System and method of reducing or eliminating change in cash transaction by crediting at least part of change to buyer's account over electronic medium

• US 20070156579A1
• Filed: 01/05/2006
• Published: 07/05/2007
• Est. Priority Date: 01/05/2006
• Status: Abandoned Application

• Current Assignee: Ubequity
• Original Assignee: Ubequity
• Inventors: Manesh, Cameron
• Application Number:
  US11/325,502
• Publication Number:
  US 20070156579A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/04 Billing or invoicing

Abstract

A method of reducing or eliminating change in a cash transaction includes receiving a cash payment for an article or a service from a buyer; and crediting at least part of change from the cash payment due the buyer to an account of the buyer over an electronic medium. A system of reducing or eliminating change in a cash transaction includes a merchant terminal that processes a cash payment received from a buyer for an article or a service; a communication device that sends a message over an electronic medium specifying that at least part of change from the cash payment is to be credited to an account of the buyer; and a change credit apparatus that credits the at least part of the change to the buyer'"'"'s account.

Claims

1. A method of reducing or eliminating change in a cash transaction, comprising:

receiving a cash payment for an article or a service from a buyer; and

crediting at least part of change from the cash payment due the buyer to an account of the buyer over an electronic medium.

2. The method of claim 1, wherein the crediting of the at least part of the change comprises crediting a maximum part of the change that can only be paid in coin to the buyer'"'"'s account over the electronic medium.

3. The method of claim 1, wherein the crediting of the at least part of the change comprises crediting a maximum part of the change that can be paid only in paper money to the buyer'"'"'s account over the electronic medium.

4. The method of claim 1, wherein the crediting of the at least part of the change comprises crediting an entire amount of the change to the buyer'"'"'s account over the electronic medium.

5. The method of claim 1, wherein the crediting of the at least part of the change comprises:

asking the buyer to specify a part of the change the buyer wants credited to the buyer'"'"'s account; and

crediting the part of the change specified by the buyer to the buyer'"'"'s account over the electronic medium.

6. The method of claim 1, wherein the buyer'"'"'s account is a savings account or a checking account.

7. The method of claim 1, wherein the buyer'"'"'s account is a credit card bill.

8. The method of claim 1, wherein the buyer'"'"'s account is a cell phone bill.

9. The method of claim 1, wherein the buyer'"'"'s account is a prepaid account.

10. The method of claim 9, wherein the prepaid account is a prepaid cell phone account.

11. The method of claim 1, wherein the buyer'"'"'s account is a virtual account maintained by a third party for the benefit of the buyer.

12. The method of claim 11, wherein the virtual account is held in an account belonging to the third party.

13. The method of claim 11, wherein the third party operates a system which enables the at least part of the change to be credited to the buyer'"'"'s account over the electronic medium.

14. The method of claim 1, wherein the electronic medium comprises at least a wireless telephone network.

15. The method of claim 14, wherein the crediting of the at least part of the change comprises sending over the wireless telephone network an SMS text message specifying a part of the change to be credited to the buyer'"'"'s account.

16. The method of claim 1, further comprising receiving a buyer ID number from the buyer via an RFID device, an infrared device, a proximity device, a smart card, or a key fob;

wherein the crediting of the at least part of the change comprises identifying the buyer'"'"'s account based on the buyer ID number.

17. A system of reducing or eliminating change in a cash transaction, comprising:

a merchant terminal that processes a cash payment received from a buyer for an article or a service;

a communication device that sends a message over an electronic medium specifying that at least part of change from the cash payment is to be credited to an account of the buyer; and

a change credit apparatus that credits the at least part of the change to the buyer'"'"'s account.

18. The system of claim 17, wherein the change credit apparatus comprises:

a change credit module that receives the message from the communication device and outputs a change credit amount equal to a part of the change that is to be credited to the buyer'"'"'s account, a type of the buyer'"'"'s account, and account ID data identifying the buyer'"'"'s account;

an electronic payment module that receives the change credit amount, the type of the buyer'"'"'s account, and the account ID data from the change credit module and outputs electronic payment instructions to credit the change credit amount to the buyer'"'"'s account; and

an electronic payment system that receives the electronic payment instructions from the electronic payment module and credits the change credit amount to the buyer'"'"'s account.

19. The system of claim 17, wherein the message specifies that a maximum part of the change that can only be paid in coin is to be credited to the buyer'"'"'s account.

20. The system of claim 17, wherein the message specifies that a maximum part of the change that can be paid only in paper money is to be credited to the buyer'"'"'s account.

21. The system of claim 17, wherein the message specifies that an entire amount of the change is to be credited to the buyer'"'"'s account.

22. The system of claim 17, wherein the buyer specifies a part of the change the buyer wants credited to the buyer'"'"'s account;

and

wherein the message specifies that the part of the change specified by the buyer is to be credited to the buyer'"'"'s account.

23. The system of claim 17, wherein the buyer'"'"'s account is a savings account or a checking account.

24. The system of claim 17, wherein the buyer'"'"'s account is a credit card bill.

25. The system of claim 17, wherein the buyer'"'"'s account is a cell phone bill.

26. The system of claim 17, wherein the buyer'"'"'s account is a prepaid account.

27. The system of claim 26, wherein the prepaid account is a prepaid cell phone account.

28. The system of claim 17, wherein the buyer'"'"'s account is a virtual account maintained by a third party for the benefit of the buyer.

29. The system of claim 28, wherein the virtual account is held in an account belonging to the third party.

30. The system of claim 28, wherein the third party operates at least part of the change credit apparatus.

31. The system of claim 17, wherein the electronic medium comprises at least a wireless telephone network.

32. The system of claim 31, wherein communication device sends the message as an SMS text message over the wireless telephone network.

33. The system of claim 17, wherein the merchant terminal or the communication device receives a buyer ID number from an RFID device, an infrared device, a proximity device, a smart card, or a key fob;

and

wherein the change credit apparatus identifies the buyer'"'"'s account based on the buyer ID number.