System and method for accepting closed loop cards or codes at a merchant point of sale
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United States of America Patent
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Jun 7, 2016
Grant Date -
Dec 18, 2014
app pub date -
Aug 29, 2014
filing date -
Feb 9, 2009
priority date (Note) -
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status (Latency Note)
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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 from a merchant point of sale an indication of use of a closed loop card/code not issued by the merchant and presented by a consumer, queries and receives a confirmation of an amount of money in an account associated with the closed loop card/code, presents the consumer with an offer to buy the closed loop card/code at a discount price, and upon accepting the offer, closes out the closed loop card/code and pays the discount price to the consumer. Paying the discount price can include applying the discount price to a purchase by the consumer at the merchant. The merchant can provide cash back to the consumer for excess value of the discount price over the consumer's purchase. Merchants can apply more than the discount price.
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