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Hybrid credit card transaction system

  • US 7,752,134 B2
  • Filed: 03/20/2001
  • Issued: 07/06/2010
  • Est. Priority Date: 03/20/2001
  • Status: Active Grant
First Claim
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1. A method of processing a transaction, initiated by a cardholder using a hybrid credit card, as either one of a group of virtual standard transactions routed through a clearinghouse or as one of a group of virtual closed loop transactions bypassing the clearinghouse, said method of processing a transaction comprising:

  • identifying the hybrid credit card using program logic residing on a point-of-sale terminal of a merchant and labeling the transaction using the hybrid credit card as being one of the virtual closed loop transactions;

    acquiring and directing the virtual standard transactions to the clearinghouse and acquiring and directing the virtual closed loop transactions so as to bypass the clearinghouse using an affiliated acquiring entity; and

    accepting the virtual standard transactions from the clearinghouse and debiting a credit card account and accepting the virtual closed loop transactions and debiting a private label account using an affiliated card issuing entity;

    wherein the affiliated acquiring entity and affiliated card issuing entities are separate entities affiliated by an agreement to bypass the clearinghouse.

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