SYSTEM AND METHOD FOR CASHBACK FUNDING
In an example embodiment, a system is provided for a cashback funding of an account. The system comprises a transaction request receiving module configured to receive a request to make a transaction between a user and an online vendor using a first account of the user, the transaction request including a transaction amount and an identification of the online vendor, A transaction authorization module is configured to provide an option to select a cashback amount, receive a selected cashback amount from the user, add the selected cashback amount to the transaction amount, generate a completion, request message based on the sum. to a third party payment processor, and upon receiving an approval message in response to the completion request message, direct the transaction amount to the online vendor. A cashback funding module is configured to direct the cashback amount to an online account designated by the user, the online account distinct from the first account,
1 . A system comprising:
a transaction request receiving module configured to receive a request to make a transaction between a user and an online vendor using a first account of the user, the transaction request including a transaction amount and an identification of the online vendor;
a transaction authorization module configured to, using one or more processors, provide an option to select a cashback amount, receive a selected cashback amount from the user, add the selected cashback amount to the transaction amount, generate a completion request message based on the sum to a third party payment processor, and, upon receiving an approval message in response to the completion request message, direct the transaction amount to the online vendor; and
a cashback funding module configured to direct the cashback amount to an online account designated by the user, the online account distinct from the first account.
2 . The system of claim 1 , wherein the online vendor is responsible for paying a fixed commission fee to the third party payment processor.
3 . The system of claim 1 , where the transaction is a debit card transaction.
4 . The system of claim 1 , wherein the transaction is an electronic funds transaction (EFT).
5 . The system of claim 1 , farther comprising a fourth module configured to direct at least a portion of the cashback amount to a financial institution or auction site to fund, a service transaction.
6 . The system, of claim 1 , wherein the cashback fending module is farther configured to fund the purchase of a prepaid card using at least a portion of the cashback amount.
7 . The system of claim 1 , wherein the cashback fending module is further configured to fund a child account using at least a portion of the cashback amount.
8 . The system of claim 1 , wherein die cashback funding module is further configured to open the online account using the cashback amount.
9 . The system of claim 1 , wherein the cashback funding module is further configured to provide an incentive to the user.
10 . The system of claim 9 , wherein the incentive comprises a percentage of the cashback amount awarded to the online account.
11 . The system of claim 9 , wherein the incentive comprises an entry in a sweepstakes.
12 . The system of claim 1 , wherein the option to select the cashback amount is provided based on a risk profile of the user.
13 . The system of claim 1 , wherein the option to select the cashback amount is provided based on a length of time that the user has held the first account.
14 . A method comprising:
receiving a request to make a transaction between a user and an online vendor using a first account of the user, the transaction request including a transaction amount and an identification of the online vendor;
providing an option to select a cashback amount;
receiving a selected cashback amount from the user;
adding the selected cashback amount to the transaction amount;
generating a completion request message, using one or more processors, based on the sum to a third party payment processor;
upon receiving an approval message in response to the completion request message, directing the transaction amount to the online vendor; and
directing the cashback amount to an online account designated by the user, the online account distinct from the first account.
15 . The method of claim 14 , further comprising directing at least a portion of the cashback amount to a financial institution or auction site to fund a service transaction.
16 . The method of claim 14 , further comprising funding the purchase of a prepaid card using at least a portion of the cashback amount.
17 . The method of claim 14 , further comprising funding a child account using at least a portion of the cashback amount.
18 . The method of claim 14 , further comprising opening the online account using the cashback amount.
19 . The method of claim 14 , wherein the option to select the cashback amount is provided based on a risk profile of the user.
20 . A non-transitory computer-readable medium having instructions embodied thereon, the instructions executable by one or more processors to perform operations comprising:
receiving a request to make a transaction between a user and an online vendor using a first account of the user, the transaction request including a transaction amount and an identification of the online vendor;
providing an option to select a cashback amount;
receiving a selected cashback amount from the user;
adding the selected cashback amount to the transaction amount;
generating a completion request message, using one or more processors, based on the sum to a third party payment processor;
upon receiving an approval message in response to the completion request message, directing the transaction amount to the online vendor; and
directing the cashback amount to an online account designated by the user, the online account distinct from the first account.