Method for transferring funds

• US 8,751,392 B1
• Filed: 02/28/2014
• Issued: 06/10/2014
• 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:
  US14/193,068
• Publication Number:
  US 20140180912A1
• Time in Patent Office: 102 Days
• Field of Search: 705/41, 705/1.1, 705/39, 705/26.1, 705/42, 705/44, 705/35, 705/40, 705/14.26, 235/379, 235/380, 713/168
• 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 a 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 comprising:

receiving a registration of a payee account at a service provider, the payee account being associated with a payee;

receiving, from a payor comprising an individual, an identification of the payee and a spending category, the payee account being registered with the service provider prior to the receiving;

transmitting, via a processor of a computing device, a notice to the payee, wherein the notice is linked to the payee account to yield a profile associated with the spending category and the payee account;

monitoring, via a processor of a computing device and according to the profile, purchasing transactions made using the payee account for a qualified purchase; and

based on the qualified purchase, transferring, via a processor of a computing device, an amount of money to pay for at least part of the qualified purchase.

2. The method of claim 1, wherein the payee account is one of a debit account, a financial account, and a credit account.

3. The method of claim 1, further comprising:

receiving an initial amount of money from a payor account into a service provider account, wherein the amount of money is drawn from the initial amount of money.

4. The method of claim 1, wherein multiple payors contribute to the amount of money.

5. The method of claim 1, wherein the amount of money is transferred to the payee account and is determined by comparing an initial amount of money received from the payor to a purchase amount associated with the qualified purchase.

6. The method of claim 5, wherein if the purchase amount is less than the initial amount of money, then the amount of money transferred to the payee account is a full amount of the qualified purchase, and wherein if the purchase amount is more than the initial amount of money, then the amount of money transferred is the initial amount of money.

7. The method of claim 1, further comprising:

charging the payee account for the qualified purchase; and

reimbursing the payee account when the qualified purchase appears on a transaction history of the payee account.

8. The method of claim 1, further comprising:

charging a percentage of an initial amount of money provided by the payor as a service fee for using the service provider.

9. The method of claim 8, wherein one of the payor, the payee and a third party is charged the percentage of the initial amount of money.

10. The method of claim 1, wherein the spending category comprises one of an individual point of sale, a chain of stores, and a plurality of businesses in a same industry.

11. The method of claim 1, wherein a third party pays at least a portion of an initial amount of money which funds the amount of money transferred.

12. A system comprising:

a processor of a computer device; and

a non-transitory computer-readable storage medium storing instructions which, when executed by the processor of the computing device, cause the processor to perform operations comprising;

receiving a registration of a payee account at a service provider, the payee account being associated with a payee;

receiving, from a payor comprising an individual, an identification of the payee and a spending category, the payee account being registered with the service provider prior to the receiving;

transmitting a notice to the payee, wherein the notice is linked to the payee account to yield a profile associated with the spending category and the payee account;

monitoring, according to the profile, purchasing transactions made using the payee account for a qualified purchase; and

based on the qualified purchase, transferring an amount of money to pay for at least part of the qualified purchase.

13. The system of claim 12, wherein the payee account is one of a debit account, a financial account, and a credit account.

14. The system of claim 12, wherein the non-transitory computer-readable storage medium stores additional instructions which, when executed by the processor of the computing device, cause the processor of the computing device to perform a further operation comprising:

receiving an initial amount of money from a payor account into a service provider account, wherein the amount of money is drawn from the initial amount of money.

15. The system of claim 12, wherein multiple payors contribute to the amount of money.

16. The system of claim 12, wherein the amount of money is transferred to the payee account and is determined by comparing an initial amount of money received from the payor to a purchase amount associated with the qualified purchase.

17. The system of claim 16, wherein if the purchase amount is less than the initial amount of money, then the amount of money transferred to the payee account is a full amount of the qualified purchase, and wherein if the purchase amount is more than the initial amount of money, then the amount of money transferred is the initial amount of money.

18. The system of claim 12, wherein the non-transitory computer-readable storage medium stores additional instructions which, when executed by the processor of the computing device, cause the processor of the computing device to perform a further operation comprising:

charging the payee account for the qualified purchase and reimbursing the payee account when the qualified purchase appears on a transaction history of the payee account.

19. The system of claim 12, wherein the non-transitory computer-readable storage medium stores additional instructions which, when executed by the processor of a computing device, cause the processor of the computing device to perform a further operation comprising:

charging a percentage of an initial amount of money provided by the payor as a service fee for using the service provider.

20. A non-transitory computer-readable storage device storing instructions which, when executed by a processor of a computing device, cause the processor of the computing device to perform operations comprising:

receiving a registration of a payee account at a service provider, the payee account being associated with a payee;

receiving, from a payor comprising an individual, an identification of the payee and a spending category, the payee account being registered with the service provider prior to the receiving;

transmitting a notice to the payee, wherein the notice is linked to the payee account to yield a profile associated with the spending category and the payee account;

monitoring, according to the profile, purchasing transactions made using the payee account for a qualified purchase; and

based on the qualified purchase, transferring an amount of money to pay for at least part of the qualified purchase.