Change card

• US 20070029378A1
• Filed: 10/10/2006
• Published: 02/08/2007
• Est. Priority Date: 11/05/2004
• Status: Abandoned Application

• Current Assignee: Jeffrey Begola
• Original Assignee: Jeffrey Begola
• Inventors: Begola, Jeffrey
• Application Number:
  US11/545,664
• Publication Number:
  US 20070029378A1
• Time in Patent Office: Days
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• 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 20/29 characterised by micropayments
• CPC Class Codes: G06Q 20/3433 the counter having monetary units
• CPC Class Codes: G06Q 20/363 with the personal data of a user
• CPC Class Codes: G07F 19/00 Complete banking systems; Coded card-freed arrangements adapted for dispensing or receiving monies or the like and posting such transactions to existing accounts, e.g. automatic teller machines data processing equipment for bank accounting G06Q40/02
• CPC Class Codes: G07F 7/0866 by active credit-cards adapted therefor G07F7/1008 takes precedence

Abstract

A transaction card allows for retail purchases involving fractional dollar amounts to be completed without the use of coin currency. Change amounts involving less than one dollar can be either credited to or debited from a monetary value stored on a smart chip in the transaction card by placing the transaction card into a card reader that reads a magnetic swipe strip associated with the smart chip. Amounts credited to the transaction card can be used for secondary transactions not involving paper or coin currency.

Claims

1. A method for completing a transaction without the use of coins, the method comprising:

providing a transaction card comprising a card body and a memory storage disposed on said card body, said memory storage comprising a smart chip capable of being read by a card reader, said memory storage storing an identification for said transaction card and a monetary value for said transaction card;

purchasing goods or services having a purchase price including a fractional dollar amount;

tendering a whole dollar amount in currency either above or below said purchase price, wherein the difference between said purchase price and the whole dollar amount tendered is represented at least in part by a value in coins less than one dollar;

reading of said transaction card by a first card reader, said first card reader reading said transaction card identification and said monetary value;

generating an updated monetary value in said memory storage via said card reader; and

recording said identification for said transaction card and said updated monetary value in a memory storage in said first card reader;

wherein said monetary value is capable of both being increased by crediting an overpayment amount to said transaction card and being decreased by debiting an underpayment amount to said transaction card.

2. The method according to claim 1, further comprising:

transmitting said transaction card identification and said updated monetary value from said memory storage in said first card reader to a central database; and

erasing said transaction card identification and said updated monetary value from said memory storage in said first card reader.

3. The method according to claim 2, wherein:

said transmitting and erasing occurs on a once daily basis.

4. The method according to claim 2, wherein,

said central database comprises a plurality of accounts, each of said accounts having an associated transaction card identification, each of said plurality of accounts reflecting a monetary value for said associated transaction card identification,

said plurality of accounts being updated periodically by receiving transmissions from at least one card reader having at least one transaction card identification and monetary value recorded therein.

5. The method according to claim 1, wherein the memory storage in said first card reader is removable.

6. The method according to claim 1, wherein:

said transaction card is provided with a zero initial monetary value.

7. The method according to claim 1, wherein:

said monetary value is available for a secondary transaction wherein a total item purchase price is paid by passing said transaction card through a second card reader, thereby debiting said total item purchase price from said monetary value to generate an updated monetary value.

8. The method according to claim 7, wherein:

said updated monetary value and said transaction card identification are recorded by said second card reader in a memory storage.

9. The method according to claim 8, further comprising:

retrieving said updated monetary value and said transaction card identification recorded by said second card reader by inserting a retrieval device into said second card reader.

10. The method according to claim 9, further comprising:

erasing said updated monetary value and said transaction card identification from said second card reader after said retrieving.

11. The method according to claim 9, wherein said retrieval device comprises a scan box gun, and said updated monetary value and transaction card identification are upload from said scan box gun to said central database.

12. The method according to claim 8, wherein the memory storage in the second card reader is removable.

13. The method according to claim 1, wherein

said monetary value is stored on said memory storage as a plurality of bits of information, wherein one bit of information corresponds to a monetary value of $0.01.

14. The method according to claim 1, wherein:

said transaction card further comprises at least one feature selected from the group consisting of;

a UPC scan strip, a photo of a transaction card holder, a hologram security feature, a financial institution name, a transaction card title, said transaction card identification, the name of a transaction card holder, an expiration date, a card holder signature, and a transaction card production serial number.

15. A transaction card comprising:

a card body and a memory storage disposed on said card body, said memory storage comprising a smart chip capable of being read by a card reader, said memory storage storing an identification for said transaction card and a monetary value for said transaction card;

said monetary value being capable of being either increased or decreased as part of a point of sale transaction, wherein a purchase is made by tendering a whole dollar monetary value either above or below a purchase price, wherein the difference between said purchase price and the whole dollar amount tendered is represented at least in part by a value in coins less than one dollar.

16. The transaction card according to claim 15, wherein said card includes a magnetic swipe strip capable of being read by said card reader.

17. The transaction card according to claim 15, wherein said card includes radio frequency communication capable of being read by said card reader.