SYSTEM AND METHOD FOR ACCEPTING CLOSED LOOP CARDS AND CODES AT A MERCHANT POINT OF SALE

• US 20100205050A1
• Filed: 02/09/2010
• Published: 08/12/2010
• Est. Priority Date: 02/09/2009
• Status: Active Grant

• Current Assignee: GiftCodes.com, LLC
• Original Assignee: GiftCards.com LLC (Albertsons Cos., Inc.)
• Inventors: AKUT, Sanjay, KELLY, Mike, KELLY, Mary Jane, WOLFE, Jason, ROMANELLI, Mark
• Granted Patent: US 8,820,634 B2
• Time in Patent Office: Days
• US Class Current: 705/14.150
• CPC Class Codes: G06Q 20/085 involving remote charge determination or related payment systems
• 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 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/34 using cards, e.g. integrated circuit [IC] cards or magnetic cards
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0208 Trade or exchange of goods or services in exchange for incentives or rewards
• CPC Class Codes: G06Q 30/0213 Consumer transaction fees

Abstract

Disclosed herein are systems, methods, and computer-readable storage media for redeeming a closed loop card/code funded with an amount of money. The system receives from a merchant point of sale an indication of use of a closed loop card/code not issued by the merchant and presented by a consumer, queries and receives a confirmation of an amount of money in an account associated with the closed loop card/code, presents the consumer with an offer to buy the closed loop card/code at a discount price, and upon accepting the offer, closes out the closed loop card/code and pays the discount price to the consumer. Paying the discount price can include applying the discount price to a purchase by the consumer at the merchant. The merchant can provide cash back to the consumer for excess value of the discount price over the consumer'"'"'s purchase. Merchants can apply more than the discount price.

Claims

1. A method of redeeming a closed loop card funded with an amount of money, the method causing the computing device to perform steps comprising:

receiving from a merchant point of sale an indication of use of a closed loop card not issued by the merchant and presented by a consumer;

querying and receiving a confirmation of an amount of money in an account associated with the closed loop card;

presenting the consumer with an offer to buy the closed loop card at a discount price; and

upon accepting the offer, closing out the closed loop card and paying the discount price to the consumer.

2. The method of claim 1, wherein paying the discount price comprises applying the discount price to a purchase by the consumer at the merchant.

3. The method of claim 2, wherein the merchant provides cash back to the consumer for the excess value of the discount price over the purchase by the consumer at the merchant.

4. The method of claim 1, wherein the merchant applies more than the offered discount price to the purchase.

5. The method of claim 1, wherein paying the discount price comprises applying the discount price to a merchant specific card of the consumer.

6. The method of claim 1, wherein the method causes the computing device to query and receive a confirmation of the amount of money from a multi-process secure gateway.

7. The method of claim 1, wherein the closed loop card is a closed loop code not associated with a physical card.

8. A method of redeeming a closed loop card funded with an amount of money, the method causing the computing device to perform steps comprising:

receiving from a merchant an indication of use of a closed loop card not issued by the merchant and presented by a consumer at a merchant point of sale;

querying and receiving a confirmation of an amount of money in an account associated with the closed loop card;

receiving an indication from the merchant that the consumer has accepted an offer to sell the closed loop card; and

based on the received indication, closing out the closed loop card and paying a second amount to the merchant.

9. The method of claim 8, wherein the merchant applies a discount to a purchase by the consumer.

10. The method of claim 9, wherein the merchant provides cash back to the consumer for excess value over the second amount paid to the merchant.

11. The method of claim 8, wherein the merchant applies a discount greater than the second amount.

12. The method of claim 8, wherein paying the second amount comprises applying the discount price to a merchant specific card of the consumer.

13. The method of claim 8, wherein the method queries and receives a confirmation from one or more closed loop card processors.

14. A system for redeeming a closed loop card funded with an amount of money, the system comprising:

a computer processor;

a module configured to control the processor to receive from a merchant an indication of use of a closed loop card not issued by the merchant and presented by a consumer at a merchant point of sale;

a module configured to control the processor to query and receive a confirmation of an amount of money in an account associated with the closed loop card;

a module configured to control the processor to receive an indication from the merchant that the consumer has accepted an offer to sell the closed loop card; and

a module configured to control the processor to, based on the received indication, close out the closed loop card and pay a second amount the merchant.

15. The system of claim 14, wherein the merchant applies a discount to a purchase by the consumer.

16. The system of claim 15, wherein the merchant provides cash back to the consumer for excess value over the second amount paid to the merchant.

17. The system of claim 14, wherein the merchant applies a discount greater than the second amount.

18. The system of claim 14, wherein the module configured to control the processor to pay the second amount further controls the processor to apply the discount price to a merchant specific card of the consumer.

19. The system of claim 14, wherein the module configured to control the processor to query and receive the confirmation queries one or more closed loop card processors.

20. A system for redeeming a closed loop card funded with an amount of money, the system comprising:

a computer processor;

a module configured to control the processor to receive from a merchant an indication of use of a closed loop card not issued by the merchant and presented by a consumer at a merchant point of sale;

a module configured to control the processor to query and receive a confirmation of an amount of money in an account associated with the closed loop card;

a module configured to control the processor to receive an indication from the merchant that the consumer has accepted an offer to sell the closed loop card; and

a module configured to control the processor to, based on the received indication, close out the closed loop card and pay a second amount to the merchant.