Patent ID: 8290858
Filing Date: 2012-10-16
Classification: G06Q

Abstract:
1. A method of facilitating the processing of debit gift card payment systems on behalf of a customer, the method comprising the steps of: a) opening a customer account at an issuing entity utilizing an issuer computer system, wherein said customer account contains personal identification information of said customer including the name and address of said customer, wherein said customer account is not a financial account, wherein said issuing entity is neither a financial institution nor a merchant, wherein said issuer computer system is operated by said issuing entity, wherein said issuer computer system is remotely connected over a network to a customer computer operated by said customer, wherein said opening of said customer account is performed in response to a first electronic communication from said customer computer to said issuer computer system, and wherein said first electronic communication includes the name and address of the customer; b) receiving, by said issuer computer system, a second electronic communication from said customer computer, wherein said second electronic communication includes a request to establish a Gift Card Account (“GCA”) at a financial institution, wherein said second electronic communication includes an identifier for said financial institution, an identifier for a source account, a gift amount, and a name and address of a giftee, wherein said source account is a financial account containing a balance of readily available funds, and wherein said source account is not a credit account; c) sending, by said issuer computer system to a financial computer system remotely connected over a network to the issuer computer system, a third electronic communication requesting the establishment of the GCA at the financial institution, wherein the third electronic communication includes the name and address of the customer, the gift amount, and the identifier for the source account; d) opening the GCA at the financial institution on behalf of said customer by the financial computer system, wherein the GCA is a financial account owned by said customer, and wherein the GCA is not a credit account; e) transferring funds, by said financial computer system, from said source account to said GCA in an amount equal to the gift amount, wherein said funds are readily available in said GCA after being properly cleared, and wherein the funds in said GCA are owned by the customer until the funds are debited from the GCA; f) receiving, by said issuer computer system, a fourth electronic communication from the financial computer system confirming the establishment and funding of the GCA; g) manufacturing a debit gift card by said issuing entity, wherein said debit gift card comprises a tangible computer-readable medium, wherein said debit gift card has encoded thereon GCA identification information uniquely associating said debit gift card with the GCA, wherein said debit gift card is adapted to be processed by point-of-sale terminals; h) sending, by said issuing entity, the debit gift card to the giftee at the address of the giftee; i) receiving, by said financial computer system, a fifth electronic communication from a point-of-sale terminal for a debit request from said GCA, wherein the fifth electronic communication was initiated in response to the debit gift card being swiped through said point-of-sale terminal; j) verifying, by said financial computer system, that said GCA contains sufficient funds to cover said debit request; k) debiting, by said financial computer system, an amount of funds from said GCA equal to said debit request, wherein said debited funds are readily available funds and not funds extended on credit; l) receiving, by said issuer computer system, a reclamation request from said customer computer operated by said customer, wherein said reclamation request includes an identifier for said GCA and a destination account, wherein said destination account is owned by said customer but not affiliated with said debit gift card, and wherein said reclamation request is received prior to any expiration of said debit gift card; m) relaying, by said issuer computer system, said reclamation request to said financial computer system; n) verifying, by said financial computer system, that said GCA contains a positive balance; and o) transferring, by said financial computer system, funds from said GCA to said destination account.