CA2654800A1 - Method and system for the purchase and sale of "pre-paid product" - Google Patents

Method and system for the purchase and sale of "pre-paid product"

Info

Publication number
CA2654800A1
CA2654800A1 CA 2654800 CA2654800A CA2654800A1 CA 2654800 A1 CA2654800 A1 CA 2654800A1 CA 2654800 CA2654800 CA 2654800 CA 2654800 A CA2654800 A CA 2654800A CA 2654800 A1 CA2654800 A1 CA 2654800A1
Authority
CA
Grant status
Application
Patent type
Prior art keywords
pre
paid product
paid
data
method according
Prior art date
Legal status (The legal status is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the status listed.)
Abandoned
Application number
CA 2654800
Other languages
French (fr)
Inventor
Mitchell Bradley Miller
Joel Christopher Reeves
Original Assignee
Mitchell Bradley Miller
Joel Christopher Reeves
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date

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Classifications

    • GPHYSICS
    • G06COMPUTING; CALCULATING; COUNTING
    • G06QDATA PROCESSING SYSTEMS OR METHODS, SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL, SUPERVISORY OR FORECASTING PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q30/00Commerce, e.g. shopping or e-commerce
    • G06Q30/06Buying, selling or leasing transactions

Abstract

A method and a system for the purchase of and sale of "Pre-paid Product" to an "Issuing Entity", on behalf of and purchased from the "Pre-paid Product" seller hereinafter referred to as "Card Seller". This includes verification of the monetary value represented by such "Pre-Paid Product" and the means in which to purchase "Pre-Paid Product" from the "Card Seller" through a "Automated Pre-Paid Product Teller Machine", including converting ATM's with the necessary software to make them a "Automated Pre-Paid Product Teller Machine".

The intention is to resell back to the "Issuing Entity", and from or for the "Card Seller"
for approximately 0-100% less than the current monetary value of the "Pre-Paid Product"
where the "Card Seller" will receive physical or electronic government issued currency (example, Canadian Dollars).

Description

Terms and Definitions Patent Application:

System and method for the reconnecting of pre-paid products to issuing entity(s) in exchange for government issued currency.

VVhenever the neuter, singular number or a gender is used in this application the same shall be construed as including plural and the masculine, feminine and neuter respectively where the fact or context so requires.
The following terms were defined for the purpose of allowing the following application to better be understood in all of the applied applications.

"Pre-paid Product"
Hereinafter the term "Pre-paid Product" will refer to pre-paid card(s), gift certificate(s) pre-paid data, pre-paid wireless data, or any and all pre-paid data, in physical or electronic form.

"Agent"
Hereinafter the term "Agent" will refer to any entity and its duly authorized representative that will conduct operations using the following system and method, both as a contractor hired for specific purpose as well as a separate entity conducting business operations. This term will also include equipment that may be used for the purpose of conducting operations as the "Agent", both as a stand alone machine classified as an "APPPTM" (Automated Pre-Paid Product Teller Machine) and ATM's, as well as a processing terminal used and operated by an individual.( A terminal used by a company issuing and activating "Pre-Paid Product").

"Automated Pre-Paid Product Teller Machine" "APPPTM"
Hereinafter the term ""Automated Pre-Paid Product Teller Machine "APPPTM""
will refer to a stand alone processing terminal, generally classified as, and with similarities to an ATM's, as well as existing ATM's that can be adapted with additional software to allow for "Pre-Paid Product" processing. For the purpose of this definition ""Automated Pre-Paid Product Teller Machine "APPPTM"" will be used for disbursement of currency and processing of "Pre-Paid Product" that has previously been assigned a specific value.
"Card Seller"
Hereinafter the term "Card Seller" will refer to any entity whose intention is to sell or redeem "Pre-Paid Product" using the following system and method.

"Processing Centre"
Hereinafter the term "Processing Centre" will refer to any entity where the intent and/or action is to manage "Pre-Paid Product" client information and data.

"Issuing Entity"
Hereinafter the term "Issuing Entity" will refer to the entity that originally issued a"Pre-Paid Product" and any entity whose intention is to purchase and redeem and honor "Pre-Paid Product" using the following system and method.

"Card Seller Personal Information"
Hereinafter the term "Card Seller Personal Information" will refer to any personal information on data holder, including name, address, phone number, date of birth, and government issued identification.

"Tracking Number and Account File"
Hereinafter the term "Tracking and Account File" will refer to the uniquely associated file containing any personal information on "Pre-Paid Product" owner, including name, address, phone number, date of birth, and government issued identification and all data information including data identification number, balance of monetary value, issuer information associated with "Pre-Paid Product".

G "Agreement to act as an "Agent" for a "Card Seller""
Hereinafter the term "Agreement to act as an "Agent" for "Card Seller"" will refer to the agreement entered into by both parties "Agent" and "Card Seller" which states that the "Agent" will be hired as a contractor for the "Card Seller" and therefore be paid if full from the "Card Seller" for the service of redeeming or returning "Pre-Paid Product".

I "Agreement between "Card Seller" and "Agent" for the purchase of their "Pre-Paid Product""
Hereinafter the term "Agreement between "Card Seller" and "Agent" for the purchase of their "Pre-Paid Product"" will refer to the agreement entered into by both parties "Agent"
and "Card Seller" which states that the "Agent" will purchase "Card Seller"
"Pre-Paid Product" fully and entirely as a normal arms length buy sell transaction.

J "Agreement between "Issuing Entity" and "Agent" for the purchase of their "Pre-Paid Product""
Hereinafter the term "Agreement between "Issuing Entity" and "Agent" for the purchase of their "Pre-Paid Product"" will refer to the agreement entered into by both parties "Agent" and "Issuing Entity" which states that the "Issuing Entity" will purchase the "Agent" "Pre-Paid Product" fully and entirely as a normal arms length buy sell transaction.
"Communications Network"
~~~

Hereinafter the term "Communications Network" will refer to the internet, and any and all electronic communications devices and data transfer methods.

"Proceeds"
Hereinafter the term "Proceeds" will refer to government issued currency and/or monetary values in physical or electronic form.

"Fee and/or Commission"
Hereinafter the term "Fee and/or Commission" will refer to any fee or commission in cash value that is charged or paid during a transaction using the following system or method.

"Net Proceeds"
Hereinafter the term "Net Proceeds" will refer to the remaining proceeds that will be delivered to the "Card Seller" after the fee or commission has been deducted by the "Agent" during a transaction.

"Pre-Paid Product Identification Data"
Hereinafter the term "Pre-Paid Product Identification Data" will refer to the uniquely associated number assigned to individual "Pre-Paid Product" by the "Issuing Entity" and in connection to the assigned number generated by the "Agent" any personal information on" Card Seller", including name, address, phone number, date of birth, and government issued identification, as well as any and all data from "Issuing Entity"
including business operating name, phone number, address, and electronic transaction information.
All data information including individual tracking and identification number, associated with "Pre-Paid Product" transaction and object, balance and validity, account file information, and membership identification.

"Communication"
Hereinafter the term "Communication" will refer to any contact between an "Agent", "Card Seller", or "Issuing Entity" in physical, wireless, or electronic form.

"Account Membership"
Hereinafter the term "Account Membership" will refer to any personal information on "Card Seller", including name, address, phone number, date of birth, and government issued identification and contract specifics agreed to by "Card Seller".

e~~

System and method for purchasing and selling "Pre-Paid Product" for a portion of the monetary value of said "Pre-Paid Product".

Field of invention:

This invention relates to pre-paid cards, gift certificates and pre-paid data accounts used for the purpose of purchasing goods and services.

Background of Invention:

Recent changes to the "Pre-Paid Product" industry implemented by governments internationally, especially Canada and the United States conceded that too many benefits were given to companies while taking that benefit directly from consumers.
When this happened new laws where implemented that made it illegal to expire "Pre-Paid Product", as well as tightened restrictions that limit fees and depreciation tactics which allowed companies the ability to erode card value. This was the building block to the start of an alternative solution, for a system and method for exchanging "Pre-Paid Product" from the "Card Seller" to the "Issuing Entity".

Companies are legally allowed their own policies for exchange and refund.
Currently many companies have policies in place not allowing the return of "Pre Paid Product" for a refund in cash. Excluding California State Law, that deems it mandatory for "Pre-Paid Product" to be refunded, or replaced if lost at no cost to the consumer. By creating a system and method that provides benefit to both the "Card Seller" and the "Issuing Entity" for the exchange of "Pre-Paid Product", both parties are able to receive mutual benefit. The company receiving cash contribution to the cost of the "Pre-paid Product", and the "Card Seller" receives a balance in cash this provides liquidity and added value to the Pre-paid industry. This compliments systems and methods already in place with the added benefit of consumers being able to unlock potential cash value in their "Pre-Paid Product".

~~~~

There are many alternatives if you wish to sell, trade, or auction the monetary value of "Pre-Paid Product". There are web sites that allow you to post your "Pre-Paid Product"
and take offers for them. You can sell them directly to the site, that re-lists and sells them, as well as trade them and pay bills, but none currently providing benefit to the "Issuing Entity".

Pre-paid payment methods have been well established as a convenient and accepted way to give gifts, and purchase goods or services. As these types of payment methods have increased, companies have realized the benefit of offering these payment methods, and have implemented programs to capitalize on this market. "Pre-Paid Product" has many advantages for issuers as well as disadvantages for consumers.

Some of the disadvantages are:
Use at only issued entities locations Low accountability if card or certificate is lost or stolen Expiry dates and service fees No return for cash value from issuing entities For the merchant these have been very large advantages, because they could charge non-usage fees, and other fees that would erode card value as well a percentage of cards would never be returned. Even when used the "Pre-paid Product" would have to be spent at their business because many organizations do not give refunds on "Pre-paid Product".
Over the course of business, governments have realized this trend toward pre-paid alternatives, and the fees and liabilities associate with these payment options, and have now stepped in to protect the consumer from these depreciation tactics. Many Provinces in Canada and States in the United States have now written into law that it is illegal for companies to issue cards with expiry dates, and have greatly limited the ability of businesses to charge maintenance and service fees. This bodes well for consumers but this has now taken away many of the benefits that it offered businesses. These companies may have to wait longer for balance holders to redeem their balances, and now have to deal with the very real fact of inflation, erosion, and currency fluctuations on the money that they have collected by issuing these cards. Pre-paid data is going to be a strong part of growth, either it be over the internet, or simply through your cell phone.
In time you will be able to transfer "Pre-paid Product" with identification numbers, to cell phones and other mobile devices, removing the physical aspect of giving "Pre-Paid Product".
Summary of Invention:
It is therefore the object of this present invention to present a system and a method for the purchase and sale of "Pre-Paid Product" for cash that engages with the entity that is responsible for the redemption, and or honoring, and or the issuing, sometimes in all instances these products.

The sole purpose of this method and system is for the re-connection of "Pre-paid Product" and the original entity that is responsible for honoring the "Pre-Paid Product".
The intention of this system and method is to act as an entity, that either is an "Agent"
~ ~~

for, or purchases from the "Card Seller" their "Pre-Paid Product" at less than the current monetary value, then resells them back to the "Issuing Entity" for more than the "Agent"
paid, or for a commission, but less than what they were originally issued for, thus allowing the "Issuing Entity" to in turn receive a portion of the monetary value of the "Pre-Paid Product" balance for minimal cost but with out having to provide goods or services, allowing for additional cash contribution or profit to their business, as well as for the "Card Seller" to receive government issued currency for their "Pre-Paid Product".
With the new regulations, an example would be (Bill 17- 2008(Gift Card Certainty)), that have been passed recently to limit expiry dates and fees, making "Pre-Paid Product" less beneficial to businesses then was originally offered. In addition to the very real issue of inflation, there is now a need created to allow another system and method for additional benefits to companies and individuals.

Now there have been many new changes and growths of the legalities in pre-paid products. Through "Escheat Law", many States in the United States and proposed Canadian Provincial governments recognized the size and scope of the Pre-paid Product industry, and have passed regulations to ensure that "Pre-Paid Products" fall into this category of abandoned property recognized as "Escheat Law". And because of this company's basically forfeit the balances remaining, or unredeemed on "Pre-Paid Products". In some jurisdictions a percentage of the value is forfeited, while in others the entire amount is deemed abandoned. It is currently considered that 10% of "Pre-Paid Product" sales will not be redeemed and fall into this category, this represents a substantial market that would benefit greatly from this system and method.

What allows this system to operate is the fact that many companies have built in non-return policies for "Pre-Paid Product" creating very little alternative to trading or auctioning of "Pre-Paid Product". There are alternatives that buy these products but none that directly target working with the "Issuing Entity" to provide additional benefit to them. This will be conducted by a seperate entity, and because of this can not be construed as internal fees and depreciation tactics, thus allowing operation legally and ethically. With consumers wishing to receive value for these products, this system and method will provide a fair and viable alternative to the current and conventional systems offered in the market place to date. Allowing owners of "Pre-Paid Product" the option if they feel it is fair, to receive an amount of cash for the exchange of the value data represented of "Pre-Paid Product". And as well allowing business, if they feel it is fair;
the option to reclaim this "Pre-Paid Product" for additional benefit or profit.

Chart walk through The system and method will now be described in more detail with reference to figures.
Systems for redeeming "pre paid product" illustrated in figurel, Step 5 "Agent and "Issuing Entity" Enter into "Agreement J". 10 "Card Seller"
contacts "Agent" with intent to sell "Pre-Paid Product". 20 "Card seller" creates account membership, with "Card Seller Personal Information". 30"Card Seller" registers "Pre-Paid Product Identification Data". 40 "Card Seller" enters into "Agreement G".
70 "Card seller" delivers to "Agent" "Pre-Paid Product" and "Agreement G". 75 "Agent"
receives "Pre-Paid Product" and Agreement G", then combines them with "Account Membership"
to create "Tracking Number and Account File". 80 This step includes Storing of "Tracking Number and Account File". 90 "Tracking Number and Account File" are batched in a specific group for each individual "Issuing Entity".100 Delivery of batched "Tracking Number and Account File" to "Processing Centre" transmitting over "Communications network". 110 "Processing Centre" transmits over "Communications network" confirmation of validity and balance of "Pre-Paid Product" or information that the "Pre-Paid Product" is invalid or inaccurate to "Agent". 130"Agent"
transmits over "Communications network" decrementing instructions according to "Agreement"
(G) for "Pre-Paid Product" to "Processing Centre" or 120 returns to "Card Seller" "Pre-Paid Product" if invalid or inaccurate. 140"Processing Centre" transmits over "Communications network" confirmation of decrementing of "Pre-Paid Product" to "Agent". 150"Processing Centre" transmits over "Communications network"
confirmation of decrementing of "Pre-Paid Product" to "Issuing Entity".180 "Issuing Entity" Transmits over "Communications network" confirmation was received of decrementing data of "Pre-Paid Product" to "Processing Centre". 160"Agent"
transmits over "Communications network" to "Issuing Entity" confirmation was received of decremented data of "Pre-Paid Product" from "Processing Centre". 170 "Issuing Entity"
Transmits over "Communications network" confirmation was received of decremented data of "Pre-Paid Product" from "Processing Centre" to "Agent". 190 "Issuing Entity"
forwards "Proceeds" to "Agent" withholding the agreed upon percentage in "Agreement J" in conjunction with "Agreement G". 200"Agent" receives "Proceeds"
withholding the agreed upon percentage in conjunction with "Agreement" (G).210 "Agent"
forwards "Net Proceeds" with receipt of transaction and any unredeemed "Pre-Paid Product" to "Card Seller" which includes through "APPPTM's" and ATM's. 220"Card Seller"
receives "Net Proceeds" with receipt of transaction and any unredeemed "Pre-Paid Product" from "Agent" which includes through "APPPTM's" and ATM's.

Systems for redeeming "pre paid product" illustrated in figure2, Step 5 "Agent and "Issuing Entity" Enter into "Agreement J". 10 "Card Seller"
contacts "Agent" with intent to sell "Pre-Paid Product". 20 "Card seller" creates account membership, with "Card Seller Personal Information". 30"Card Seller" registers "Pre-Paid Product Identification Data". 60 "Card Seller" enters into "Agreement I".
70 "Card Vqi5 seller" delivers to "Agent" "Pre-Paid Product" and "Agreement I". 75 "Agent"
receives "Pre-Paid Product" and "Agreement I", and then combines them with "Account Membership" to create "Tracking Number and Account File". 80 This step includes Storing of "Tracking Number and Account File". 90 "Tracking Number and Account File" are batched in a specific group for each individual "Issuing Entity".100 Delivery of batched "Tracking Number and Account File" to "Processing Centre" transmitting over "Communications network". 110 "Processing Centre" transmits over "Communications network" confirmation of validity and balance of "Pre-Paid Product" or information that the "Pre-Paid Product" is invalid or inaccurate to "Agent". 130"Agent"
transmits over "Communications network" decrementing instructions according to "Agreement I"
for "Pre-Paid Product" to "Processing Centre" or 120 returns to "Card Seller" "Pre-Paid Product" if invalid or inaccurate. 140"Processing Centre" transmits over "Communications network" confirmation of decrementing of "Pre-Paid Product" to "Agent". 150"Processing Centre" transmits over "Communications network"
confirmation of decrementing of "Pre-Paid Product" to "Issuing Entity".180 "Issuing Entity" Transmits over "Communications network" confirmation was received of decrementing data of "Pre-Paid Product" to "Processing Centre". 160"Agent"
transmits over "Communications network" to "Issuing Entity" confirmation was received of decremented data of "Pre-Paid Product" from "Processing Centre". 170 "Issuing Entity"
Transmits over "Communications network" confirmation was received of decremented data of "Pre-Paid Product" from "Processing Centre" to "Agent". 190 "Issuing Entity"
forwards "Proceeds" to "Agent" withholding the agreed upon percentage in "Agreement J" in conjunction with "Agreement I". 200"Agent" receives "Proceeds"
withholding the agreed upon percentage in conjunction with "Agreement I". 210 "Agent" forwards "Net Proceeds" with receipt of transaction and any unredeemed "Pre-Paid Product" to "Card Seller" " which includes through "APPPTM's" and ATM's. 220"Card Seller"
receives "Net Proceeds" with receipt of transaction and any unredeemed "Pre-Paid Product" from "Agent" which includes through "APPPTM's" and ATM's.

Systems for redeeming "pre paid product" illustrated in figure3 Step 10"Card Seller" contacts "Agent" using "Communications network". 20 "Card Seller" uses "Communications network" for the initial setup of "Account Membership"
sending "Card Seller Personal Information". 30 "Card Seller" registers "Pre-Paid Product Identification Data".40, 60 "Card Seller" enters into appropriate agreement.
70"Card Seller" delivers physical "Pre-Paid Product" and appropriate agreement to "Agent". 80 "Agent" completes "Tracking Number and Account File".

Systems for the return of "Pre-Paid Product" if invalid or inaccurate illustrated in figure4 With reference to step 80 "Agent" completes "Tracking Number and Account File".
100"Agent" with created "Tracking and Account File contacts "Processing Centre"
transmitting over "Communications network" "Tracking Number and Account File".
110"Processing Centre" transmits over "Communications network" information that the "Pre-Paid Product" is invalid or inaccurate to "Agent". 165 "Agent" transmits over "Communications network" information that the "Pre-Paid Product" is invalid or ~yrl ~

120 "Agent" Returns invalid or inaccurate "Pre-Paid Product" to "Card Seller"
with description of why "Pre-Paid Product" was deemed invalid or inaccurate.

Systems for transmission and collection of "Pre-Paid Product Identification Data", and "Card Seller Personal Information" in singular and batch format illustrated in figure5 20 "Card Seller Personal Information" is collected.,30 "Pre-Paid Product Identification Data" is collected. 75 "Card Seller Personal Information" is then combined with "Pre-Paid Product Identification Data" to establish "Tracking and Account File".90 "Tracking and Account File" is used for the purpose of collecting transaction reports and also used to transmit information to "Issuing Entity" this will allow it to be processed in "Batch"
format by grouping multiple "Tracking and Account File" under a specific "Issuing Entity" then grouping companies under specific daily, monthly and yearly batch numbers. This will allow tracking and accountability for "Pre-Paid Product" by being able to access both "Issuing Entity" "Pre-Paid Product" information and information on "Card Seller" account details.

Systems for redeeming "Pre-Paid Product" illustrated in figure6 (a) Step 10"Card Seller" contacts "Agent" to have the "Agent" purchase and resell "Card Seller" "Pre-Paid Product" for a fee or commission.
60 The agreement is entered into by both parties "Agent" and "Card Seller"
which states that the "Agent" will purchase "Card Seller" "Pre-Paid Product" fully and entirely as a normal arms length buy sell transaction.

Systems for redeeming "Pre-Paid Product" illustrated in figure6 (b) Step 3"Agent" contacts "Issuing Entity "for the purpose of working as an "Agent" for the "Issuing Entity" to repurchase "Issuing Entity's" "Pre-Paid Product" for a fee or commission. 3The agreement is entered into by both parties "Agent" and "Issuing Entity"
which states that the "Agent" will be hired as a contractor for the "Issuing Entity" and therefore be paid if full from the "Issuing Entity" for the service of redeeming or returning their issued "Pre-Paid Product".

Systems for redeeming "Pre-Paid Product" illustrated in figure6 (c) Step 10"Card Seller" contacts "Agent" to have the "Agent" work on behalf of the "Card Seller" for the resale of the "Card Seller" "Pre-Paid Product" for a fee or commission.
40 The agreement is entered into by both parties "Agent" and "Card Seller"
which states that the "Agent" work on behalf of the "Card Seller" to resell "Pre-Paid Product for a fee or commission.

.~,17f

Claims (53)

1. Agreement with "Issuing Entity" and "Agent" for a system and method for the "Issuing Entity" to purchase their issued "Pre-Paid Product" for a profit and/or commission.
2. The method according to Claim 1, further comprising of "Pre-Paid Product"
previously activated in any denomination having cash value, and with an established account at a "Processing Centre", said account being uniquely associated with said "Pre-Paid Product" redeemable for goods and services.
3. The method according to Claim 1 wherein this may also includes acting as an "Agent" for the "Card Seller" for a fee or commission.
4. The method according to Claim 1, further comprising of conducting "Communication" with the "Card Seller" and the "Agent", establishing agreement for the purchase of "Pre-Paid Product" from said the "Card Seller" to the "Agent", and or establishing an agreement to act as an "Agent" for "Card Seller".
5. The method according to Claim 4, further comprising of assigning to said "Pre-Paid Product" a unique "Tracking Number and Account File".
6. The method according to Claim 4, further comprising of the verification of said "Pre-Paid Product" balance by transmitting over a "Communications Network" to said "Processing Centre" said "Pre-paid Product identification data", and data indicative of said cash value. Wherein said "Pre-Paid Product identification data"
and said "Pre-Paid Product" cash value data are stored in a "Pre-Paid Product"
account accessible by said "Processing Centre".
7. The method according to Claim 4, comprising the step of verifying that said cash value data is greater than or equal too said purchase amount.
8. The method according to Claim 6, wherein said verification transmitting step comprises transmitting over said "Communications Network".
9. The method according to Claim 8 wherein an example of said "Communications Network" is the internet.
10. The method according to Claim 6, further comprising of the step of the "Processing Centre" removing cash value from said "Pre-Paid Product" account by decrementing said cash value data by said amount of purchased data, and transferring verification data to said "Agent".
11. The method according to Claim 10, further comprising the step of transmitting de-decrementing data of said "Pre-Paid Product" to said "Issuing Entity".
12. The method according to Claim 10 wherein said purchasing step comprises of verification of said decremented data from "Processing Centre" for said amount of "Pre-Paid Product" purchased and confirmed by "Agent".
13. The method according to Claim 10 wherein said "Issuing Entity" conducts "Communication" with said "Processing Centre" said "Pre-Paid Product"
decrementing data by amount purchased and is confirmed.
14. The method according to Claim 10 wherein said "Issuing Entity" conducts "Communication" with said "Agent" said "Pre-Paid Product" decremented data by amount purchased and is confirmed.
15. The method according to Claim 6, further comprising of the step of selling said "Pre-Paid Product" to an "Issuing Entity" and receiving payment for said "Pre-Paid Product" from said "Issuing Entity" for the purchase price but approximately 0-100% less than current monetary value of said "Pre-Paid Product".
16. The method according to Claim 15, further comprising the step of the "Agent"
retaining a portion of said "Proceeds" received from "Issuing Entity" of 0-100% of the received "Proceeds".
17. The method according to Claim 16, further comprising the step of the "Card Seller"
receiving the "Net Proceeds" of "Pre Paid Product".
18. The method according to Claim 17, further comprising the step of the "Card Seller"
receiving remaining portion of unredeemed "Pre-Paid Product".
19. The method according to Claim 18, further comprising the step of the "Card Seller"
receiving confirmation of completed transaction.
20. The method according to Claim 10, wherein said step of purchasing said "Pre-Paid Product" from "Card Seller" comprises the following steps:

~ Conducting "Communication" with "Card Seller", establishing agreement for the purchase of "Pre-Paid Product" from said "Card Seller".
~ Receiving said "Pre-Paid Product" from said "Card Seller", transmitting to said "Processing Centre" said "Pre-paid Product identification data", and data indicative of said purchase amount.
21. The method according to Claim 20, further comprising of the verification of said "Pre-Paid Product" balance by transmitting over a "Communications Network" to said "Processing Centre" said "Pre-paid Product identification data", and data indicative of said cash value. Wherein said "Pre-Paid Product identification data"
and said "Pre-Paid Product" cash value data are stored in a "Pre-Paid Product"

account accessible by said "Processing Centre".
22. The method according to Claim 20, comprising the step of verifying that said cash value data is greater than or equal too said purchase amount.
23. The method according to Claim 20, further compromising the step of decrementing said cash value data of said "Pre-Paid Product" by the amount purchased.
24. The method according to Claim 20, further comprising of the step of selling said "Pre-Paid Product" to an "Issuing Entity" and receiving payment for said "Pre-Paid Product" from the "Issuing Entity" for more than the purchase price but approximately 0-100% less than current monetary value of said "Pre-Paid Product".
25. The method according to Claim 24, further comprising the step of the "Card Seller"
receiving the "Net Proceeds" of "Pre Paid Product".
26. The method according to Claim 24, further comprising the step of the "Card Seller"
receiving remaining portion of unredeemed "Pre-Paid Product".
27. The method according to Claim 24, further comprising the step of the "Card Seller"
receiving confirmation of completed transaction.
28. The method according to Claim 4, wherein said step of acting as an "Agent"
for a "Card Seller" of "Pre-paid Product" comprises the following steps:

~ Conducting "Communication" with "Card Seller" establishing an agreement for the purchase of "Pre-Paid Product" from said "Card Seller", and establishing an agreement to act as an "Agent" for "Card Seller".
~ Receiving said "Pre-Paid Product" from said "Card Seller", transmitting to said "Processing Centre" said "Pre-paid Product identification data", and data indicative of said "Pre-Paid Product".
29. The method according to Claim 28, further comprising of the verification of said "Pre-Paid Product" balance by transmitting over a "Communications Network" to said "Processing Centre" said "Pre-paid Product identification data", and data indicative of said cash value. Wherein said "Pre-Paid Product identification data"
and said "Pre-Paid Product" cash value data are stored in a "Pre-Paid Product"

account accessible by said "Processing Centre".
30. The method according to Claim 28, comprising the step of verifying that said cash value is greater than or equal too said purchase and sale amount.
31. The method according to Claim 30, further compromising the step of decrementing said cash value data of said "Pre-Paid Product" by the amount purchased.
32. The method according to Claim 28, further comprising of the step of selling said "Pre-Paid Product" to an "Issuing Entity" and receiving payment for said "Pre-Paid Product" from the "Issuing Entity" for more than the purchase price but approximately 0-100% less than current monetary value of said "Pre-Paid Product".
33. The method according to Claim 32, wherein a fee or commission is received for acting as an "Agent" for "Card Seller".
34. The method according to Claim 32, further comprising the step of the "Card Seller"
receiving the "Net Proceeds" of "Pre Paid Product".
35. The method according to Claim 34, further comprising the step of the "Card Seller"
receiving remaining portion of unredeemed "Pre-Paid Product".
36. The method according to Claim 34, further comprising the step of the "Card Seller"
receiving confirmation of completed transaction.
37. A system and means for purchasing from a "Card Seller", and reselling to an "Issuing Entity", "Pre-paid Product" in association to "Pre-Paid Product identification data" and current monetary value , said system means comprising of the following:

.cndot. A "Card Seller" that is selling "Pre-Paid Product";
.cndot. A terminal which reads said "Pre-Paid Product" and assigns a personal "Tracking number and Account File", establishing a unique "Pre-paid Product" account, and storing in said "Pre-paid Product" account said "Pre-Paid Product identification data" and said personal Tracking number, the "Agent" transmits over a "Communications Network" said "Pre-paid Product identification data" and said personal identification number to a "Processing Center", in "Communication" with said terminal over said "Communications Network", enabling the verification and the validity and monetary cash value of said "Pre-Paid Product", wherein said "Processing Centre" deactivates and/or de-increments cash value of said "Pre-Paid Product" when a sale is preformed or a "Card seller" subsequently attempts to sell a "Pre-Paid Product".
38. The method according to Claim 37, further comprising of conducting "Communication" with the "Card Seller" and the "Agent", establishing agreement for the purchase of "Pre-Paid Product" from said the "Card Seller" to the "Agent", and or establishing an agreement to act as an "Agent" for "Card Seller".
39. The method according to Claim 37 further comprising of the step of de-activating more than one "Pre-Paid Product" in batch format.
40. The method according to Claim 37, further comprising of the step of the "Agent"
collecting said "Pre-Paid Product" data from "Card Seller".
41. The method according to Claim 37, comprising the step of verifying that said cash value is greater than or equal too said purchase and sale amount.
42. The method according to Claim 41, further compromising the step of decrementing said cash value data of said "Pre-Paid Product" by the amount purchased.
43. The method according to Claim 42, further comprising of the step of selling said "Pre-Paid Product" to an "Issuing Entity" and receiving payment for said "Pre-Paid Product" from the "Issuing Entity" for more than the purchase price but approximately 0-100% less than current monetary value of said "Pre-Paid Product".
44. The method according to Claim 43, further comprising the step of the "Card Seller"
receiving the "Net Proceeds" of "Pre Paid Product".
45. The method according to Claim 43, further comprising the step of the "Card Seller"
receiving remaining portion of unredeemed "Pre-Paid Product".
46. The method according to Claim 43, further comprising the step of the "Card Seller"
receiving confirmation of completed transaction.
47. The method according to Claim 37, further comprising of the step of periodically decrementing cash value to said "Pre-Paid Product" account.
48. The method accord to Claim 47 further comprising the step of altering said stored "Pre-Paid Product" Tracking number.
49. The method according to Claim 37 wherein an example of said "Communications Network" is the internet.
50. A system that provides the means to purchase "Pre-Paid Product" from a "Card Seller" consisting of the following:

.cndot. An "Automated Pre-Paid Product Teller Machine", operable with a "Pre-Paid Product" which may have a code number and by verifying data, connected to a central computer .cndot. A central computer having access to "Processing Centre"
computers that manage all data pertaining to "Pre-Paid Product"
issued by "Issuing entities". The improvement comprising: in combination, a "Pre-Paid Product" containing readable information identifying whether the data of the user is stored in the processing center computers which carry all information necessary for verifying data in order to perform a specified financial transaction, checking means in said dispenser operable to read said readable information and verify completeness and genuiness of said information, said verifying means responsive to insertion of said "Pre-Paid Product" into said dispenser by a user and in some instances a user with a code number for said "Pre-Paid Product";
.cndot. a control unit in said dispenser responsive to such reading and verifying, and responsive to whether or not the central computer, data lines and processing center computers are in an operable condition, and responsive to whether the data on the user's "Pre-Paid Product" is stored in a processing center computer, operable to determine whether or not dispensation of money from said dispenser is possible with said "Pre-Paid Product", and verifying all data necessary to perform a financial transaction for the dispensing of money, dispensation of money being possible, if the data on the "Pre-Paid Product" is stored in the processing center computer, the processing center computer is in an operable condition, if the "Pre-Paid Product" information is verified and display means operable or, when the central computer, data lines and processing center computers are inoperable or the data on the user is not stored in the processing center computer; responsive to said determination, to display the determination to the user for corresponding operation of said dispenser.
51. A method and apparatus according to claim 50 for purchasing "Pre-Paid Product"
and automatically dispensing cash related to the purchase of said "Pre-Paid Product" data consisting of the following:

.cndot. A magnetic card reader reads coded information into the system from a "Pre-Paid Product" which information identifies the account of the "Card Seller" and any relevant information. In some cases a security code is compared with the "Pre-Paid Product" encoded information to confirm that the account is authorized. Where no code is entered or needed information from "Pre-Paid Product" is referenced to data from the "Issuing entity" and "Processing Centre".
.cndot. The system includes a disc storage file listing images of most recent "Pre-Paid Product" transactions read in past transactions, against the inserted "Pre-Paid Product" checking for duplicate "Pre-Paid Product"
transactions.
.cndot. The system is capable of processing multiple transactions from a single "Issuing Entity" and multiple transactions from multiple "Issuing Entities".
.cndot. If a security code is used and or if a "Pre-Paid Product" is rechargeable or not used entirely then information and balance are checked and verified allowing user the ability to perform multiple transactions for said "Pre-Paid Product".
52. The ability and means according to claim 51 to perform a specified financial transaction including an ""Automated Pre-Paid Product Teller Machine and system" "APPPTM"" connected to a central computer through data lines and signals, which also connects to processing centre computers through data lines and signals, for completing a specified financial transactions serving multiple users comprising;

.cndot. A card reader for reading information on a coded card .cndot. A money dispenser for dispensing government issued currency .cndot. A key pad for imputing relevant data .cndot. A screen for displaying relevant information
53. The method accord to Claim 52 where the coded information on the card includes:
.cndot. Account number .cndot. "Issuing Entity"
.cndot. current monetary value .cndot. Information relating to maximum allowable usage and time interval usage 55. The method accord to Claim 53, where the "Pre-Paid Product identification data"
is reviewed characterizing the "Issuing Entity" and then confirming the data of "Pre-Paid Product" being previously activated and having current monetary value, from "Processing Centre" computers through data lines and signals, and denying said transaction when said data is reviewed and not in conjunction with information pertaining to said "Pre-Paid Product" data and said transaction data.

56. The system of claim 52 further comprising the ability to processes a plurality of "Pre-Paid Products" including multiple "Issuing Entities" and account users.
This includes pre-paid gift cards, pre-paid phone cards, and any and all pre-paid products previously activated having current monetary value, redeemable for goods and services.

57. The system of claim 52 wherein "Pre-Paid Product" data further includes information relating to balance and validity, and where a transaction is preformed and said transaction does not exceed current balance or allowable usage of said "Pre-Paid Product".

58. The system of claim 57 further including the means to perpetually reviewing and updating "Pre-Paid Product" data to reflect all previously preformed transactions.
CA 2654800 2009-02-19 2009-02-19 Method and system for the purchase and sale of "pre-paid product" Abandoned CA2654800A1 (en)

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CA 2654800 CA2654800A1 (en) 2009-02-19 2009-02-19 Method and system for the purchase and sale of "pre-paid product"
PCT/CA2010/000192 WO2010094109A1 (en) 2009-02-19 2010-02-11 Apparatus and system for the sale of value from value cards

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US6536663B1 (en) * 2000-01-11 2003-03-25 Ncr Corporation Self service kiosk which dispenses vouchers
US20020082962A1 (en) * 2000-07-27 2002-06-27 Farris Robert G. Value transfer system for unbanked customers
US7993197B2 (en) * 2001-08-10 2011-08-09 Igt Flexible loyalty points programs
CA2476502C (en) * 2002-02-15 2016-10-11 Coinstar, Inc. Methods and systems for exchanging and/or transferring various forms of value
EP1497775A4 (en) * 2002-04-16 2009-07-22 Coinstar E Payment Services In Methods and apparatuses for purchasing telephone calling card minutes using an electronic commerce kiosk and for conducting other forms of electronic commerce.

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