Stored value education account
First Claim
1. A method for funding an account with an online money transfer system using a wide area network, where the account cannot be used for purchases outside a closed purchasing community, the method comprising steps of:
- accepting information about a money handler at the online money transfer system and over the wide area network, wherein;
the information includes an amount of funds, a bank routing number, a bank account number and a unique identifier, and the unique identifier discriminates a buyer from other buyers in the closed purchasing community;
drawing the amount of funds with the money handler from a bank account indicated by the routing number and the bank account number; and
transferring funds to the account for benefit of the buyer indicated by the unique identifier, wherein the funds cannot be used outside the closed purchasing community while in the account.
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Accused Products
Abstract
According to the invention, a method for funding an account with an online money transfer system using a wide area network, where the account cannot be used for purchases outside a closed purchasing community, is disclosed. In one step, information about a money handler is accepted at the online money transfer system and over the wide area network. The information includes an amount of funds, a bank routing number, a bank account number and a unique identifier. The unique identifier discriminates a buyer from other buyers in the closed purchasing community. The amount of funds is drawn with the money handler from a bank account indicated by the routing number and the bank account number. Funds are transferred to the account for benefit of the buyer indicated by the unique identifier. The funds cannot be used outside the closed purchasing community while in the account.
158 Citations
26 Claims
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1. A method for funding an account with an online money transfer system using a wide area network, where the account cannot be used for purchases outside a closed purchasing community, the method comprising steps of:
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accepting information about a money handler at the online money transfer system and over the wide area network, wherein;
the information includes an amount of funds, a bank routing number, a bank account number and a unique identifier, and the unique identifier discriminates a buyer from other buyers in the closed purchasing community;
drawing the amount of funds with the money handler from a bank account indicated by the routing number and the bank account number; and
transferring funds to the account for benefit of the buyer indicated by the unique identifier, wherein the funds cannot be used outside the closed purchasing community while in the account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A method for funding a stored value account with an online money transfer system using a wide area network, where the stored value account is used in a purchasing community, the method comprising steps of:
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receiving a first request to interface with the online money transfer system from another site on the wide area network;
accepting information about a money handler at the online money transfer system and over the wide area network;
determining a unique identifier from the information;
transferring money from the money handler to the stored value account associated with the unique identifier;
receiving a second request to debit the stored value account;
debiting the stored value account in response to the receiving step; and
crediting the purchasing community in response to the debiting step. - View Dependent Claims (14, 15, 16, 17, 18, 19)
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20. A payment system for a closed purchasing community where stored value accounts are funded over a wide area network (WAN), the payment system comprising:
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a plurality of point of sale (POS) terminals associated with the closed purchasing community;
a database comprising a unique identifier for each of a plurality of participants in the purchasing community;
a plurality of indicators for presentment at the POS terminals that allow determining the unique identifier, wherein each indicator has a credit amount associated therewith; and
an online money transfer system, separate from the closed purchasing community, that obtains the credit amount from a bank handler. - View Dependent Claims (21, 22, 23, 24, 25, 26)
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Specification