Spending vehicles for payments

• US 7,668,764 B2
• Filed: 06/13/2006
• Issued: 02/23/2010
• Est. Priority Date: 07/16/1999
• Status: Expired due to Term

• Current Assignee: H&R Block Tax Services LLC (H&R Block, Inc.)
• Original Assignee: H&R Block Tax Services LLC (H&R Block, Inc.)
• Inventors: Wilson, Robert D.
• Primary Examiner(s): Campen; Kelly
• Application Number:
  US11/423,824
• Publication Number:
  US 20060218095A1
• Time in Patent Office: 1,351 Days
• Field of Search: 705/35, 705/36.R, 705/36.T, 705/39, 705/40, 705/14, 235/379
• US Class Current: 705/31
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/34 using cards, e.g. integrated circuit [IC] cards or magnetic cards
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/3433 the counter having monetary units
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/123 Tax preparation or submission
• CPC Class Codes: G06Q 50/26 Government or public services business processes related to the transportation industry G06Q50/40
• CPC Class Codes: G07F 7/02 by keys or other credit registering devices
• CPC Class Codes: G07F 7/08 by coded identity card or credit card or other personal identification means without personal verification means G07F7/02

Abstract

A system and method for associating payments with spending vehicles so that an individual who is entitled to receive periodic or special payments such as social security checks receives in place of the payment a spending vehicle such as a discount card, rebate, or coupon for use with purchases of the sponsor'"'"'s products or services. Sponsors include companies and organizations interested in offering purchase incentives to their customers. An individual who wishes to receive a spending vehicle rather than the regular payment selects the spending vehicle he or she would like to receive. The individual then assigns his or her right to receive the payment to a third party. The third party then arranges to give a spending vehicle to the individual and to transfer the individual'"'"'s payment to the sponsor of the spending vehicle. The third party may take a portion of the payment as compensation for the service.

Claims

1. A computerized system for distributing a spending vehicle, comprising:

a spending vehicle having a predetermined value;

a right of an individual to receive a payment from a payor;

an assignment executed by said individual wherein said individual agrees to transfer a portion of said payment from said payor to a third party acquiring said right to receive said at least said portion of said payment;

a payor computer system for receiving payment data to facilitate electronically transferring said portion of said payment from said payor computer system to a third party computer system, said third party acquiring said right to receive said at least said portion of said payment; and

wherein;

(1) said spending vehicle is provided to said individual by said third party acquiring said right in exchange for said right to receive said at least said portion of said payment; and

(2) data regarding said spending vehicle provided to said individual is recorded in said third party computer system.

2. The computerized system of claim 1 wherein said spending vehicle is selected from the group consisting of:

a gift card, a cash card, a coupon, a voucher, a rebate certificate, and a discount certificate.

3. The computerized system of claim 1 wherein said spending vehicle is selected from the group consisting of:

a credit card, a debit card, a checking card, a checking account, a discount, a discount certificate, a spending account, an electronic spending account, and an e-wallet account.

4. The computerized system of claim 1 wherein said spending vehicle is offered by a sponsor selected from the group consisting of:

a product retailer, a wholesaler, a distributor, a manufacturer, a service provider, a publisher, a travel entity, an entertainment entity, a financial institution, an insurance institution, a brokerage institution, a global computer network and online business, a publisher, and a consortium of companies.

5. The computerized system of claim 4 wherein said third party acquiring said right to receive at least said portion of said payment is said spending vehicle sponsor.

6. The computerized system of claim 1 wherein said third party acquiring said right to receive at least said portion of said payment is a financial institution that accepts said transfer of said at least a portion of said payment and takes a portion of said at least a portion of said payment as compensation for services.

7. The computerized system of claim 1 wherein said payment is selected from the group consisting of:

a government program payment and a corporate program payment.

8. The computerized system of claim 1 wherein said payment is selected from the group consisting of:

an aid to dependent children payment, a social security payment, a tax refund, an individual retirement account distribution, a 401(K) distribution, an interest payment, and a dividend payment.

9. The computerized system of claim 1 wherein said predetermined value of said spending vehicle is in an amount equal to said at least a portion of said payment.

10. The computerized system of claim 1 wherein said predetermined value of said spending vehicle is in an amount greater than said at least said portion of said payment.

11. The computerized system of claim 1 wherein said predetermined value of said spending vehicle is indicated by said individual.

12. The computerized system of claim 1 wherein said third party acquiring said right to receive said at least said portion of said payment is a third party assignee selected from the group consisting of:

a spending vehicle sponsor and a financial institution serving as an intermediary between said individual and a spending vehicle sponsor.