Systems, methods, and devices for selling transaction instruments

• US 7,918,392 B2
• Filed: 10/25/2010
• Issued: 04/05/2011
• Est. Priority Date: 03/12/2004
• Status: Active Grant

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Keiser, Steven J., Page, Clyde, Miller, Sven, Martinez, Paula S., Imada, Jon Steven, Feldman, Gennye, Beck, Randall G.
• Primary Examiner(s): St. Cyr, Daniel
• Application Number:
  US12/911,545
• Publication Number:
  US 20110040684A1
• Time in Patent Office: 162 Days
• Field of Search: 235/380, 235/375, 235/379, 235/381, 235/382, 235/385, 235/487, 235/492, 235/493
• US Class Current: 235/380
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• 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
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

The present invention generally relates to a system and method for distributing an open transaction instrument. The system includes the steps of: accessibly offering for sale, in a retail environment, the open transaction instrument; selling a selected open transaction instrument; and enabling the use of the open transaction instrument. The transaction instrument may be, for example, an open pre-paid card. Furthermore, accessibly offering the open pre-paid card for sale, in one exemplary embodiment, is performed by hanging the pre-paid card on a rack. The distribution of the open transaction instrument may also comprise the step of sending a message, in substantially real time, causing the pre-paid open transaction instrument to be funded but not activated. Also, in accordance with further exemplary embodiments of the present invention, an issuer system is suitably configured to leverage existing infrastructure for inventory and related processes.

Claims

1. A method, comprising:

receiving, by a computer for adjusting a balance of a transaction account, a request to debit a purchase amount from the balance of the transaction account, wherein an account code is associated with the transaction account, wherein a tracking code is associated with at least one of;

a transaction instrument, the package, and another item within the package, wherein the transaction instrument is configured to be directly accessible by a consumer, and wherein the transaction instrument is associated with the transaction account and the account code, wherein the account code corresponds to a tracking code, and wherein the package contains the transaction instrument;

verifying, by the computer, that the account code associated with the transaction instrument is a valid account code;

verifying, by the computer, that the balance of the transaction account associated with the transaction instrument is at least equal to the purchase amount; and

reducing, by the computer, the balance by the purchase amount.

2. The method of claim 1, wherein the purchase amount includes at least one of:

cash equivalent value and loyalty points.

3. The method of claim 1, wherein the balance includes at least one of:

cash equivalent value and loyalty points.

4. The method of claim 1, further comprising authorizing the purchase request and sending an authorization message to the merchant.

5. The method of claim 1, further comprising receiving the tracking code from at least one of:

the merchant, an intermediary and the consumer.

6. The method of claim 1, further comprising receiving the tracking code in a message containing the request to debit.

7. The method of claim 1, further comprising facilitating funding the transaction account by at least one of:

initial loading of funds, partial funding, re-loading funds and funding at a time subsequent to the purchase request.

8. The method of claim 1, further comprising facilitating activating the transaction account at least one of:

before, during and after funding of the transaction instrument occurs.

9. The method of claim 1, further comprising facilitating funding the transaction account at least one of:

before, during and after activation of the transaction account occurs.

10. The method of claim 1, wherein the transaction instrument is configured to be generally accepted by at least one of:

merchants that are not directly affiliated with each other, merchants within one shopping mall, merchants within one payment network, merchants within one country, and merchants within one geographic region.

11. The method of claim 1, further comprising receiving a personal identification number (PIN).

12. The method of claim 1, wherein the transaction instrument is the account code.

13. The method of claim 1, wherein the transaction instrument is at least one of:

the account code printed on paper, the account code encoded into an RFID device, and a signal of the account code accessed by a personal digital assistant of the consumer.

14. The method of claim 1, wherein the tracking code is in the format of at least one of:

a numerical format, a code format, bar code format, encrypted format, radio frequency format, and magnetic stripe format.

15. The method of claim 1, wherein the account code is in the format of at least one of:

a numerical format, a code format, bar code format, encrypted format, radio frequency format and magnetic stripe format.

16. The method of claim 1, wherein the transaction instrument is an open transaction instrument.

17. The method of claim 1, further comprising causing the transaction account associated with the open transaction instrument to have a monetary amount that is available in response to the open transaction instrument being activated.

18. The method of claim 1, further comprising facilitating activating the open transaction account associated with the open transaction instrument at a time subsequent to the time when the transaction account is caused to have a monetary amount.

19. A system comprising:

a tangible, non-transitory memory communicating with a processor for adjusting a balance of a transaction account,

the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause the processor to perform operations comprising;

receiving, by the processor, a request to debit a purchase amount from the balance of the transaction account, wherein an account code is associated with the transaction account, wherein a tracking code is associated with at least one of;

a transaction instrument, the package, and another item within the package, wherein the transaction instrument is configured to be directly accessible by a consumer, and wherein the transaction instrument is associated with the transaction account and the account code, wherein the account code corresponds to a tracking code, and wherein the package contains the transaction instrument;

verifying, by the processor, that the account code associated with the transaction instrument is a valid account code;

verifying, by the processor, that the balance of the transaction account associated with the transaction instrument is at least equal to the purchase amount; and

reducing, by the processor, the balance by the purchase amount.

20. An article of manufacture including a non-transitory, tangible computer readable medium having instructions stored thereon that, in response to execution by a computer-based system for adjusting a balance of a transaction account, cause the computer-based system to perform operations comprising:

receiving, by the computer-based system, a request to debit a purchase amount from the balance of the transaction account, wherein an account code is associated with the transaction account, wherein a tracking code is associated with at least one of;

a transaction instrument, the package, and another item within the package, wherein the transaction instrument is configured to be directly accessible by a consumer, and wherein the transaction instrument is associated with the transaction account and the account code, wherein the account code corresponds to a tracking code, and wherein the package contains the transaction instrument;

verifying, by the computer-based system, that the account code associated with the transaction instrument is a valid account code;

verifying, by the computer-based system, that the balance of the transaction account associated with the transaction instrument is at least equal to the purchase amount; and

reducing, by the computer-based system, the balance by the purchase amount.