Patent Publication Number: US-2011073641-A1

Title: Portable change device

Description:
TECHNICAL FIELD 
     The present disclosure relates to a monetary transaction including a portable device that is credited with a change amount. 
     BACKGROUND 
     A cashless transaction may be defined as a monetary transaction without using paper money or coins. Cashless transactions may include several advantages. For example, the need to carry large amounts of paper money, which can be misplaced or lost easily, is reduced. There are several approaches that may be used to conduct cashless transactions. 
     In one approach, debit and credit cards may be used instead of paper money. Credit cards are typically linked to a credit account, while debit cards may be linked to a bank account. A financial institution that manages the credit or bank account may charge a service fee each time the debit or credit card is used. Because there may be a service fee involved, credit and debit cards are usually used to make larger purchases. 
     In another example, prepaid cards may also be used instead of paper money. The prepaid card may be purchased with a predetermined monetary value that is associated with the card. In some cases, it is also possible to add money value to the prepaid card after the card has been purchased. However, the prepaid card may only allow a predetermined amount of money to be deposited on the card, such as, for example, in increments of twenty-five dollars. Moreover, at least some prepaid cards may not allow for money to be added once the card has been purchased. 
     Moreover, cashless transactions using credit cards and prepaid cards may not always eliminate the need to carry smaller increments of money. In particular, paper money and coin change may still need to be used in order to conduct transactions that involve smaller monetary values, such as, for example, purchases involving less than about five or ten dollars. However, using coin change may be burdensome, because coin change can be easily lost, and may be too bulky or heavy to carry in a wallet or purse. Therefore, it may be advantageous to reduce the amount of coin change that is exchanged in monetary transactions. 
     Therefore, there exists a need to provide a cash card that may be credited with a change amount, where the change amount is measured in coins. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         FIG. 1  is a diagram of an exemplary information distribution system including a point of sale, a communication device, a portable device, a financial account, and a network device; 
         FIG. 2A  is an exemplary illustration of a front face of the portable device; 
         FIG. 2B  is an exemplary illustration of a back face of the portable device in  FIG. 2 ; and 
         FIG. 3  is a process flow diagram of a conducting a monetary transaction using the portable device. 
     
    
    
     DETAILED DESCRIPTION 
     Referring now to the discussion that follows and also to the drawings, illustrative approaches to the disclosed systems and methods are shown in detail. Although the drawings represent some possible approaches, the drawings are not necessarily to scale and certain features may be exaggerated, removed, or partially sectioned to better illustrate and explain the present disclosure. Further, the descriptions set forth herein are not intended to be exhaustive or otherwise limit or restrict the claims to the precise forms and configurations shown in the drawings and disclosed in the following detailed description. 
     Moreover, a number of constants may be introduced in the discussion that follows. In some cases illustrative values of the constants are provided. In other cases, no specific values are given. The values of the constants will depend on characteristics of the associated hardware and the interrelationship of such characteristics with one another as well as environmental conditions and the operational conditions associated with the disclosed system. 
       FIG. 1  illustrates an exemplary information distribution system  20 , illustrated as a network for processing and storing monetary information. Typically, information distribution system  20  includes a portable device  32 , illustrated as a card that may be similar in appearance to a traditional credit or debit card. The information distribution system  20  may also include a point of sale  30  and a communication device  34 . It should be noted that while  FIG. 1  illustrates the portable device  32  as a magnetic stripe card, any portable device capable of communicating financial information with the communication device  34  may be used. 
     In at least some situations, when a purchase is made at a point of sale, such as at the point of sale  30 , a user may exchange a predetermined amount of money for the purchase. The purchase includes a purchase price. If the predetermined amount of money exceeds the purchase price, then a change amount may be given back to a user. The change amount may include a paper money value as well as a coin value. The portable device  32  may be credited with the coin value of the change amount using the information distribution system  20 . Allowing the coin value of the change amount to be credited to the portable device  32  may reduce the amount of bulky, heavy coins that a user may have to carry. Moreover, the portable device  32  may also be used to make purchases as well, which is discussed in greater detail below. 
     The information distribution system  20  may include the point of sale  30 , the portable device  32 , the communication device  34 , and a network device  36 . The point of sale  30  is illustrated as a computer register, however it should be noted that the point of sale  30  may be any device where a monetary transaction occurs. For example, a virtual point of sale may be used instead of the computer register  40 , where the monetary transaction occurs over a telephone line, or a computer network. The point of sale  30  selectively communicates with the communication device  34 . The communication device  34  selectively communicates with both of the portable device  32  as well as the network device  36 . 
     The portable device  32  is illustrated as a type of portable card, which may be similar in appearance to a credit or debit card. It should be noted that while  FIG. 1  illustrates the portable device  32  as a portable card, any mobile device that stores monetary information or that may authenticate a user&#39;s identity may be used. For example, the portable device  32  may be a miniature card or a barcode device carried on a keychain. In another exemplary illustration, the portable device  32  may be an authentication token, such as an authentication token in communication with a radio frequency identification network. The communication device  34  may communicate information to and from the portable device  32 . More specifically, the communication device  34  may be for reading and writing information from the network device  36  to the portable device  32 , as well as communicating information about the portable device  32  to the network device  36 . 
       FIG. 1  illustrates the communication device  34  as a type of magnetic swipe card reader. Although the communication device  34  is illustrated as a magnetic swipe card reader, it should be noted that the communication device  34  may be any device that obtains information during a monetary transaction. For example, the communication device  34  may be part of a radio frequency identification network, and may communicate with the portable device  32  wirelessly. In another example, the communication device  34  may be a barcode reader, where the communication device  34  scans a barcode located on the portable device  32 . Moreover, the communication device  34  may read and write information from devices other than the portable device  32 , such as, for example, credit, debit or gift cards. In another example, the communication device  34  may be a device that only reads and writes information from the portable device  32 . 
     The portable device  32  corresponds with a financial account  40 , where the financial account  40  includes a financial account monetary value  42 . The financial account  40  may be located at a financial institution such as, for example, a bank or a credit union. Information regarding the financial account  40  may be stored directly on the portable device  32 . Alternatively, information regarding the financial account  40  may be stored on the network device  36 . 
     The portable device  32  selectively communicates with the communication device  34  to transmit monetary information, such as information regarding the financial account monetary value  42 , between the portable device  32  and the communication device  34 . It should be noted that the portable device  32  may be any device that stores monetary information and allows for monetary information to be transmitted to the communication device  34 , such as, for example a radio frequency identification card, an integrated circuit card or a magnetic swipe card. 
     The communication device  34  selectively communicates with the network device  36  to transmit information between the portable device  32  and the network device  36 . More specifically, the communication device  34  communicates monetary information, such as the financial account monetary value  42  of the financial account  40 , between the portable device  32  and the network device  36 . The financial account monetary value  42  may be stored on either of the portable device  32  and the network device  36 . In one example, the information distribution system  20  may be able to generate customized reports that identify several factors, such as, for example, the retail establishments the portable device  32  is used at or transaction amounts. 
       FIG. 2A  is an exemplary illustration of the front face of a portable device  132 , where the portable device  132  is a magnetic swipe card. The appearance of the portable device  132  may be similar to a conventional credit or debit card. A logo box  150  may be included, where the logo of a financial institution such as VISA® may be displayed. A graphic box  152  may also be included as well, where the graphic box contains information such as an account number, user name, and expiration date. The graphic box  152  may also include a graphic design, such as, but not limited to, a logo. In one exemplary illustration, the graphic box  152  may include a custom graphic design that is selected by a user of the portable device  132 . In another illustration, the graphic box  152  may include a graphic design that is specially designed for the information distribution system  20 . The portable device  132  may also include a slogan box  154  for containing text or images that are associated with an advertisement or a company slogan. 
     A display window  156  may also be included as well, where the display window  156  shows the current value of the financial account monetary value  42  (illustrated in  FIG. 1 ). In one example, the display window  156  may be a digital display, such as, but not limited to, a vacuum fluorescent display or a liquid crystal display. The display window  156  may be updated with the current monetary value  42  of the financial account  40  after a financial transaction. In one example, the display window  152  may be in communication with a calculating device that is embedded inside of the portable device  132 . It should be noted that while  FIG. 2A  illustrates the display window  156  on the front face of the portable device  132 , the display window  156  may also be located on the back face of the portable device  132  as well. 
       FIG. 2B  is exemplary illustration of the back face of a portable device  132 . The back face includes a magnetic stripe  160 , a signature block  162 , and an information block  164 . The magnetic stripe  160  may be a type of magnetic stripe that is typically used in credit and debit card transactions. Information such as, but not limited to, the monetary value of the financial account  40  may be included on the magnetic stripe  160 . The magnetic stripe  160  may also include the identification a user, which may be used for verification purposes. The signature block  162  may also include the signature of a user. The information block  164  may be used to contain text, such as information regarding the portable device  132 . 
     Use of the information distribution system  20  will now be explained. Turning to  FIG. 3 , a process  100  for using the information distribution system  20  is illustrated. Process  100  may begin at step  102 , where the portable device  32  that corresponds with the financial account  40  may be received, where the financial account  40  includes the financial account monetary value  42  that is measured in monetary units. The financial account monetary value  42  may be stored on the network device  36 , alternatively, the financial account monetary value  42  may be stored directly on the portable device  32  as well. 
     In one example, the financial account monetary value  42  may be measured in monetary units corresponding with U.S. dollars, however, currency from any country in the world may be used as well. In another example, the financial account monetary value  42  may also be converted from U.S. dollars to foreign currency. The exchange rate may be based upon the current market rates at the time of the monetary transaction. The portable device  32  may be similar in appearance to a credit or debit card (see  FIGS. 2A-2B ) and may be accepted at any retail establishment where credit and debit cards are accepted. However, it is understood that the portable device  32  may be any mobile device that stores monetary information. Step  102  may then proceed to step  104 . 
     In step  104 , a predetermined amount of money may be exchanged for a purchase at the point of sale  30 , where the purchase includes a purchase price. The purchase price corresponds with a value that may be measured in monetary units such as U.S. dollars. However, it is understood that currency from any country in the world may also be used with the information distribution system  20  as well. In one example, the predetermined amount of money is cash. Step  104  may then proceed to step  106 . 
     In step  106 , the predetermined amount of money is subtracted from the purchase price to determine a change amount. The change amount may be measured in at least one of a banknote value and a coin value. The banknote value may be an amount of monetary value that can be measured in paper money, and the coin value may be measured in coin money. For example, if a consumer pays with cash, and if the predetermined amount of money exceeds the purchase price of the purchase, a monetary value may be returned to the consumer. In particular, the monetary value that is returned to the consumer may include the banknote value, the coin value, or both banknote value and the coin value. In one example, the change amount may be measured in U.S. currency, and may include pennies, nickels, dimes, quarters, half-dollars and coin dollars. In another example, the change amount may be less than one U.S. dollar, and therefore the change amount can be measured only with the coin value. It is understood that the change amount may be measured using non-U.S. currency as well. Step  106  may then proceed to step  108 . 
     In step  108 , data associated with the change amount may be saved to the financial account  40 , where the financial account  40  may be credited with the coin value of the change amount. Data may be saved to the portable device  32  in several ways. In one example, the portable device  32  includes magnetic stripe  160  (see  FIG. 3 ). The portable device  32  is swiped though the communication device  34 , where data associated with the coin value of the change amount may be saved to the portable device  32 . In another example, the portable device  32  is a radio frequency identification card, where the portable device  32  communicates with a radio frequency identification network wirelessly to save data associated with the coin value of the change amount. 
     It should be noted that the coin value of the change amount from monetary transactions may be saved to the portable device  32  more than one time. That is, multiple monetary transactions may take place with the portable device  32 , and with each monetary transaction, the coin value will accumulate. A user may decide to redeem the cash value of the financial account monetary value  42 , especially if there is a large cash value accumulated. There are several different ways that the cash value of the financial account monetary value  42  may be redeemed. In one example, the financial account monetary value  42  may be redeemed at a bank, where the balance of the financial account monetary value  42  is deposited into a bank account. In another example the financial account monetary value  42  may be credited by a check. It should also be noted that the portable card  32  may be used to make monetary purchases as well, which is discussed in greater detail below. Step  108  may then proceed to step  110 . 
     In step  110 , a predetermined fee may be charged to the financial account  40  when the financial account  40  is credited with the coin value of the change amount. It should be noted that step  110  is an optional step, and that the predetermined fee may not be charged in at least some examples. The predetermined fee may be a service charge that is paid to the financial institution where the financial account  40  is located. The predetermined fee may be a percentage of the coin value of the change amount that is credited to the portable device  32 . In one example, the predetermined fee is less than what credit and debit cards typically charge. However, the predetermined fee may be any legally authorized interest rate as well. Step  110  may then proceed to step  112 . 
     In step  112 , a second purchase may be made, where the second purchase includes a second purchase price measured in monetary units, and the second purchase price is subtracted from the financial account  40 . That is, the portable device  32  may be used to pay for the second purchase. Monetary value may accumulate in the financial account  40 , where monetary value is added to the financial account  40  each time the coin value of the change amount is saved to the portable device  32 . As the value of the financial account  40  increases, a user may redeem the value of the financial account  40  by using the portable card  32  to pay for the second purchase. In one example, the second purchase may be a small value transaction. That is, the second purchase price may be a small monetary amount, such as, for example, on a scale of less than about five or ten dollars. However, it should be noted that the portable card  32  may also be used in larger monetary transactions as well, such as purchases that are more than ten dollars, as long as there are sufficient funds available in the financial account  40 . It should be noted that step  112  is an optional step, and that step  112  may be omitted. 
     The predetermined fee may also be charged to the financial account  40  when the second purchase price is subtracted from the financial account  40 . This means that the financial account monetary value  42  should be at least equal to the second purchase price of the second purchase, plus any associated fees in order to complete the second purchase. 
     In one example, the financial account monetary value  42  is verified by the network device  36  to ensure that the financial account monetary value is at least equal to the second purchase price, plus any predetermined fees associated with the second purchase price. If the financial account monetary value  42  is not at least equal to the second purchase price plus the predetermined fee, then the monetary transaction may be declined. For example, in one illustration, if the second purchase is declined, the point of sale  30  may indicate that insufficient funds are available in the financial account  40 . 
     It should be noted that because the predetermined fees may be a small percentage of the second purchase price, using the portable device  32  may not be cost prohibitive for making smaller purchases. That is, because the predetermined fee may be a small amount, such as a fraction of the second purchase price, a user may not be discouraged from utilizing the portable device  32 , especially for smaller purchases that are about less than five or ten dollars. The portable device  32  may be different than from at least some other credit or debit cards that are available. This is because at least some credit or debit cards may change a standard fee for each monetary transaction, such as, for example, a two dollar service charge for each monetary purchase. Therefore, at least some users may be discouraged from using a credit or debit card to make smaller purchases, as a two dollar service charge is about forty percent (40%) of a five dollar purchase. In contrast, the portable device  32  may only charge a small fraction of the second purchase price. However, the portable device  32  may also charge any amount up to the legally authorized interest rate amount. Step  112  may then proceed to step  114 . 
     In step  114 , the financial account monetary value  42  may be displayed on the portable device  32 . In the example as illustrated in  FIG. 2 , the portable device  132  may include the display window  156 , where the display window  156  shows the current value of the financial account monetary value  42 . It should be noted that step  114  is an optional step, and that the display window  156  may be omitted as well. The display window  156  may be updated with the current monetary value  42  of the financial account  40  after the data associated with the coin value of the change amount is saved to the portable device  132 , which is discussed in step  108 . Alternatively, the display window  156  may be updated with the current monetary value  42  of the financial account  40  after step  112  as well, where the second purchase price is subtracted from the financial account  40 . Step  114  may then proceed to step  116 . 
     In step  116 , the financial account monetary value  42  may be converted from U.S. dollars into foreign currency. It should be noted that step  116  is an optional step, and may be used in situations where the financial transaction takes place in a country other than the United States, where U.S. currency may not be used. Process  100  may then terminate. 
     The present disclosure has been particularly shown and described with reference to the foregoing illustrations, which are merely illustrative of the best modes for carrying out the disclosure. It should be understood by those skilled in the art that various alternatives to the illustrations of the disclosure described herein may be employed in practicing the disclosure without departing from the spirit and scope of the disclosure as defined in the following claims. It is intended that the following claims define the scope of the disclosure and that the method and apparatus within the scope of these claims and their equivalents be covered thereby. This description of the disclosure should be understood to include all novel and non-obvious combinations of elements described herein, and claims may be presented in this or a later application to any novel and non-obvious combination of these elements. Moreover, the foregoing illustrations are illustrative, and no single feature or element is essential to all possible combinations that may be claimed in this or a later application.