Combination payment card and methods thereof
Systems and methods for processing payment transactions using combination payment cards. The combination payment card is associated with an open-loop account and one or more closed-loop accounts. Transaction information is received from a point-of-sale device. At least one of the closed-loop and open-loop account is debited.
1. A computer-implemented method of processing an electronic transaction using a combination transaction vehicle, the computer-implemented method comprising:
receiving, at an acquirer processor over an electronic network and from a point-of-sale device associated with a terminal identifier, electronic transaction data at least identifying an account number for the combination transaction vehicle associated with a pooled closed-loop account and an open-loop account, wherein the account number is cross-referenced against a known list of combination transaction vehicle accounts;
determining, by the acquirer processor, using the terminal identifier, that the electronic transaction data identifies an entity associated with the pooled closed-loop account;
determining, by the acquirer processor, whether to authorize the electronic transaction as a pooled closed-loop transaction, an open-loop transaction, or a combination thereof based, at least in part, on evaluating whether the pooled closed-loop account, the open-loop account, or a combination thereof have funds to complete the electronic transaction;
in response to the determining the pooled closed-loop account and the open-loop account have funds to complete the electronic transaction:
returning, by the acquirer processor, a partial approval of the electronic transaction as the pooled closed-loop transaction to the point-of-sale device without communicating with a sponsoring network or an issuer, based upon determining that the pooled closed-loop account has insufficient funds to complete the electronic transaction;
authorizing, by the acquirer processor, remaining portion of the electronic transaction as the open-loop transaction upon determining the open-loop account has funds to cover an amount of deficiency in the pooled closed-loop account; and
transmitting, by the acquirer processor, an authorization of the electronic transaction to the point-of-sale device.
2. The computer-implemented method of claim 1 , wherein evaluating whether the pooled closed-loop account, the open-loop account, or a combination thereof have funds to complete the electronic transaction, further comprising:
returning, by the acquirer processor over the electronic network, a full approval to the point-of-sale device without communicating with the sponsoring network or the issuer, based on determining that the pooled closed-loop account has sufficient funds to complete the electronic transaction.
3. The computer-implemented method of claim 1 , wherein determining that the pooled closed-loop account has sufficient funds comprises determining that a closed-loop account of one of multiple merchants associated with the pooled closed-loop account has sufficient funds.
4. The computer-implemented method of claim 1 , wherein i) the pooled closed loop account is associated with multiple merchants and ii) each of the multiple merchants is associated with one or more point-of-sale devices.
5. The computer-implemented method of claim 4 , wherein the pooled closed-loop account comprises multiple closed-loop accounts associated with the multiple merchants.
6. The computer-implemented method of claim 1 , wherein evaluating whether the pooled closed-loop account, the open-loop account, or a combination thereof have funds to complete the electronic transaction, further comprising:
determining the pooled closed-loop account and the open-loop account have insufficient funds to complete the electronic transaction; and
transmitting, by the acquirer processor over the electronic network, a notification of the insufficient funds to the point-of-sale device requesting a cardholder to provide additional funds to cover the amount of the deficiency to complete the electronic transaction.
7. The computer-implemented method of claim 1 , wherein the acquirer processor is a merchant processor.
8. The computer-implemented method of claim 1 , wherein the account number is within a range of issuer identification numbers (IINs) identifiable as combination transaction vehicle account numbers.
9. A system for processing an electronic transaction using a combination transaction vehicle, the system comprising:
the combination transaction vehicle i) readable by a plurality of point-of-sale devices and ii) associated with a pooled closed-loop account and an open-loop account;
a point-of-sale device configured to accept the combination transaction vehicle and receive a selection of the pooled closed-loop account via user interface; and
an acquirer processor configured to:
receive, over an electronic network, electronic transaction data at least identifying an account number for the combination transaction vehicle from the point-of-sale device associated with a terminal identifier, wherein the account number is cross-referenced against a known list of combination transaction vehicle accounts;
determine, using the terminal identifier, that the electronic transaction data identifies an entity associated with the pooled closed-loop account;
determine whether to authorize the electronic transaction as a pooled closed-loop transaction, an open-loop transaction, or a combination thereof based, at least in part, on evaluating whether the pooled closed-loop account and the open-loop account have funds to complete the electronic transaction;
in response to the determining the pooled closed-loop account and the open-loop account have funds to complete the electronic transaction:
return a partial approval of the electronic transaction as the pooled closed-loop transaction to the point-of-sale device without communicating with a sponsoring network or an issuer, based upon determining that the pooled closed-loop account has insufficient funds to complete the electronic transaction;
authorize remaining portion of the electronic transaction as the open-loop transaction upon determining the open-loop account has funds to cover an amount of deficiency in the pooled closed-loop account; and
transmit an authorization of the electronic transaction to the point-of-sale device.
10. The system of claim 9 , wherein i) the pooled closed loop account is associated with multiple merchants and ii) each of the multiple merchants is associated with one or more point-of-sale devices.
11. The system of claim 10 , wherein the terminal identifier of the point-of-sale device is cross-referenced to one or more terminal identifiers of the one or more point-of-sale devices associated with the multiple merchants to determine that the point-of-sale device belongs to a merchant associated with the pooled closed-loop account.
12. The system of claim 10 , wherein the pooled closed-loop account comprises multiple closed-loop accounts associated with the multiple merchants.
13. The system of claim 9 , wherein the acquirer processor, evaluating whether the pooled closed-loop account, the open-loop account, or a combination thereof have funds to complete the electronic transaction, is further configured to:
determining the pooled closed-loop account and the open-loop account have insufficient funds to complete the electronic transaction; and
transmit, over the electronic network, a notification of the insufficient funds to the point-of-sale device requesting a cardholder to provide additional funds to cover the amount of the deficiency to complete the electronic transaction.
14. The system of claim 9 , wherein the acquirer processor, evaluating whether the pooled closed-loop account, the open-loop account, or a combination thereof have funds to complete the electronic transaction, is further configured to:
return, over the electronic network, a full approval to the point-of-sale device without communicating with the sponsoring network or the issuer, based on determining that the pooled closed-loop account has sufficient funds to complete the electronic transaction.
15. A non-transitory computer readable medium having instructions stored thereon which, when executed by one or more processors, cause the one or more processors to perform operations for processing an electronic transaction using a combination transaction vehicle, the operations comprising:
receiving, at an acquirer processor over an electronic network and from a point-of-sale device associated with a terminal identifier, electronic transaction data at least identifying an account number for the combination transaction vehicle associated with a pooled closed-loop account and an open-loop account, wherein the account number is cross-referenced against a known list of combination transaction vehicle accounts;
determining, by the acquirer processor, using the terminal identifier, that the electronic transaction data identifies an entity associated with the pooled closed-loop account;
determining, by the acquirer processor, whether to authorize the electronic transaction as a pooled closed-loop transaction, an open-loop transaction, or a combination thereof based, at least in part, evaluating whether the pooled closed-loop account, the open-loop account, or a combination thereof have funds to complete the electronic transaction;
in response to the determining the pooled closed-loop account and the open-loop account have funds to complete the electronic transaction:
returning, by the acquirer processor, a partial approval of the electronic transaction as the pooled closed-loop transaction to the point-of-sale device without communicating with a sponsoring network or an issuer, based upon determining that the pooled closed-loop account has insufficient funds to complete the electronic transaction;
authorizing, by the acquirer processor, remaining portion of the electronic transaction as the open-loop transaction upon determining the open-loop account has funds to cover an amount of deficiency in the pooled closed-loop account; and
transmitting, by the acquirer processor, an authorization of the electronic transaction to the point-of-sale device.
16. The non-transitory computer readable medium of claim 15 , wherein i) the pooled closed loop account is associated with multiple merchants and ii) each of the multiple merchants is associated with one or more point-of-sale devices.
17. The non-transitory computer readable medium of claim 16 , wherein the terminal identifier of the point-of-sale device is cross-referenced to one or more terminal identifiers of the one or more point-of-sale devices associated with the multiple merchants to determine that the point-of-sale device belongs to a merchant associated with the pooled closed-loop account.
18. The non-transitory computer readable medium of claim 16 , wherein the pooled closed-loop account comprises multiple closed-loop accounts associated with the multiple merchants.
19. The non-transitory computer readable medium of claim 15 , wherein the operations for evaluating whether the pooled closed-loop account, the open-loop account, or a combination thereof have funds to complete the electronic transaction, further comprise:
determining the pooled closed-loop account and the open-loop account have insufficient funds to complete the electronic transaction; and
transmitting, by the acquirer processor over the electronic network, a notification of the insufficient funds to the point-of-sale device requesting a cardholder to provide additional funds to cover the amount of the deficiency to complete the electronic transaction.
20. The non-transitory computer readable medium of claim 15 , the operations further comprise:
returning, by the acquirer processor over the electronic network, a full approval to the point-of-sale device without communicating with the sponsoring network or the issuer, based on determining that the pooled closed-loop account has sufficient funds to complete the electronic transaction.