from the account upon purchase of a specified product, if the product ID corresponds to the specified product, the purchase price is no more that the maximum value, and the time of purchase is within the data range.

11. The system of claim 10, wherein the database system stores the difference between the purchase price of the specified product and the maximum value of the benefits coupon.

12. A method for conducting transactions using a presentation instrument, comprising:

establishing a first account;

providing credits to the first account in the form of virtual coupons, each coupon associated with a specified maximum value and a specified product, and redeemable only for the purchase of the specified product at a price no more than the specified maximum value;

conducting a sales transaction at a POS terminal for the specified product upon presentation of the presentation instrument, the presentation instrument identifying the first account;

establishing a second account, the second account also identified by the presentation instrument so that transactions may be conducted against the first and second account with the use of a single presentation instrument.

13. The method of claim 12, wherein the first account is established to provide benefits under a government funded program.

14. The method of claim 13, wherein the first account is a stored value account providing benefits under the WIC (Women, Infants, Children ) program.

15. The method of claim 14 wherein the second account provides benefits under a food stamps program.

16. The method of claim 14, wherein the second account is a separate credit/debit card account.

17. The method of claim 12, wherein the presentation instrument is a financial card.

18. The method of claim 12, wherein the presentation instrument is an RFID device.