System and method for initializing financial presentation instruments
View Patent ↗The present invention provides alternative methods and systems for instantaneous initialization of financial presentation instruments, preferably stored value cards, gift cards, or other pre-paid debit cards. In one aspect of the present invention, a method for initializing financial presentation instruments is provided. The method comprises mailing a financial presentation instrument to a customer. At least an account identification (ID) associated with the presentation instrument, a monetary value to be loaded onto the presentation instrument, and a payment instrument from the customer is received. The presentation instrument is then initialized or activated to the monetary value. Typically, the receiving and initializing is carried out by an internet website, an interactive voice response (IVR) system, or a telephone customer service representative.
1. A method for initializing unsolicited financial presentation instruments, the method comprising:
mailing a financial presentation instrument to a potential customer, wherein the mailing is a targeted communication based on a list, and wherein the mailing of the presentation instrument is unsolicited by the potential customer and without the potential customer having a pre-existing account that is associated with the presentation instrument;
receiving at least an account identification (ID) associated with the presentation instrument and a monetary value to be loaded onto the presentation instrument-from the customer, wherein the account ID is visually obtained directly from the presentation instrument by the customer;
initializing the presentation instrument to the monetary value; and
wherein receiving and initializing is carried out by an internet website, an interactive voice response (IVR) system, or a telephone customer service representative.
2. The method of claim 1 , wherein the presentation instrument comprises a stored value card or a gift card.
3. The method of claim 1 , wherein the presentation instrument comprises a zero balance or promotional value when mailed until the presentation instrument is activated.
4. The method of claim 1 , wherein the presentation instrument comprises a data card having an information storage medium that is adapted to store a unique identifier.
5. The method of claim 4 , wherein the unique identifier comprises the presentation instrument ID.
6. The method of claim 4 , wherein the information storage medium comprises a magnetic stripe or a bar code.
7. The method of claim 1 , further comprising creating a personal identification number (PIN) associated with the presentation instrument.
8. The method of claim 1 , wherein the payment instrument comprises a debit card, credit card, or Automated Clearing House (ACH) authorization from a bank account.
9. The method of claim 1 , wherein receiving and initializing is carried out by a host computer system which has a record of the presentation instrument ID.
10. The method of claim 9 , wherein initializing further comprises updating a database associated with the host computer to reflect the monetary value loaded onto the presentation instrument.
11. The method of claim 1 , wherein the receiving and initializing is carried out by a third party service provider, merchant, or instrument issuer.
12. The method of claim 1 , further comprising targeting the mailing of the presentation instrument based upon a customer list, mailing list, mailing address, holiday, or special event.
13. The method of claim 1 , further comprising providing packaging for the presentation instrument.
14. A method for initializing financial presentation instruments, the method comprising:
providing an internet website, an IVR system, or a telephone customer service representative that receives at least an account ID associated with a financial presentation instrument, and a monetary value to be loaded onto the presentation instrument from a potential customer, wherein the account ID was received visually from the potential customer who was mailed the presentation instrument on an unsolicited basis and without the potential customer having a pre-existing account that is associated with the presentation instrument; and
initializing the presentation instrument to the monetary value.
15. The method of claim 14 , wherein the presentation instrument comprises a stored value card or a gift card.
16. A kit comprising:
a financial presentation instrument; and
instructions for initializing the presentation instrument according to claim 14 .
17. The kit of claim 16 , farther comprising packaging for the presentation instrument.
18. The kit of claim 16 , wherein the presentation instrument comprises a stored value card or a gift card.
19. The kit of claim 16 , wherein the presentation instrument comprises an initial zero balance or promotional value.
20. The kit of claim 16 , wherein the presentation instrument comprises a data card having an information storage medium that is adapted to store a unique identifier.
21. The kit of claim 20 , wherein the unique identifier comprises the presentation instrument ID.
22. The kit of claim 20 , wherein the information storage medium comprises a magnetic stripe or a bar code.
23. The kit of claim 16 , wherein the presentation instrument has an associated PIN.
24. A system for initializing financial presentation instruments, the system comprising:
a host computer; and
a database associated with the host computer, the database having a record of an account ID associated with a financial presentation instrument, wherein the financial presentation instrument includes the account ID in a visually accessible form;
wherein the host computer is configured to receive at least the presentation instrument ID, and a monetary value to be loaded onto the presentation instrument from a potential customer accessing an internet website, an IVR system, or a telephone customer service representative;
wherein the presentation instrument ID is obtained visually from the presentation instrument the potential customer who was mailed the presentation instrument on an unsolicited bases and without the potential customer having a pre-existing account that is associated with the presentation instrument; and
wherein the host computer is configured to initialize the presentation instrument to the monetary value.
25. The system of claim 24 , wherein the presentation instrument comprises a stored value card or a gift card.
26. A computer-readable storage medium having a computer-readable program embodied therein for directing operation of a computer system for a provider, the computer system including a communications system, a processor, and a storage device, wherein the computer-readable program includes instructions for operating the computer system to activate financial presentation instruments in accordance with the following:
receiving at least an account ID associated with a financial presentation instrument, and a monetary value to be loaded onto the presentation instrument from a potential customer accessing an internet website, an IVR system, or a telephone customer service representative;
wherein the account ID was visually obtained directly from the presentation instrument by the potential customer who was mailed the presentation instrument on an unsolicited basis and without the potential customer having a pre-existing account that is associated with the presentation instrument; and
initializing the presentation instrument to the monetary value.
27. The computer-readable storage medium of claim 26 , wherein the presentation instrument comprises a stored value card or a gift card.
28. The computer-readable storage medium of claim 26 , wherein the computer-readable program further includes instructions for creating a PIN associated with the presentation instrument.
29. The computer-readable storage medium of claim 26 , wherein the computer-readable program further includes instructions for updating the storage device to reflect the monetary value loaded onto the presentation instrument.