Money order debit from stored value fund

• US 7,613,653 B2
• Filed: 10/26/2001
• Issued: 11/03/2009
• Est. Priority Date: 12/30/1999
• Status: Expired due to Fees

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Inventors: Karas, Peter M., Sherrard, Jeff D., Neofytides, Cheryl L., Cowell, James E., Milberger, Susan M., Macfarlane, Jackie M., Dunker, Amy M., Abrahams, Susan F., Yoder, James R., Platte, Eric L., Golub, Matt F., Baig, Aamer Ali
• Primary Examiner(s): Patel; Jagdish N
• Assistant Examiner(s): CHANDLER, SARA M
• Application Number:
  US10/045,632
• Publication Number:
  US 20020161702A1
• Time in Patent Office: 2,930 Days
• Field of Search: 705/39
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions

Abstract

According to the invention, a method for transferring a credit amount out of an online system using a money order is disclosed. In one step, pay-out instructions are received at a server computer system from a wide-area computer network coupled to a payor. The pay-out instructions include at least two of a payee, a delivery location, and the credit amount. A first handler associated with the payor and a second handler for preparation of the money order according to the pay-out instructions are determined. The credit amount is transferred from the first handler to the online system. The pay-out instructions are sent to the second handler.

Claims

1. A method for transferring a credit amount from a payor to a payee using a negotiable instrument, the payor sending the credit amount to the payee through an online computer system comprising a payment enabler and a wide-area network, a payor computer and a payee computer are in communication with the wide-area network, the method comprising:

the payment enabler having a computer processor receiving pay-out instructions, the pay-out instructions include a payee, a delivery location for the payee, and the credit amount, the credit amount having a first value;

the payment enabler receiving, from the payor computer, a first choice for a first handler, the first handler comprising one of a debit card handler, a bank funds transfer handler, and a credit card handler;

the first handler receiving the credit amount having the first value from the payor, the first handler receiving the credit amount having the first value as one of a group comprising a debit card transfer, a bank funds transfer, or a credit card transfer;

the payment enabler receiving the credit amount having the first value from the first handler;

the payment enabler converting the credit amount from the first value to a second value, wherein the first value and the second value are different forms of monetary value;

the payment enabler receiving a second choice of a second handler from the payee computer;

the payment enabler sending the pay-out instructions to the second handler;

the second handler receiving the credit amount having the second-value from the payment enabler;

the second handler creating a negotiable instrument according to the pay-out instructions, the negotiable instrument paid with the credit amount of the second value; and

the second handler providing the negotiable instrument to the payee, wherein the negotiable instrument is provided to the payee by sending the negotiable instrument to the payee'"'"'s delivery location.

2. The method for transferring the credit amount out of the online system using the negotiable instrument as recited in claim 1, wherein the negotiable instrument comprises a money order, and wherein the second handler is a money order handler.

3. The method for transferring the credit amount out of the online system using the money order as recited in claim 2, wherein the money order handler provides the money order to the payee at a delivery location, the delivery location is chosen from a group consisting of an agent location and an address of the payee.

4. The method for transferring the credit amount out of the online system using the money order as recited in claim 3, further comprising steps of:

receiving the pay-out instructions at the money order handler; and

printing the money order according to the pay-out instructions.

5. The method for transferring the credit amount out of the online system using the money order as recited in claim 3, further comprising steps of:

receiving the pay-out instructions at the money order handler;

printing the money order according to the pay-out instructions;

sending a notification of the money order to the payee at the payee'"'"'s residence address; and

holding the money order at the delivery location of the money order handler for pick-up by the payee.

6. The method for transferring the credit amount out of the online system using the money order as recited in claim 2, further comprising a step of storing the credit amount having the first value in a stored value fund associated with one of the payor or and the payee.

7. The method for transferring the credit amount out of the online system using the money order as recited in claim 2, the money order handler is an agent location capable of printing money orders.

8. The method for transferring the credit amount out of the online system using the money order as recited in claim 2, further comprising steps of:

creating a temporary stored value fund for the payee; and

storing the credit amount having the second-value in the stored value fund.

9. The method for transferring the credit amount out of the online system using the money order as recited in claim 2, further comprising steps of:

storing the credit amount having the second value in a first stored value fund associated with the payor; and

transferring the credit amount having the second value from the first stored value fund to a second stored value fund associated with the payee.

10. The method for transferring the credit amount out of the online system using the money order as recited in claim 2, wherein the delivery location for the payee is a residence address.

11. The method for transferring the credit amount out of the online system using the negotiable instrument as recited in claim 1, wherein the form of monetary value of one of the first value and the second value is a currency of one country, and wherein the form of monetary value of the other of the first value and the second value is a currency of a different country.

12. The method for transferring the credit amount out of the online system using the negotiable instrument as recited in claim 1, wherein the form of monetary value of one of the first value and the second value is promotional points, and wherein the form of monetary value of the other of the first value and the second value is currency.

13. A method for transferring a credit amount from a payor to a payee using a payment instrument, the payor sending the credit amount to the payee through an online computer system comprising a payment enabler and a wide-area network, a payor computer and a payee computer are in communication with the wide-area network, the method comprising:

the payment enabler having a computer processor receiving pay-out instructions, the pay-out instructions include a payee, an address of the payee, and the credit amount, the credit amount having a first value;

the payment enabler determining a first handler;

the first handler receiving the credit amount having the first value from the payor, the first handler receiving the credit amount having the first value as one of a group comprising a debit card transfer, a bank funds transfer, or a credit card transfer;

the payment enabler receiving the credit amount having the first value from the first handler;

the payment enabler converting the credit amount from the first value to a second value, wherein the first value and the second value are different forms of monetary value;

the payment enabler creating a first stored value fund;

the payment enabler storing the credit amount having the first value in the first stored value fund;

the payment enabler determining a second handler to prepare a payment instrument;

the payment enabler sending the pay-out instructions to the second handler;

the second handler receiving the credit amount having the second value from the payment enabler;

the second handler creating the payment instrument according to the pay-out instructions, the payment instrument paid with the credit amount; and

the second handler providing the payment instrument to the payee, wherein the payment instrument is provided to the payee by sending the payment instrument to the payee'"'"'s address.

14. The method for transferring the credit amount out of the online system using the payment instrument as recited in claim 13, the payment instrument is chosen from the group consisting of:

a money order, a cashiers check, a tellers check, a certified check, a gift certificate, and a coupon.

15. The method for transferring the credit amount out of the online system using the payment instrument as recited in claim 13, further comprising a step of electronically notifying at least one of the payor and payee of the payment instrument, the electronic notification is chosen from a group consisting of at least one of a web page, an instant message, an e-mail message, a pager message, and a wireless phone message.

16. The method for transferring the credit amount out of the online system using the payment instrument as recited in claim 13, the first handler is chosen from a group consisting of at least one of a bank service, a credit card service, a debit card service, an agent location, a stored value fund, and an airline mileage program.

17. The method for transferring the credit amount out of the online system using the payment instrument as recited in claim 13, the second handler is chosen from a group consisting of at least one of a gift certificate issuing service, an electronic gift certificate issuing service, and a money order issuing service.

18. The method for transferring the credit amount out of the online system using the payment instrument as recited in claim 13, the credit amount corresponds to a group consisting of at least one of a currency, a monetary value, airline mileage, promotional program points, a gift certificate credit, and commodities.

19. The method for transferring the credit amount out of the online system using the payment instrument as recited in claim 13, further comprising steps of:

the payment enabler retrieving a trigger condition, wherein the trigger condition initiates the payment enabler sending the credit amount to the second handler that initiates the second-listed transferring step; and

the payment enabler determining when the trigger condition is satisfied.

20. The method for transferring the credit amount out of the online system using the payment instrument as recited in claim 19, the trigger condition is chosen from a group consisting of at least one of a credit balance in the first stored value fund meeting a threshold and a period of time expiring.

21. The method for transferring the credit amount out of the online system using the payment instrument as recited in claim 13, the payor, the first handler, the second handler and the payee are remotely located with respect to each other.

22. The method for transferring the credit amount as recited in claim 13, further comprising:

the payment enabler creating a second stored value account;

the payment enabler converting the credit amount from the first value to a second value;

the payment enabler storing the credit amount having the second value in the second stored value account; and

the payment enable sending the credit amount having the second value to the second handler from the second stored value account.

23. The method for transferring the credit amount as recited in claim 22, the first stored value account is associated with the payor and the second stored value account is associated with the payee.

24. A method for transferring a credit amount from a payor to a payee using a payment instrument, the payor sending the credit amount to the payee through an online computer system comprising a payment enabler and a wide-area network, a payor computer and a payee computer are in communication with the wide-area network, the method comprising:

the payment enabler having a computer processor receiving pay-out instructions, the pay-out instructions include a payee, a residence address of the payee, and the credit amount, the credit amount having a first value;

the payment enabler determining a first handler;

the first handler receiving the credit amount having the first value from the payor, the first handler receiving the credit amount having the first value as one of a group comprising a debit card transfer, a bank funds transfer, or a credit card transfer;

the payment enabler receiving the credit amount having the first value from the first handler;

the payment enabler storing the credit amount having the first value in a first stored value fund, the first stored value fund associated with the payor;

the payment enabler converting the credit amount from the first value to a second value, wherein the first value and the second value are different forms of monetary value;

the payment enabler storing the credit amount having the second value in a second stored value fund, the second stored value fund associated with the payee;

the payment enabler receiving a choice of a second handler from the payee computer, the second handler one of a debit card handler, a bank funds transfer handler, a credit card handler, a promotion handler, or a money order handler;

the payment enabler sending the pay-out instructions to the second handler;

the payment enabler sending the credit amount having the second value from the second stored value account to the second handler;

the second handler creating the payment instrument according to the pay-out instructions, the payment instrument paid with the credit amount of the second value; and

the second handler providing the payment instrument to the payee, wherein the payment instrument is provided to the payee by sending the payment instrument to the payee'"'"'s residence address.

25. The method for transferring the credit amount out of the online system using the payment instrument as recited in claim 24, the payment instrument is chosen from a group consisting of a money order, a cashiers check, a tellers check, a certified check, a gift certificate, and a coupon.

26. The method for transferring the credit amount as recited in claim 24, the first value is a first currency and the second value is a second currency.

27. The method for transferring the credit amount as recited in claim 24, the first value is airline miles and the second value is a currency.