SYSTEM AND METHOD FOR FUNDING A PREPAID CARD ACCOUNT WITH A LOAN

• US 20110093382A1
• Filed: 10/20/2009
• Published: 04/21/2011
• Est. Priority Date: 10/20/2009
• Status: Abandoned Application

• Current Assignee: AccountNow Incorporated
• Original Assignee: AccountNow Incorporated
• Inventors: Pacheco, Greg, Coltrell, Tim, Petrini, Dave, Williams, Simon, Montes, Matt, Lim, Vickie
• Application Number:
  US12/582,421
• Publication Number:
  US 20110093382A1
• Time in Patent Office: Days
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/3437 the counter having non-monetary units, e.g. trips
• CPC Class Codes: G06Q 20/349 Rechargeable cards
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof

Abstract

Systems and methods for funding a prepaid card account with a loan are disclosed. One embodiment includes, receiving, by an account manager at a host server, a request from a customer to fund the prepaid card account through obtaining a loan from a lender, comparing user data of the customer to a set of metrics to determine whether the customer meets qualifications for funding the prepaid card account through the loan, comparing user data of the customer to a set of metrics to determine whether the customer meets qualifications for funding the prepaid card account through the loan, presenting the terms of the loan to the user via the user device, and/or funding, by the account manager, the prepaid card account using the loan, responsive to the customer accepting the terms of the loan.

Claims

1. A method of supplying funds to a prepaid card account, comprising:

receiving, by an account manager at a host server, a request from a customer to fund the prepaid card account through obtaining a loan from a lender;

wherein, the customer generates the request via a client device;

comparing user data of the customer to a set of metrics to determine whether the customer meets qualifications for funding the prepaid card account through the loan;

in response to determining that the customer meets the qualifications, determining terms of the loan including a loan amount and payment terms;

presenting the terms of the loan to the user via the user device;

responsive to the customer accepting the terms of the loan, funding, by the account manager, the prepaid card account using the loan.

2. The method of claim 1, wherein, the lender credits the account manager a commission, based on a contract with the lender.

3. The method of claim 1,

further comprising, generating, by the account manager at the host server, a revenue share report;

wherein, the lender credits the commission in response to the account manager sending the lender a payment request.

4. The method of claim 1, wherein, prior to the account manager funding the prepaid card account, the lender funds a second bank account of the account manager from a first bank account of the lender.

5. The method of claim 2, wherein, the first bank account and the second bank account are opened with a bank that is funding the loan.

6. The method of claim 1, further comprising, receiving from the lender, by the host server, the terms of the loan including, one or more of due date, the loan amount, payment terms, and interest amount.

7. The method of claim 6, further comprising,

on or after the due date, determining whether the prepaid card account has been supplied with non-borrowed funds;

determining whether the non-borrowed funds is sufficient for returning the loan amount and interest amount.

8. The method of claim 7, wherein,

if the non-borrowed funds is sufficient, deducting the loan amount and interest amount from the prepaid card account;

notifying the lender that the customer has satisfied the terms of the loan.

9. The method of claim 8, further comprising:

transferring the collected loan amount plus interest from the second bank account of the account manager to the first bank account of the lender.

10. The method of claim 7, further comprising:

if the non-borrowed funds is insufficient, deducting funds from the prepaid card account;

computing a new balance on the loan;

notifying the lender of the new balance or the amount of the deducted funds.

11. The method of claim 10, further comprising,

periodically checking the prepaid card account to determine whether additional non-borrowed funds have been deposited and deducting additional funds until the loan amount and interest amount have been deducted;

recording the new balances as a result of the deduction;

reporting the new balances to the lender;

wherein, the deductions do not create negative balance in the prepaid card account.

12. The method of claim 11, wherein, the prepaid card account is checked daily for deposits of the additional non-borrowed funds.

13. The method of claim 10, further comprising:

determining whether the prepaid card account is eligible for write-off.

14. The method of claim 13, further comprising:

if the prepaid card account is eligible for write-off, sending the write-off status to the lender.

15. A system for supplying funds to a prepaid card account, comprising:

an account management engine that receives, a request from a customer to fund the prepaid card account through obtaining a loan from a lender;

wherein, the account management engine communicates with the lender over a network;

wherein, the customer generates the request via a user device;

a qualification engine coupled to the account management engine;

wherein, the qualification engine compares user data of the customer to a set of metrics to determine whether the customer meets qualifications for funding the prepaid card account through the loan

in response to determining that the customer meets the qualifications,

the lender determines terms of the loan including a loan amount and payment terms;

responsive to the customer accepting the terms of the loan, the lender funds, a first bank account of the account manager, through a banking institution, the first bank account being funded in the amount of the loan from a second bank account of the lender;

a funds disbursement engine coupled to the account management engine;

wherein, the funds disbursement engine funds the prepaid card account for the customer using the loan.

16. The system of claim 15,

further comprising, a collection engine coupled to the account management engine;

wherein, the collection engine determines whether the prepaid card account has been supplied with non-borrowed funds and deducts the non-borrowed funds and transfers the non-borrowed funds back to the lender as a repayment of the loan.

17. The system of claim 16, wherein, the collection engine deducts, from the non-borrowed funds, if sufficient, an amount equal to the loan amount plus interest and returns the amount to the lender.

18. The system of claim 17,

wherein, if insufficient, the collection engine deducts some amount from the non-borrowed funds so as to not create a negative balance on the prepaid card account and returns the deducted amount to the lender and records a new balance on the loan;

wherein, collection engine checks the prepaid account on a periodic basis to determine whether additional non-borrowed funds have been deposited and deducts amounts until the loan amount plus interest have been paid back to the lender.

19. The system of claim 15, wherein, the first and second bank accounts are both opened through the banking institution.

20. The system of claim 15, wherein, the customer uses the prepaid card account funded with the loan for commercial transactions in an online or physical setting.

21. The system of claim 15, wherein, the request is generated via the user device through a hosted website of the account manager or through a third party site.