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System and method for processing transactions

  • US 8,793,160 B2
  • Filed: 09/15/2003
  • Issued: 07/29/2014
  • Est. Priority Date: 12/07/1999
  • Status: Active Grant
First Claim
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1. A method, comprising:

  • establishing, by at least one computer processor, an account, identified with an account holder, comprising a plurality of defined purses, wherein a value chaining logic is definable for both the account and each purse and the value chaining logic comprises a hierarchy for application of value contained in each of the plurality of defined purses to a transaction amount wherein further the hierarchy defines the application of value from one or more of the plurality of defined purses to fulfill a transaction;

    receiving, by the at least one computer processor, transaction information comprising a transaction request with an amount, from a merchant, and further comprising a code pertaining to one or more qualifying products which form at least a portion of a transaction initiated by the account holder at a point of sale;

    applying, by the at least one computer processor, the value chaining logic to the amount associated with the transaction request, wherein the value chaining logic is applied until the amount is fulfilled with value from the one or more of the plurality of defined purses as specified by the value chaining logic;

    performing, by the at least one computer processor, a comparison of the code from the transaction information against previously received codes;

    storing, electronically, the code in a database wherein the code becomes a previously received code upon storage;

    generating a credit to the account based each new candidate code, wherein the credit comprises a particular type non-zero value, wherein the non-zero value comprises one of electronic cash, micro-payments, loyalty points, or electronic coupons;

    storing the credit in one of the plurality of defined purses that is configured to store the particular type of non-zero value of which the credit is comprised; and

    notifying, electronically, the account holder of the credit.

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