System and method for processing closed loop cards at a merchant point of sale
First Claim
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.
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, 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.
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Citations
21 Claims
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1. A method comprising:
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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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A system comprising:
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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 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 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. - View Dependent Claims (10, 11, 12, 13, 14, 15, 16)
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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:
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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 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. - View Dependent Claims (18, 19, 20, 21)
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Specification