Patent ID: 8286863

Claim:
A computer-implemented system for providing a closed-loop retail prepaid card by offering for sale a chit, the computer implemented system comprising: a prepaid card provider computer having at least a processor, a non-transitory computer readable storage medium, and at least one database stored in the non-transitory computer readable storage medium, the at least one database including a plurality of chit data files, a plurality of merchant data files, a plurality of closed-loop retail prepaid card external face images, a plurality of associated merchant identification codes, and a plurality of closed-loop retail prepaid card data files, each retail card data file including at least a retail prepaid card number and a merchant identification code; a communications network in communication with the prepaid card provider computer, a remote merchant computer and a remote chit user computer; and the non-transitory computer readable storage medium storing instructions operable on the prepaid card provider computer, the stored instructions configured to perform a process of allowing a user to design an external face of the closed-loop retail prepaid card and a process issuing the closed-loop prepaid card using a chit, the computer implemented system performing the steps of: creating the chit at the prepaid card provider upon receipt from the merchant computer via the communications network of a merchant name and a purchased chit value; associating with the chit a plurality of closed-loop retail prepaid card external face images upon input of said plurality of closed-loop retail prepaid card external face images by a user, the plurality of closed-loop retail prepaid card external face images selected from a plurality of available merchant controlled closed-loop retail prepaid card external face images; associating by the prepaid card provider the merchant name and the plurality of selected closed-loop retail prepaid card external face images with a merchant identification code, upon a user redeeming the chit by the prepaid card provider, creating a gift card using the selected retail prepaid card external face images, the merchant identification code and the merchant name; and associating the gift card with the purchased chit value, the chit comprising an identification mechanism representing a financial commitment to issue a retail prepaid card in an amount associated with a value paid for the chit.