IP Library › Patent Application 14727112
Patent Application
App. No. 14/727,112

SYSTEM AND METHOD FOR PROCESSING GIFTS BETWEEN DIFFERENT PAYMENT ACCOUNT TYPES

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Quick Facts
Patent No.
US None
App. No.
14/727,112
Abstract

Disclosed herein are systems, methods, and non-transitory computer-readable storage media for creating a gift in one medium of exchange from stored value in another medium of exchange. The system accesses a first account representing stored value in a first medium of exchange, and chooses an amount of the stored value from the first medium of exchange. Then the system converts the amount of the stored value to a second medium of exchange to yield a converted amount, and gives the converted amount in the second medium of exchange to a recipient as a gift, wherein the gift is associated with a recipient account for the second medium of exchange, and wherein the gift is associated with a policy monitoring transactions made using the recipient account such that the converted amount is applied to a transaction satisfying conditions of the policy.

Claims (30)

1 . A method comprising:

receiving, via a processing device, a request to convert a first amount associated with a first payment account of a first type to a second amount associated with a second payment account of a second type, wherein the first type and the second type are different types; and

converting the first amount to the second amount.

2 . The method of claim 1 , further comprising:

deactivating the first payment account.

3 . The method of claim 1 , wherein the first type associated with the first payment account is a closed loop account and the second type associated with the second payment account is an open loop account.

4 . The method of claim 1 , wherein the first amount and the second amount are a same amount.

5 . The method of claim 1 , further comprising:

establishing a policy that causes a system to monitor purchases using the second payment account for a triggering purchase based on the first type of the first payment account.

6 . The method of claim 1 , further comprising:

charging a fee for the converting which results in the second amount being less than the first amount.

7 . The method of claim 1 , wherein the first type is a closed loop account type and the second type is a gift credit type.

8 . The method of claim 1 , wherein the first time is an open loop account type and the second type is a closed loop account type.

9 . The method of claim 1 , wherein the first type is a gift credit type and the second type is one of an open loop account type and a closed loop account type.

10 . A system comprising:

a processor; and

a computer-readable storage device having stored therein instructions which, when executed by the processor, cause the processor perform operations:

receiving, via a processing device, a request to convert a first amount associated with a first payment account of a first type to a second amount associated with a second payment account of a second type, wherein the first type and the second type are different types; and

converting the first amount to the second amount.

11 . The system of claim 10 , wherein the computer-readable storage device stores further instructions which, when executed by the processor, cause the processor perform operations further comprising deactivating the first payment account.

12 . The system of claim 10 , wherein the first type associated with the first payment account is a closed loop account and the second type associated with the second payment account is an open loop account.

13 . The system of claim 10 , wherein the first amount and the second amount are a same amount.

14 . The system of claim 10 , wherein the computer-readable storage device stores further instructions which, when executed by the processor, cause the processor perform operations further comprising establishing a policy that causes a system to monitor purchases using the second payment account for a triggering purchase based on the first type of the first payment account.

15 . The system of claim 10 , wherein the computer-readable storage device stores further instructions which, when executed by the processor, cause the processor perform operations further comprising charging a fee for the converting which results in the second amount being less than the first amount.

16 . The system of claim 10 , wherein the first type is a closed loop account type and the second type is a gift credit type.

17 . The system of claim 10 , wherein the first time is an open loop account type and the second type is a closed loop account type.

18 . The system of claim 10 , wherein the first type is a gift credit type and the second type is one of an open loop account type and a closed loop account type.

19 . A non-transitory computer-readable storage device having stored therein instructions which, when executed by a computing device, cause the computing device to perform operations comprising:

receiving, via a processing device, a request to convert a first amount associated with a first payment account of a first type to a second amount associated with a second payment account of a second type, wherein the first type and the second type are different types; and

converting the first amount to the second amount.