GIFT CARD EXCHANGE MARKETPLACE

• US 20130254074A1
• Filed: 03/22/2012
• Published: 09/26/2013
• Est. Priority Date: 03/22/2012
• Status: Abandoned Application

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: BENDEL, Timothy J., JOA, David
• Application Number:
  US13/427,763
• Publication Number:
  US 20130254074A1
• Time in Patent Office: Days
• US Class Current: 705/27.1
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

Systems, apparatus, methods, and computer program products for gift card exchange. The gift card holder is able to exchange either the full purchased amount or a residual balance amount. In other embodiments, a gift card exchange marketplace is provided to allow gift card exchange amongst gift card holders. Thus, gift card exchange alleviates the problem of undesired gift cards (i.e., gift cards from merchants that the recipient does not prefer). Moreover, gift card exchange of residual balances eliminates the problem related to unknown residual gift card balances and keeping track and possession of multiple gift cards with minimal residual balances.

Claims

1. An apparatus for providing a marketplace for gift card exchange, the apparatus comprising:

a computing platform including a memory and a processor in communication with the memory;

a gift card exchange marketplace application stored in the memory, executable by the processor and configured to;

receive a request from a gift card holder to exchange at least one first gift card issued by a first merchant, wherein the request includes gift card information;

determine a balance amount remaining on the first gift card based on the gift card information;

determine one or more gift card exchange options for the gift card holder, wherein each option includes at least one available second gift card issued by a merchant other than the first merchant and a balance amount remaining on the second gift card, wherein the options are determined based on the balance amount remaining on the first gift card and an exchange rate between the first gift card and the second gift card;

receive a selection from the gift card holder of one of the options;

in response to receiving the selection, validate that the balance amount remaining on the second gift card associated with the selected option is currently available; and

in response to validating the balance amount on the second gift card, retaining redemption rights in the exchanged first card and communicating, to the gift card holder information, associated with the selected second gift card, which allows the gift card holder to redeem the selected second gift card.

2. The apparatus of claim 1, wherein the gift card exchange marketplace application is further configured to filter the gift card exchange options based on a current location of the gift card holder.

3. The apparatus of claim 1, wherein the gift card exchange marketplace application is further configured to filter the gift card exchange options based on receipt of gift card holder filter criteria.

4. The apparatus of claim 3, wherein the gift card exchange marketplace application is further configured to filter the gift card exchange options based on receipt of gift card holder filter criteria, wherein the criteria includes at least one of a preferred merchant, a preferred merchant type, or maximizing exchange rate.

5. The apparatus of claim 1, wherein the gift card exchange marketplace application is further configured to determine a dynamic exchange rate between the first gift card and the second gift card based on a current supply and demand of the first gift card and the second gift card within the gift card exchange marketplace.

6. The apparatus of claim 1, wherein the gift card exchange marketplace application is further configured to access a gift card validation network associated with the first merchant to determine the balance remaining on the first gift card.

7. The apparatus of claim 6, wherein the gift card exchange marketplace application is further configured to access the gift card validation network to validate that the gift card holder is a rightful possessor of the gift card.

8. A method for exchange of gift cards within a gift card exchange marketplace, the method comprising:

receiving, by a computing device, a request from a gift card holder to exchange at least one first gift card issued by a first merchant, wherein the request includes gift card information;

determining, by a computing device processor, a balance amount remaining on the first gift card based on the gift card information;

determining, by a computing device processor, one or more gift card exchange options, wherein each option includes at least one available second gift card issued by a second merchant and a balance amount remaining on the second gift card, wherein the options are determined based on the balance amount remaining on the first gift card and an exchange rate between the first gift card and the second gift card;

receiving, by a computing device, a selection, from the gift card holder, of one of the options;

in response to receiving the selection, validating, by a computing device processor, that the balance amount remaining on the second gift card associated with the selected option is currently available; and

in response to validating the balance amount on the second gift card, retaining redemption rights in the exchanged first gift card and communicating to the gift card holder information associated with the selected second gift card, which allows the gift card holder to redeem the selected second gift card.

9. The method of claim 8, further comprising filtering, by a computing device processor, the gift card exchange options based on a current location of the gift card holder.

10. The method of claim 8, further comprising filtering, by a computing device processor, the gift card exchange options based on receipt of gift card holder filter criteria.

11. The method of claim 10, further comprising filtering, by a computing device processor, the gift card exchange options based on receipt of gift card holder filter criteria, wherein the criteria includes at least one of a preferred merchant, a preferred merchant type, or maximizing exchange rate.

12. The method of claim 8, further comprising determining, by a computing device processor, a dynamic exchange rate between the first gift card and the second gift card based on a current supply and demand of the first gift card and the second gift card within the gift card exchange marketplace.

13. The method of claim 8, wherein determining the balance remaining on the first gift cards further comprises accessing, by a computing device processor, a gift card validation network associated with the first merchant to determine the balance remaining on the first gift card.

14. The method of claim 13, wherein accessing the gift card validation network further comprises accessing, by the computing device processor, the gift card validation network to validate that the gift card holder is a rightful possessor of the gift card.

15. The method of claim 8, further comprising receiving, by a computing device, a gift card exchange request from the gift card holder wherein the request defines criteria for a second gift card for which the gift card holder is willing to exchange the first gift card.

16. The method of claim 8, further comprising communicating, via a computing device processor, an alert to the gift card holder when the second gift card meeting the criteria becomes available in the marketplace.

17. A computer program product, the computer program product comprising a non-transitory computer-readable medium having computer-executable instructions to cause a computer to implement the steps of:

receiving a request from a gift card holder to exchange at least one first gift card issued by a first merchant, wherein the request includes gift card information;

determining a balance amount remaining on the first gift card based on the gift card information;

determining one or more gift card exchange options, wherein each option includes at least one available second gift card issued by a merchant other than the first merchant and a balance amount remaining on the second gift card, wherein the options are determined based on the balance amount remaining on the first gift card and an exchange rate between the first gift card and the second gift card;

receiving a selection from the gift card holder of one of the options;

in response to receiving the selection, validating that the balance amount remaining on the second gift card associated with the selected option is available; and

in response to validating the balance amount on the second gift card, retaining redemption rights in the exchanged first card and communicating to the gift card holder information associated with the selected second gift card, which allows the gift card holder to redeem the selected second gift card.

18. The computer program product of claim 17, further comprising computer-executable instructions to cause a computer to implement the further steps of filtering the gift card exchange options based on a current location of the gift card holder.

19. The computer program product of claim 17, further comprising computer-executable instructions to cause a computer to implement the further steps of filtering the gift card exchange options based on receipt of gift card holder filter criteria.

20. The computer program product of claim 19, wherein the step of filtering further comprises filtering the gift card exchange options based on receipt of gift card holder filter criteria, wherein the criteria includes at least one of a preferred merchant, a preferred merchant type, or maximizing exchange rate.

21. The computer program product of claim 17, further comprising computer-executable instructions to cause a computer to implement the further steps of determining a dynamic exchange rate between the first gift card and the second gift card based on a current supply and demand of the first gift card and the second gift card within the gift card exchange marketplace.

22. The computer program product of claim 17, wherein the step of determining the balance remaining on the first gift card further comprises accessing a gift card validation network associated with the first merchant to determine the balance remaining on the first gift card.

23. The computer program product of claim 22, wherein the step of accessing the gift card validation network further comprises accessing the gift card validation network to validate that the gift card holder is a rightful possessor of the gift card.

24. The computer program product of claim 17, further comprising computer-executable instructions to cause a computer to implement the further steps of receiving a gift card exchange request from the gift card holder wherein the request defines criteria for a second gift card for which the gift card holder is willing to exchange the first gift card.

25. The computer program product of claim 24, further comprising computer-executable instructions to cause a computer to implement the further steps of communicating an alert to the gift card holder when the second gift card meeting the criteria becomes available in the marketplace.