Approval and Issuance of a Financial Card

• US 20090048970A1
• Filed: 02/08/2008
• Published: 02/19/2009
• Est. Priority Date: 02/09/2007
• Status: Abandoned Application

• Current Assignee: M2 International Limited
• Original Assignee: M2 International Limited
• Inventors: Muscato, Michael A.
• Application Number:
  US12/028,393
• Publication Number:
  US 20090048970A1
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/351 Virtual cards
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules

Abstract

A method comprising issuing, at a virtual credit card issuer, a virtual credit card to an entity and debiting a monetary amount from a credit card account associated with a credit card issued by a financial institution that has extended credit to the entity. The method also comprises crediting the monetary amount to a virtual credit card account associated with the virtual credit card. The virtual credit card issuer would receive a request for payment directly from a merchant who accepted a credit card number of the virtual credit card as a form of payment from the entity. The request for payment when a monetary amount specified by the request for payment is less than or equal to the monetary amount credited to the virtual credit card account associated with the virtual credit card would be honored.

Claims

1. A method comprising:

issuing, at a virtual credit card issuer, a virtual credit card to an entity;

debiting a monetary amount from a credit card account associated with a credit card issued by a financial institution that has extended credit to the entity;

crediting the monetary amount to a virtual credit card account associated with the virtual credit card;

receiving, at the virtual credit card issuer, a request for payment directly from a merchant who accepted a credit card number of the virtual credit card as a form of payment from the entity; and

honoring the request for payment when a monetary amount specified by the request for payment is less than or equal to the monetary amount credited to the virtual credit card account associated with the virtual credit card.