Stored value card account transfer system

• US 7,325,725 B2
• Filed: 02/03/2005
• Issued: 02/05/2008
• Est. Priority Date: 10/14/2003
• Status: Expired due to Fees

• Current Assignee: CC Serve Corp. (Atlanticus Holdings Corporation)
• Original Assignee: Purpose Intellectual Property Management II, Inc.
• Inventors: Foss, Jr., Sheldon H.
• Primary Examiner(s): Lee, Michael G.
• Assistant Examiner(s): Kim, Tae W.
• Application Number:
  US11/050,301
• Publication Number:
  US 20050127169A1
• Time in Patent Office: 1,097 Days
• Field of Search: 235/380
• US Class Current: 235/380
• CPC Class Codes: G06F 21/31 User authentication
• CPC Class Codes: G06F 2221/2107 File encryption
• CPC Class Codes: G06F 2221/2117 User registration
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/347 Passive 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: G07C 9/33 by means of a password
• CPC Class Codes: G07F 7/10 together with a coded signal , e.g. in the form of personal identification information, like personal identification number [PIN] or biometric data
• CPC Class Codes: G07F 7/1008 Active credit-cards provided with means to personalise their use, e.g. with PIN-introduction/comparison system
• CPC Class Codes: G07F 7/1025 Identification of user by a PIN code
• CPC Class Codes: G07F 7/1075 PIN is checked remotely

Abstract

Systems, methods, computer programs, merchant terminals, etc. for transferring finds between stored value card accounts are provided. One embodiment comprises a method for loading a stored value card. One such method comprises: identifying a first stored value card account associated with a first customer; receiving a selection from the first customer of a second stored value card account associated with a second customer and a load amount for transferring to the second stored value card account; and initiating a funds transfer of the load amount from the first stored value card account to the second stored value card account.

Claims

1. A method for loading a stored value card from funds available in an account associated with another stored value card, the stored value card being a financial instrument that is associated with an fixed dollar amount upon the issuance of the card, the fixed dollar amount being funded at the time of issuance of the card in a financial transaction rather than being tied to any financial account of the card holder, the method comprising:

collecting funds from a first customer;

associating the collected funds with a first stored value card by creating a first stored value account that is independent of the first customer but that is associated with the stored value card and establishing a fixed dollar amount in the account;

prompting the first customer to swipe the first stored value card through a card reader, wherein the first stored value card is associated with the first stored value account;

identifying the first stored value card account;

after prompting the first customer to swipe the first stored value card, prompting the first customer to select a second stored value card account for receiving a specified load amount, wherein the second stored value card account is associated with a second stored value card independent of any financial accounts of the first customer;

receiving the selection of the second stored value account;

prompting the first customer to input the specified load amount;

receiving the input of the load amount; and

making the load amount from the first stored value card account available to the second stored value card account.

2. The method of claim 1, wherein the steps of prompting a first customer to swipe a stored value card and the receiving the selection of the second stored value account both occur at a merchant terminal.

3. The method of claim 1, wherein the step of making the load amount from the first stored value card program available to the second stored value card account comprises:

deducting the load amount from the first stored value card account; and

adding the load amount to the second stored value card account.

4. The method of claim 1, further comprising applying a transaction fee to the first stored value card account.

5. The method of claim 1, further comprising the steps of:

applying a transaction fee to the second stored value card account; and

providing management control of the second stored value card by the first customer.

6. A merchant terminal for providing a stored value card service of making at least a portion of the available balance of one stored value card available to another stored value card, the stored value card being a financial instrument that is associated with an fixed dollar amount upon the issuance of the card, the fixed dollar amount being funded at the time of issuance of the card in a financial transaction rather than being tied to any financial account of the card holder, the merchant terminal comprising:

a card reader configured for reading data from a first stored value card, where the first stored value card is associated with a first stored value card account; and

a finds transfer module configured to provide a plurality of prompts to a first customer, wherein the plurality of prompts include a first prompt to swipe the first stored value card, a second prompt to input a second stored value card account for receiving a specified load amount, and a third prompt to input the specified load amount, wherein the second stored value card account is associated with a second stored value card, wherein the fund transfer module is further configured to identify the first stored value card account using the data read from the first stored value card and configured to make the specified load amount available on the first stored value card account available to the second stored value card account, and wherein the funds transfer module is configured to provide the second prompt after the first prompt has been provided.

7. The merchant terminal of claim 6, wherein the funds transfer module is supported by an interactive user interface.

8. The merchant terminal of claim 6, wherein the funds transfer module comprises logic configured to apply a transaction fee to one of the first stored value card account and the second stored value card account.