Method and system for activation and funding of prepaid card accounts within a restricted authorization network
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United States of America Patent
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Oct 14, 2014
Grant Date -
Aug 30, 2012
app pub date -
Feb 24, 2012
filing date -
Feb 25, 2011
priority date (Note) -
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Abstract
A method for activating and funding a stored value, prepaid card account includes acquiring, with a point of sale (POS) device, a first data set associated with the card and purchase thereof, and a second data set associated with the card and activation, deactivation, funding, loading, and reloading thereof. The method also includes transmitting a specific transaction trigger amount for card account activation and transmitting the second data set across a universal payment network to an authorization system associated with the second data set. The method further includes transmitting, from the authorization system, a transaction approval message to the POS including data relating to a funded value of the account, an electronic settlement message causing payment to the merchant for selling the card, an electronic message in the amount of the funded value of the account plus the specific transaction trigger amount, and an electronic message to debit the account.
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