System and method for processing closed loop cards at a merchant point of sale

• US 9,679,277 B2
• Filed: 08/29/2014
• Issued: 06/13/2017
• Est. Priority Date: 02/09/2009
• Status: Active Grant

• Current Assignee: GiftCodes.com, LLC
• Original Assignee: GiftCodes.com, LLC
• Inventors: Wolfe, Jason, Romanelli, Mark, Akut, Sanjay, Kelly, Mike, Kelly, Mary Jane
• Primary Examiner(s): Le, Thien M
• Assistant Examiner(s): TAYLOR, APRIL ALICIA
• Application Number:
  US14/472,908
• Publication Number:
  US 20140372314A1
• Time in Patent Office: 1,019 Days
• Field of Search: 235375, 235379-381, 235383, 705 14, 705 141
• CPC Class Codes: G06Q 20/085 involving remote charge determination or related payment systems
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 20/34 using cards, e.g. integrated circuit [IC] cards or magnetic cards
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0207 Discounts or incentives, e.g. coupons or rebates
• CPC Class Codes: G06Q 30/0208 Trade or exchange of goods or services in exchange for incentives or rewards
• CPC Class Codes: G06Q 30/0213 Consumer transaction fees

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, at a merchant, an indication from a consumer of a desire to sell a closed loop account not issued by the merchant and receives a confirmation, via a computing device, of an amount of money in the closed loop account. The system presents the consumer with an offer to buy the closed loop account and receives from the consumer an acceptance of the offer. The system processes the closed loop account to yield a processed closed loop account such as by transferring the account to one of the merchant and an entity and applies a benefit to the consumer based on the processed closed loop account.

Claims

1. A method comprising:

receiving an indication from a mobile device at a location of a merchant of a desire to sell a closed loop account issued by another merchant not associated with the merchant, wherein the closed loop account is issued for use with a single company;

receiving a confirmation, via a computing device, of an amount of money in the closed loop account by accessing a database of accounts from a multi-process secure gateway over the Internet;

presenting, via the mobile device and over the Internet, a consumer with an offer to buy the closed loop account;

receiving from the mobile device an acceptance of the offer;

cancelling the closed loop account based on the acceptance to yield a cancelled closed loop account; and

creating a new closed loop account issued by the merchant and only available for use at the merchant, the new closed loop account funded by at least a portion of funds from the cancelled closed loop account.

2. The method of claim 1, wherein the closed loop account is represented by one of a physical card, a code, and a credit.

3. The method of claim 1, wherein the closed loop account is represented by a physical card, and the indication identifies a code associated with the closed loop account.

4. The method of claim 1, wherein the acceptance of the offer is received at one of a physical store of the merchant and an online portal.

5. The method of claim 1, wherein a benefit is applied, after creating the new closed loop account, to a third party designated by the merchant.

6. The method of claim 5, wherein the benefit comprises one of a physical card, a code, and a credit.

7. The method of claim 1, wherein the new closed loop account issued by the merchant is represented by one of a physical card, a code, or a credit.

8. The method of claim 1, further comprising:

presenting at least one of a discount and cash back in association with a purchase on the mobile device using the new closed loop account; and

applying the at least one of the discount and the cash back to the purchase upon receiving an acceptance of the at least one of the discount and the cash back from the mobile device.

9. A system comprising:

a processor; and

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

receiving an indication from a mobile device at a location of a merchant of a desire to sell a closed loop account issued by another merchant not associated with the merchant, wherein the closed loop account is issued for use with a single company;

receiving a confirmation of an amount of money in the closed loop account by accessing a database of accounts from a multi-process secure gateway over the Internet;

presenting, via the mobile device and over the Internet, a consumer with an offer to buy the closed loop account;

receiving from the mobile device an acceptance of the offer;

cancelling the closed loop account based on the acceptance to yield a cancelled closed loop account; and

creating a new closed loop account issued by the merchant and only available for use at the merchant, the new closed loop account funded by at least a portion of funds from the cancelled closed loop account.

10. The system of claim 9, wherein the closed loop account is represented by one of a physical card, a code, and a credit.

11. The system of claim 9, wherein the closed loop account is represented by a physical card, and the indication identifies a code associated with the closed loop account.

12. The system of claim 9, wherein the acceptance of the offer is received at one of a physical store of the merchant and an online portal.

13. The system of claim 9, wherein a benefit is applied, after creating the new closed loop account, to a third party designated by the merchant.

14. The system of claim 13, wherein the benefit comprises one of a physical card, a code, and a credit.

15. The system of claim 9, wherein the new closed loop account issued by the merchant is represented by one of a physical card, a code, or a credit.

16. The system of claim 9, wherein the non-transitory computer-readable storage device further stores instructions which, when executed by the processor, cause the processor to perform operations comprising:

presenting at least one of a discount and cash back in association with a purchase on the mobile device using the new closed loop account; and

applying the at least one of the discount and the cash back to the purchase upon receiving an acceptance of the at least one of the discount and the cash back from the mobile device.

17. A non-transitory computer readable storage device having instructions stored therein, which, when executed by a computing device, cause the computing device to perform operations comprising:

receiving an indication from a mobile device at a location of a merchant of a desire to sell a closed loop account issued by another merchant not associated with the merchant, wherein the closed loop account is issued for use with a single company;

receiving a confirmation, via a computing device, of an amount of money in the closed loop account by accessing a database of accounts from a multi-process secure gateway over the Internet;

presenting, via the mobile device and over the Internet, a consumer with an offer to buy the closed loop account;

receiving from the mobile device an acceptance of the offer;

cancelling the closed loop account based on the acceptance to yield a cancelled closed loop account; and

creating a new closed loop account issued by the merchant and only available for use at the merchant, the new closed loop account funded by at least a portion of funds from the cancelled closed loop account.

18. The non-transitory computer readable storage device of claim 17, wherein the closed loop account is represented by one of a physical card, a code, and a credit.

19. The non-transitory computer readable storage device of claim 17, wherein the closed loop account is represented by a physical card, and the indication identifies a code associated with the closed loop account.

20. The non-transitory computer readable storage device of claim 17, wherein the acceptance of the offer is received at one of a physical store of the merchant and an online portal.

21. The non-transitory computer readable storage device of claim 17, having further instructions stored therein, which, when executed by the computing device, cause the computing device to perform operations comprising:

presenting at least one of a discount and cash back in association with a purchase on the mobile device using the new closed loop account; and

applying the at least one of the discount and the cash back to the purchase upon receiving an acceptance of the at least one of the discount and the cash back from the mobile device.