System and method for accepting closed loop cards and codes at a merchant point of sale
First Claim
1. A method of redeeming a closed loop card funded with an amount of money, the method comprising:
- receiving, via a processor, from a point of sale of a merchant, an indication of use by a first consumer of the closed loop card not issued by the merchant;
receiving, via the processor, a confirmation of the amount of money in an account associated with the closed loop card;
presenting, via the processor, the first consumer with an offer to buy the closed loop card at a discount price;
upon the first consumer accepting the offer, and via the processor, verifying collection, at the point of sale, of the closed loop card, closing out the account associated with the closed loop card, and paying the discount price to the first consumer as a gift code, wherein the gift code is independent of a physical gift instrument; and
offering a new closed loop card having a new account to a second consumer.
2 Assignments
0 Petitions
Accused Products
Abstract
Disclosed herein are systems, methods, and computer-readable storage media for redeeming a closed loop card/code funded with an amount of money. The system receives from a merchant point of sale an indication of use of a closed loop card/code not issued by the merchant and presented by a consumer, queries and receives a confirmation of an amount of money in an account associated with the closed loop card/code, presents the consumer with an offer to buy the closed loop card/code at a discount price, and upon accepting the offer, closes out the closed loop card/code and pays the discount price to the consumer. Paying the discount price can include applying the discount price to a purchase by the consumer at the merchant. The merchant can provide cash back to the consumer for excess value of the discount price over the consumer'"'"'s purchase. Merchants can apply more than the discount price.
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Citations
27 Claims
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1. A method of redeeming a closed loop card funded with an amount of money, the method comprising:
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receiving, via a processor, from a point of sale of a merchant, an indication of use by a first consumer of the closed loop card not issued by the merchant; receiving, via the processor, a confirmation of the amount of money in an account associated with the closed loop card; presenting, via the processor, the first consumer with an offer to buy the closed loop card at a discount price; upon the first consumer accepting the offer, and via the processor, verifying collection, at the point of sale, of the closed loop card, closing out the account associated with the closed loop card, and paying the discount price to the first consumer as a gift code, wherein the gift code is independent of a physical gift instrument; and offering a new closed loop card having a new account to a second consumer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A method of redeeming a closed loop card funded with an amount of money, the method comprising:
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receiving, via a processor, an indication of use of a closed loop card not issued by a merchant and presented by a first consumer at a point of sale of the merchant; receiving, via the processor, a confirmation of the amount of money in an account associated with the closed loop card; receiving, via the processor, an indication that the first consumer has accepted an offer to sell the closed loon card; based on the received indication, and via the processor, closing out the closed loop card and paying a second amount of money to the merchant as a gift code, wherein the gift code is independent of a physical gift instrument; and offering a new closed loop card having a new account to a second consumer. - View Dependent Claims (10, 11, 12, 13, 14, 15)
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16. A system for redeeming a closed loop card funded with an amount of money, the system comprising:
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a processor; and a computer-readable medium storing instructions which, when executed by the processor, cause the processor to perform operations comprising; receiving an indication of use of the closed loop card not issued by a merchant and presented by a first consumer at a point of sale of the merchant; querying and receiving a confirmation of the amount of money in an account associated with the closed loop card; receiving an indication that the first consumer has accepted an offer to sell the closed loop card; based on the received indication, verifying collection at the point of sale of the closed loop card, closing out the account associated with the closed loop card, and paying a second amount of money to the merchant as a gift code, wherein the gift code is independent of a physical gift instrument; and offering a new closed loop card having a new account to a second consumer. - View Dependent Claims (17, 18, 19, 20, 21, 22)
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23. A system for redeeming a closed loop card funded with an amount of money, the system comprising:
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a processor; and a computer-readable medium storing instructions which, when executed by the processor, cause the processor to perform operations comprising; receiving from a merchant an indication of use of the closed loop card not issued by the merchant and presented by a first consumer at a point of sale of the merchant; querying and receiving a confirmation of the amount of money in an account associated with the closed loop card; receiving an indication from the merchant that the first consumer has accepted an offer to sell the closed loop card; based on the received indication, verifying collection at the point of sale of the closed loop card, closing out the account associated with the closed loop card, and paying a second amount of money to the merchant as a gift code, wherein the gift code is independent of a physical gift instrument; and offering a new closed loop card having a new account to a second consumer. - View Dependent Claims (24)
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25. A method comprising:
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receiving, via a processor, from a point of sale of a merchant an indication of use of a first code not issued by the merchant and presented by a first consumer, wherein the first code is electronic and independent of a physical gift instrument; receiving, via the processor, a confirmation of an amount of money in an account associated with the first code; presenting, via the processor, the first consumer with an offer to buy the first code at a discount price; and upon the consumer accepting the offer and via the processor; closing out the account associated with the first code; paying the discount price to the first consumer as a second code, wherein the second code is electronic and independent of a physical gift instrument; and offering a new gift code having a new account to a second consumer. - View Dependent Claims (26, 27)
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Specification