Fund Transfer Using Near Field Communication

• US 20140244487A1
• Filed: 02/27/2014
• Published: 08/28/2014
• Est. Priority Date: 02/28/2013
• Status: Abandoned Application

• Current Assignee: Makecents LLC
• Original Assignee: Makecents LLC
• Inventors: Seligmann, Maxwell, Seligmann, Cameron
• Application Number:
  US14/192,484
• Publication Number:
  US 20140244487A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/204 comprising interface for record bearing medium or carrier for electronic funds transfer or payment credit
• CPC Class Codes: G07G 1/0009 Details of the software in the checkout register, electronic cash register [ECR] or point of sale terminal [POS]

Abstract

Provided is a system and method for transferring change or coin value due to a first user as a result of a cash transaction where the system allows for reading of a signal or identifier from a first user device such as a smart phone to determine what funds are being requested for transfer. The system transfers funds from a second user such to the first user according to the requested amount of funds. The system further allows for verification and confirmation of the transfer and updating of the second user computer to show if any cash in the form of bills is due to the user. The funds may be transferred into a provider-managed account. Further, the system can calculate and deduct service fees at various points in the transaction cycle.

Claims

1. A system for transferring funds from a first user to a second user comprising:

software executing on a first user device for transmitting a funds request via a first wireless communication system;

software executing on a second user computer for receiving the funds request from said first user device via a second wireless communication system, the funds request indicative of at least part of a residual amount due to the first user as a result of a cash transaction with the second user;

a system computer in communication with said second user computer via a network;

software executing on said system computer for transmitting a transfer request based on the funds request, the transfer request for electronically transferring the at least part of the residual amount from a second user account to a first user account.

2. The system of claim 1 further comprising:

software executing on said system computer for generating a confirmation based on said transfer request, said confirmation indicative of a successful transfer of the residual amount from the second user account to the first user account.

3. The system of claim 2 wherein said confirmation is transmitted to at least one of said second user computer or said first user device.

4. The system of claim 1 wherein the residual amount is the amount of change due to the first user as a result of a cash transaction with the second user.

5. The system of claim 1 wherein the funds request is indicative of the value of coins due to the first user as a result of a cash transaction with the second user;

and further comprising;

software executing on said second user computer for displaying a cash value due to the first user as a result of the cash transaction, where the cash value is the residual amount minus coin value.

6. The system of claim 1 further comprising software executing on said system computer for verifying an identity of the first user and associating the first user with the user account.

7. The system of claim 1 further comprising:

software executing on said system computer for deducting a service fee from the residual amount and transferring the service fee to a provider account, wherein the at least a part of the residual amount is the amount due to the first user as a result of the cash transaction less the service fee.

8. The system of claim 1 wherein the second user account includes at least two accounts, one said two accounts is a second user third party account, one said two accounts is a second user provider account, the system further comprising:

software executing on said system computer for determining a balance of at least one of the two accounts;

software executing on said system computer for comparing the residual amount to the balance and to determine which of the at least two accounts has sufficient funds for completing the transfer;

software executing on said system computer for determining a service fee for each of the account based on an amount transferred from each of the two accounts;

software executing on said system computer for determining a percentage to deduct from each of the two accounts in order to obtain the lowest service fee.

9. The system of claim 1 wherein the funds request is indicative of a tip value and the tip value is deducted from the residual amount so that the residual amount indicates the amount due to the user as a result of the cash transaction less tips.

10. A computer implemented method for transferring funds from a first user to a second user comprising the steps of:

providing software executable on a processor of a first user device and for generating a funds request;

receiving a funds request transmitted from the first user device to a second user device over a wireless communication system, the funds request indicative of at least part of a residual amount due to the first user as a result of a cash transaction with the second user;

verifying an identity of the first user;

generating a transfer request based on the funds request, the transfer request indicative of a transfer and for electronically transferring at least part of the residual amount from a second user account to a first user account.

11. The method of claim 10 wherein said verifying step is completed by receiving first user account information.

12. The method of claim 10 wherein a biometric sensor associated with a first user device generates a first user identifier for transmission to said second user device;

and wherein said first user identifier is used to complete said verifying step.

13. The method of claim 10 further comprising:

said step of receiving a funds request further includes receiving a tip request indicative of a tip value that the first user would like to transfer to an individual associated with the second user computer;

electronically transferring coin value due to the first user after tips due to the first user account;

indicating on a display of said second user computer a cash value due to the first user after deduction of tips and coin value.

14. The method of claim 13 wherein the biometric sensor is selected from the group consisting of:

fingerprint sensor, retinal scanner and facial recognition sensor.

15. A software application for transferring funds from a first user to a second user comprising:

software executing on a first user device for communicating with a second user computer via a wireless communication system;

software executing on said first user device for displaying at least two user selectable options;

a first one of the options indicative of a fund request for requesting a change value due to the first user as a result of a cash transaction with the second user;

a second one of the options indicative of a fund request for requesting a coin value due to the first user as a result of a cash transaction with the second user;

software executing on said first user device for receiving a selection of one of the first or second options and for further transmitting the fund request associated with the selected option to the second user computer.

16. The application of claim 15 further comprising:

software executing on said first user device for displaying a service fee associated with the fund request associated with the selected option;

software executing on said first user device for displaying a user selectable confirmation option;

software executing on said first user device for receiving a selection of said confirmation option, said selection indicative of the first user'"'"'s acceptance of the service fee, wherein the fund request is transmitted to the system computer upon receiving the selection of said confirmation option.

17. The application of claim 15 wherein the transfer request is for transferring funds from a second user account to a first user account, the application further comprising:

software executing on said first user device computer for receiving a verification identifier, wherein the verification identifier indicates that the fund request was initiated by the individual associated with the first user account.

18. The application of claim 17 further comprising:

a third user selectable option displayed on the user device, the third option indicative of a tip value the first user would like deducted from the residual amount due to the first user.

19. The system of claim 18 wherein said verification identifier is generated by a biometric sensor associated with said first user device.

20. A system for transferring funds from a first user to a second user comprising:

a first user device having a first user identifier associated therewith said first user identifier associated with a first user account;

a second user computer having a wireless communication system associated therewith and for communication with said first user device in order to read the first user identifier from said first user device;

software executing on said second user computer for communicating a fund request and said first user identifier to a system computer over a network connection, said fund request indicative of at least part of a residual amount due to the first user as a result of a cash transaction with the second user;

software executing on said system computer for querying a database with said first user identifier to determine a first user setting, the first user setting indicative of if the first user would like either;

a transfer of change to the first user account, or a transfer of coin value to the first user account;

software executing on said system computer for generating a transfer request based on the first user setting and for transferring at least part of the residual amount to the first user account.

21. The system of claim 20 wherein said first user device is a mobile computing device having a processor with software executing thereon;

and

wherein the wireless communication system is a near field communication system.

22. The system of claim 20 further comprising:

software executing on said system computer for generating a confirmation based on said transfer request, said confirmation indicative of a successful transfer of the residual amount from the second user account to the first user account;

software executing on said system computer for transmitting said confirmation to a mobile device associated with the first user.

23. The system of claim 22 wherein the mobile device is said first user device.

24. The system of claim 20 further comprising:

software executing on said system computer for calculating a service fee associated with said transfer request;

software executing on said system computer for transferring said service fee to a provider account.

25. The system of claim 24 further comprising:

software executing on said system computer for calculating a reward associated with said transfer request and for transferring said reward to a second user account.