Private label promotion card system, program product, and associated computer-implemented methods
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
-
Aug 14, 2012
Grant Date -
Jun 25, 2009
app pub date -
Dec 18, 2008
filing date -
Dec 19, 2007
priority date (Note) -
In Force
status (Latency Note)
Importance
Abstract
Embodiments of the present invention provide a private label promotion card as a bank product, being issued and managed by the bank and using an open payment network for purchase authorization and payments. A bank computer processes activation information for a promotion card. The bank computer then authorizes purchase requests to use one or more activated promotion cards as payment for a consumer purchase from the retailer via an open payment network and transfers funds to the open payment network to satisfy the authorized consumer purchase. Next, the bank computer receives funds on behalf of the retailer for payment responsive to consumer purchases using the one or more promotion cards as payment and payment for a value remaining on the one or more promotion cards responsive to an expiration of the one or more promotion cards, perhaps at a discount to a customer value of the promotion card.
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