Method for transferring funds

• US 8,676,704 B2
• Filed: 03/13/2008
• Issued: 03/18/2014
• Est. Priority Date: 03/13/2008
• Status: Active Grant

• Current Assignee: GiftYa, LLC
• Original Assignee: GiftYa, LLC
• Inventors: Ledbetter, Patrick, Ludwig, Adam
• Primary Examiner(s): Holly, John H
• Application Number:
  US12/075,655
• Publication Number:
  US 20090234771A1
• Time in Patent Office: 2,196 Days
• Field of Search: 705/1, 705/41, 705/44, 705/26.1, 705/14.51, 705/21, 705/17, 705/42, 705/43, 380/24, 380/25, 380/9, 235/493, 235/380
• US Class Current: 705/41
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method to transfer money to a payee'"'"'s payment card account, without requiring an additional payment card or without acquiring the payee'"'"'s payment card information is disclosed. A payee registers a payment card with a service provider. The payment card is associated with a payment card account. A payor transfers an initial amount of money to the service provider to be given to the payee, when payee uses the registered payment card for a specified spending category. The service provider stores the money until the payee uses the registered payment card to make a qualified purchase.

Claims

1. A method for transferring an amount of money, the method comprising:

a service provider registering at least one payee payment card with the service provider, wherein the at least one payee payment card is associated with at least one payee payment card account;

the service provider receiving an initial amount of money from at least one payor to the service provider;

the service provider storing the initial amount of money;

the service provider storing at least one spending category specified to the service provider by the at least one payor;

the service provider monitoring, via a processor of a computing device, a transaction history of the at least one registered payment card account for a qualified purchase, wherein the qualified purchase is a purchase matching the at least one spending category;

the service provider identifying at least one qualified purchase on the transaction history;

the service provider comparing a monetary value of the at least one qualified purchase to the initial amount of money;

the service provider automatically transferring a portion of the initial amount of money to the at least one registered payee payment card account upon identifying at least one qualified purchase on the transaction history;

the service provider transferring a full amount of the monetary value of the at least one qualified purchase to at least one registered payee payment card account, if the monetary value of the at least one qualified purchase is less than the initial amount of money; and

the service provider transferring the initial amount of money to the at least one registered payee payment card account, if the monetary value of the at least one qualified purchase is more than the initial amount of money.

2. The method of claim 1, further comprising:

the service provider notifying the payee about the initial amount of money and the at least one spending category.

3. The method of claim 2, wherein notifying the payee comprises one or more of sending an e-mail, sending a text message, sending a voice message or calling the payee.

4. The method of claim 1, further comprising:

the service provider notifying the payee about an identity of the payor.

5. The method of claim 1, wherein the at least one spending category comprises one or more of an individual point of sale, a chain of stores, or a plurality of businesses in a same industry.

6. The method of claim 1, further comprising:

the service provider generating a payee profile with the service provider, wherein the payee profile stores information comprising the initial amount of money, a purchase history and the portion of the initial amount of money transferred to the at least one registered payee payment card account.

7. The method of claim 6, fmiher comprising:

the service provider receiving a request from the payee to query the payee profile; and

the service provider providing the information stored on the payee profile to the payee.

8. The method of claim 1, further comprising:

the service provider requesting a percentage of the initial amount of money from the one or more payors as a service fee for using the service provider.

9. The method of claim 1, further comprising:

the service provider charging a percentage of the initial amount of money to the one or more registered payee payment cards as a service fee for using the service provider.

10. The method of claim 1, wherein the one or more payors use a third party to pay the initial amount of money, the third party comprising one or more of a payment card company or an escrow service.

11. A method of using a payment card, the method comprising:

a payee registering one or more payment cards with a service provider, wherein the one or more payment cards are associated, via a processor of a computing device, with one or more payment card accounts;

the payee using the registered one or more payment cards for a qualified purchase, wherein the qualified purchase is a purchase matching at least one spending category specified by a payor;

the payee receiving a transfer of funds to the registered one or more payment card accounts from the service provider, wherein the payor instructs the service provider to transfer funds to the registered one or more payment card accounts for the qualified purchase;

the service provider comparing a monetary value of the qualified purchase to the initial amount of money;

the service provider transferring a full amount of the monetary value of the qualified purchase to at least one registered payee payment card account, if the monetary value of the qualified purchase is less than the initial amount of money; and

the service provider transferring the initial amount of money to the at least one registered payee payment card account, if the monetary value of the qualified purchase is more than the initial amount of money.

12. The method of claim 11, further comprising:

the payee receiving information about an amount of money given by the payor and the at least one spending category specified by the payor, wherein the money is stored by the service provider.

13. The method of claim 11, further comprising:

the payee receiving information about an identity of the payor.

14. The method of claim 11, wherein the at least one spending category comprises one or more of an individual point of sale, a chain of stores, or a plurality of businesses in a same industry.

15. The method of claim 11, further comprising:

the payee incurring a charge in the amount of a percentage of a value of the qualified purchase, wherein the charge is a service fee for using the service provider.

16. The method of claim 11, wherein the payor transfers an initial amount of money to the service provider before the registering step.

17. The method of claim 16, further comprising:

the payee receiving an invitation to register one or more payment cards with the service provider.

18. The method of claim 11, further comprising:

the payee accessing a payee profile, wherein the payee profile provides information about one or more received payments and a purchase history.

19. A method of transferring an amount of money, the method comprising:

a payor registering, via a processor of a computing device, information about a payee with a service provider;

the payor transferring an initial amount of money to the service provider;

the payor specifying to the service provider at least one spending category;

the payor instructing the service provider to pay a portion of the initial amount of money to the payee when the payee makes a qualified purchase with a payment card, wherein the qualified purchase is a purchase matching the at least one spending category;

the service provider comparing a monetary value of the qualified purchase to the initial amount of money;

the service provider transferring a full amount of the monetary value of the qualified purchase to at least one registered payee payment card account, if the monetary value of the qualified purchase is less than the initial amount of money; and

the service provider transferring the initial amount of money to the at least one registered payee payment card account, if the monetary value of the qualified purchase is more than the initial amount of money.

20. The method of claim 19, further comprising:

the payor receiving information when the payee makes at least one qualified purchase with the payment card and the payee receives a portion of the initial amount of money as a transfer of funds to a payment card account associated with the payment card.

21. The method of claim 19, wherein the at least one spending category comprises one or more of an individual point of sale, a chain of stores, or a plurality of businesses in a same industry.

22. The method of claim 19, further comprising:

the payor paying a percentage of the initial amount of money to the service provider as a service fee for using the service provider.