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

  • US 9,971,996 B2
  • Filed: 06/12/2017
  • Issued: 05/15/2018
  • Est. Priority Date: 02/09/2009
  • Status: Active Grant
First Claim
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1. A method comprising:

  • receiving an indication from a device of a desire by a user to sell a closed loop account issued by another merchant not associated with a merchant that the user desires to make a purchase from, wherein the closed loop account is issued for use with a single entity;

    receiving a confirmation, via a computing device, of an amount of money in the closed loop account by accessing a database of accounts over the Internet;

    transmitting, to the device, an offer to buy the closed loop account;

    receiving from the 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.

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