System and method for processing financial transactions

• US 9,881,299 B2
• Filed: 07/18/2014
• Issued: 01/30/2018
• Est. Priority Date: 03/13/2008
• Status: Active Grant

• Current Assignee: GiftYa, LLC
• Original Assignee: GiftYa, LLC
• Inventors: Isaacson, Thomas M., Durham, Ryan C., Wolfe, Jason, Amicone, III, Lewis C., Ledbetter, Patrick, Ludwig, Adam
• Primary Examiner(s): Holly, John H
• Application Number:
  US14/335,358
• Publication Number:
  US 20140330713A1
• Time in Patent Office: 1,292 Days
• Field of Search: 705 41, 705 11, 705 14, 705 268, 705 35, 705 36 R, 380 18, 380 25, 380 54, 380 30, 709217, 709203, 709266
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/321 using wearable devices
• CPC Class Codes: G06Q 20/342 Cards defining paid or billed services or quantities
• CPC Class Codes: G06Q 20/384 using social networks
• CPC Class Codes: G06Q 20/387 Payment using discounts or coupons relating to marketing G06Q30/02
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

Disclosed herein are systems, methods, and non-transitory computer-readable storage media for receiving data from a giver at a first time, the data being used to identify a merchant at which a gift from the giver to a recipient is redeemable. The system presents a group of merchants associated with the data to the giver, each merchant of the group of merchants offering a promotion in connection with the gift. The system receives from the giver a selection of a chosen merchant from the group of merchants, the chosen merchant having an associated promotion. The system then generates a policy comprising the gift, the chosen merchant, and the associated promotion such that upon receiving an indication of a triggering event caused by the recipient, the system can apply the gift and the associated promotion according to the policy.

Claims

1. A method comprising:

receiving, at a network-based service provider, data from a giver at a first time, the data being used to identify a merchant at which a gift from the giver to a recipient is redeemable, the giver having a giver payment account existing prior to the first time and the recipient having a recipient payment account existing prior to the first time;

transmitting, to a giver device, a group of merchants associated with the data, each merchant of the group of merchants offering a promotion in connection with the gift;

receiving from the giver a selection of a chosen merchant from the group of merchants, the chosen merchant having an associated promotion;

generating, via the network-based service provider, a policy comprising the gift, the chosen merchant, a gift credit, and the associated promotion, wherein the policy is at least in part giver-defined and wherein the policy is linked to the recipient payment account;

transmitting an electronic notice to a recipient device, the electronic notice indicating the policy, the gift, the gift credit, and that the policy is linked to the recipient payment account; and

upon receiving an indication of a triggering event caused by use of the recipient payment account at a second time which is later than the first time and as defined by the policy, transferring an amount of money from the giver payment account to the recipient payment account according to the gift credit to pay for the gift.

2. The method of claim 1, further comprising:

initiating a transfer of the amount of money associated with the gift from a giver payment account to a holding account.

3. The method of claim 2, wherein upon the receiving of the indication, the method further comprises:

transferring at least part of the amount of money from the holding account to the recipient payment account.

4. The method of claim 1, wherein presenting the group of merchants further comprises sorting the group of merchants by at least one of location, price, promotion, and similarity to the data.

5. The method of claim 1, wherein the group of merchants comprises at least one competitor to the merchant.

6. The method of claim 1, wherein placement of one merchant in the group of merchants is determined based at least in part on payment from the one merchant.

7. The method of claim 1, wherein the chosen merchant comprises a category of merchants.

8. The method of claim 7, wherein the category of merchants share a common characteristic.

9. The method of claim 8, wherein the common characteristic comprises at least one of a price range, a product category, a specific product, a location, a franchise, and a manual selection by the giver.

10. The method of claim 1, wherein the triggering event comprises a purchase made at the chosen merchant using the recipient payment account.

11. A method comprising:

receiving, at a network-based service provider, an identification of a giver of a gift having an associated gift credit and a recipient of the gift at a first time, wherein the giver is associated with a giver payment account existing prior to the first time, and the recipient is associated with a recipient payment account existing prior to the first time;

associating a policy having a triggering event associated with the gift and an application of the gift credit to pay for the gift;

determining, via a processor, whether the triggering event occurs according to the policy, the triggering event being associated with the recipient and occurring at a second time, which is later than the first time;

if the triggering event occurs, transferring money from the giver payment account to the recipient payment account, according to the policy and the gift credit, to pay for the gift; and

if the triggering event does not occur, not applying money received from the giver payment account to the gift.

12. The method of claim 11, further comprising:

initiating, at the first time, a transfer of at least a portion of the money from the giver payment account to a holding account.

13. The method of claim 11, wherein the triggering event comprises a confirmation that a recipient device is at a location of a merchant according to the policy.

14. The method of claim 11, wherein applying the money comprises transferring at least a portion of the money to recipient payment amount.

15. The method of claim 11, wherein the triggering event comprises a confirmation that a recipient device has been to one or more locations according to the policy.

16. The method of claim 11, further comprising:

if the triggering event occurs, presenting an interactable object to the recipient through a device; and

if the triggering event does not occur, not presenting an interactable object to the recipient through the device.

17. The method of claim 16, wherein if the recipient interacts with the interactable object, then adding a promotion to the gift;

and

wherein if the recipient does not interact with the interactable object, then not adding the promotion to the gift.

18. The method of claim 16, wherein the device is one a recipient device and a merchant device.

19. The method of claim 17, wherein the policy is modified according to whether the recipient interacts with the interactable object.

20. The method of claim 19, wherein modifying the policy comprises transmitting money to the recipient payment account and applying the promotion.

21. A method comprising:

receiving, at a network-based service provider, data from a giver regarding a giver payment account and a giver rewards program account;

receiving, from the giver, an identification, at a first time, of a gift having a gift credit amount, a merchant and a gift credit recipient having a recipient payment account that is independent of the giver payment account;

establishing a policy associated with monitoring a triggering event associated with use of the recipient payment account at the merchant; and

providing a benefit to the giver via the giver rewards program account based on the triggering event, wherein the benefit comprises transferring at least part of the gift credit amount from the giver payment account after the triggering event.

22. The method of claim 21, wherein the identification identifies a plurality of gifts each having a respective gift card amount, a respective merchant and a respective gift credit recipient, and wherein each respective gift credit recipient has a respective recipient payment account that is independent of the giver payment account and that existed prior to the first time, the method further comprising:

establishing a plurality of policies, wherein each policy of the plurality of policies is associated with monitoring a respective triggering event associated the respective recipient payment account at the respective merchant; and

providing a benefit to the giver via the giver rewards program account based on the respective triggering event.