Linking a merchant account with a financial card
First Claim
1. In a computer-implemented system that includes one or more modules for generating and managing a merchant account of a financial institution, wherein the merchant account is not required to be linked to a checking account, savings account, or settlement account of an owner of the merchant account, a method for enabling the merchant account to accept financial cards as payment, the method comprising:
- using a financial module associated with the financial institution and executed by a computer,linking, by the computer, the merchant card to the merchant account, wherein the merchant account is not required to be linked to a checking account, savings account or settlement account associated with an owner of the merchant account;
accepting, by the computer, a financial card of a particular cardholder in a transaction associated with the merchant account;
adding, by the computer, an amount authorized by an issuer of the financial card of the particular cardholder of the particular transaction to an available balance of the merchant account;
making the available balance of the merchant account immediately available for use as stored value on the merchant card linked to the merchant account without transferring funds to or from a checking account, savings account, or settlement account associated with the owner of the merchant account and without waiting until the transaction has settled with the issuer of the financial card of the particular cardholder; and
while the available balance of the merchant account is available to the merchant for use as stored value on the merchant card linked to the merchant account, settling, by the computer, the transaction with the issuer of the financial card of the particular cardholder.
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Accused Products
Abstract
Systems and methods for linking a merchant card with a merchant account. A financial institution that issues the merchant card to a merchant acts as both issuer and acquirer for the merchant. The merchant uses the merchant card to accept other financial cards as payment. Funds due the merchant are added to an available balance of the merchant card rather than depositing the funds in a settlement account. The funds can be added to the available balance before the transactions settle and can be accessed by the merchant. The financial institution also authorizes transactions when the merchant uses the merchant card as a regular cardholder to make payment. The merchant name can be changed on a per transaction basis if desired.
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Citations
11 Claims
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1. In a computer-implemented system that includes one or more modules for generating and managing a merchant account of a financial institution, wherein the merchant account is not required to be linked to a checking account, savings account, or settlement account of an owner of the merchant account, a method for enabling the merchant account to accept financial cards as payment, the method comprising:
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using a financial module associated with the financial institution and executed by a computer, linking, by the computer, the merchant card to the merchant account, wherein the merchant account is not required to be linked to a checking account, savings account or settlement account associated with an owner of the merchant account; accepting, by the computer, a financial card of a particular cardholder in a transaction associated with the merchant account; adding, by the computer, an amount authorized by an issuer of the financial card of the particular cardholder of the particular transaction to an available balance of the merchant account; making the available balance of the merchant account immediately available for use as stored value on the merchant card linked to the merchant account without transferring funds to or from a checking account, savings account, or settlement account associated with the owner of the merchant account and without waiting until the transaction has settled with the issuer of the financial card of the particular cardholder; and while the available balance of the merchant account is available to the merchant for use as stored value on the merchant card linked to the merchant account, settling, by the computer, the transaction with the issuer of the financial card of the particular cardholder. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. A computer program product having computer-executable instructions executable by a computing device to perform operations comprising:
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linking a merchant card to a merchant account of a financial institution, wherein the merchant account is not required to be linked to a checking account, savings account, or settlement account associated with an owner of the merchant account; accepting a financial card of a particular cardholder in a transaction associated with the merchant account; adding an amount authorized by an issuer of the financial card of the particular cardholder of the particular transaction to an available balance of the merchant account; making the available balance of the merchant account immediately available for use as stored value on the merchant card linked to the merchant account without transferring funds to or from a checking account, savings account, or settlement account associated with the owner of the merchant account and without waiting until the transaction has settled with the issuer of the financial card of the particular cardholder; and while the available balance of the merchant account is available to the merchant for use as stored value on the merchant card linked to the merchant account, settling the transaction with the issuer of the financial card of the particular cardholder.
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Specification