Patent ID: 8244632
Filing Date: 2012-08-14
Classification: G06Q

Abstract:
1. A method for automatically transferring an incoming payment to a handler, the method comprising steps of: associating a presentation instrument with a stored value fund, wherein the presentation instrument includes a magnetic stripe configured to be swiped at a point of sale (POS) device to add or subtract funds from the stored value fund; receiving, from the stored value fund controlled by a user, the incoming payment associated with a payee; determining, by a computer processor, whether a first predetermined rule or a second predetermined rule applies to the incoming payment, wherein the incoming payment is routed to a first account if the first predetermined rule applies or is routed to a second account if the second predetermined rule applies; applying the first predetermined rule or second predetermined rule to the incoming payment, wherein the applying comprises: routing a first portion of the incoming payment to the first account or the second account depending on whether the first predetermined rule or the second predetermined rule is applied; determining, by the computer processor, whether the first predetermined rule or the second predetermined rule that was not applied in the first-listed determining step also applies to the incoming payment; applying the first predetermined rule or the second predetermined rule to the incoming payment based, at least in part, upon the second-listed determining step; routing a second portion of the incoming payment to the first account or the second account depending on whether the first predetermined rule or the second predetermined rule is applied in the second-listed determining step; and automatically paying the payee the incoming payment from either or both of the first account and the second account based on the applied first and second predetermined rules; and determining, by the computer processor, if the incoming payment has been depleted, where application of the second-listed applying step is based, at least in part, upon the third-listed determining step.