US Patent:
20110119181, May 19, 2011
Inventors:
Barry D. Puleo - Kenbridge VA, US
International Classification:
G06Q 40/00
G06Q 30/00
Abstract:
A method and system for issuing a limit card to a card requestor for a self imposed cash amount to make a product or service purchase with the transaction being conducted solely the vendor and the financial card sponsor. The method includes a financial card sponsor or authorized dealer issuing a card to a card requestor who immediately or subsequently activates the card by depositing funds to the card at a card activating entity. The cardholder gives a monetary amount to a clerk or cash accepting device at any participating entity which then credits the card with the monetary amount less any service charge. The activating entity gives the cardholder a receipt bearing the date and amount when the card is purchase. The remainder of the deposit is electronically forwarded to the sponsor who deducts the commission and activates the cardholder's account. The cardholder submits the card to a vendor to purchase a product or service, and the vendor accesses the account and carries out the transaction solely with the sponsor. The sponsor transfers to the vendor to close the transaction, and the vendor delivers the product or service to the cardholder.