SYSTEM AND METHOD FOR PROCESSING GIFTS BETWEEN DIFFERENT PAYMENT ACCOUNT TYPES

• US 20140250001A1
• Filed: 05/15/2014
• Published: 09/04/2014
• Est. Priority Date: 12/14/2010
• Status: Abandoned Application

• Current Assignee: GiftYa, LLC
• Original Assignee: GiftYa, LLC
• Inventors: Isaacson, Thomas M., DURHAM, Ryan C., SCANNELL, Jay, WOLFE, Jason, LUDWIG, Adam, LEDBETTER, Patrick, BILBAO, Ray
• Application Number:
  US14/278,596
• Publication Number:
  US 20140250001A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/065 using e-cash
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/22 Payment schemes or models
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/354 Card activation or deactivation
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 20/384 using social networks
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 30/0224 based on user history
• CPC Class Codes: G06Q 30/0226 Incentive systems for frequent usage, e.g. frequent flyer miles programs or point systems
• CPC Class Codes: G06Q 30/0234 Rebates after completed purchase
• CPC Class Codes: G06Q 30/0235 constrained by time limit or expiration date
• CPC Class Codes: G06Q 50/01 Social networking

Abstract

Disclosed herein are systems, methods, and non-transitory computer-readable storage media for creating a gift in one medium of exchange from stored value in another medium of exchange. The system accesses a first account representing stored value in a first medium of exchange, and chooses an amount of the stored value from the first medium of exchange. Then the system converts the amount of the stored value to a second medium of exchange to yield a converted amount, and gives the converted amount in the second medium of exchange to a recipient as a gift, wherein the gift is associated with a recipient account for the second medium of exchange, and wherein the gift is associated with a policy monitoring transactions made using the recipient account such that the converted amount is applied to a transaction satisfying conditions of the policy.

Claims

1. A method comprising:

receiving, via a processing device, a request to convert a first amount associated with a first payment account of a first type to a second amount associated with a second payment account of a second type, wherein the first type and the second type are different types; and

converting the first amount to the second amount.

2. The method of claim 1, further comprising:

deactivating the first payment account.

3. The method of claim 1, wherein the first type associated with the first payment account is a closed loop account and the second type associated with the second payment account is an open loop account.

4. The method of claim 1, wherein the first amount and the second amount are a same amount.

5. The method of claim 1, further comprising:

establishing a policy that causes a system to monitor purchases using the second payment account for a triggering purchase based on the first type of the first payment account.

6. The method of claim 1, further comprising:

charging a fee for the converting which results in the second amount being less than the first amount.

7. The method of claim 1, wherein the first type is a closed loop account type and the second type is a gift credit type.

8. The method of claim 1, wherein the first time is an open loop account type and the second type is a closed loop account type.

9. The method of claim 1, wherein the first type is a gift credit type and the second type is one of an open loop account type and a closed loop account type.

10. A system comprising:

a processor; and

a computer-readable storage device having stored therein instructions which, when executed by the processor, cause the processor perform operations;

receiving, via a processing device, a request to convert a first amount associated with a first payment account of a first type to a second amount associated with a second payment account of a second type, wherein the first type and the second type are different types; and

converting the first amount to the second amount.

11. The system of claim 10, wherein the computer-readable storage device stores further instructions which, when executed by the processor, cause the processor perform operations further comprising deactivating the first payment account.

12. The system of claim 10, wherein the first type associated with the first payment account is a closed loop account and the second type associated with the second payment account is an open loop account.

13. The system of claim 10, wherein the first amount and the second amount are a same amount.

14. The system of claim 10, wherein the computer-readable storage device stores further instructions which, when executed by the processor, cause the processor perform operations further comprising establishing a policy that causes a system to monitor purchases using the second payment account for a triggering purchase based on the first type of the first payment account.

15. The system of claim 10, wherein the computer-readable storage device stores further instructions which, when executed by the processor, cause the processor perform operations further comprising charging a fee for the converting which results in the second amount being less than the first amount.

16. The system of claim 10, wherein the first type is a closed loop account type and the second type is a gift credit type.

17. The system of claim 10, wherein the first time is an open loop account type and the second type is a closed loop account type.

18. The system of claim 10, wherein the first type is a gift credit type and the second type is one of an open loop account type and a closed loop account type.

19. A non-transitory computer-readable storage device having stored therein instructions which, when executed by a computing device, cause the computing device to perform operations comprising:

receiving, via a processing device, a request to convert a first amount associated with a first payment account of a first type to a second amount associated with a second payment account of a second type, wherein the first type and the second type are different types; and

converting the first amount to the second amount.