Method for Processing a Point of Sale Transaction Posted to a Credit Balance

Abstract

The present invention provides a method for processing a point of sale transaction posted to a credit balance, wherein parameters are used to determine whether a transaction posted to a credit balance is electronically paid using a separate payment balance.

Description

CROSS REFERENCE TO RELATED APPLICATIONS / PRIORITY CLAIM[0001]This Continuation Application claims the benefit of U.S. Patent Application Ser. Nos. 60 / 752,119, filed Dec. 20, 2005; 60 / 811,977, filed Jun. 8, 2006; 11 / 487,680, filed Jul. 17, 2006; and 11 / 612,467, filed Dec. 18, 2006, each of which is entirely incorporated herein by reference.FIELD OF THE INVENTION[0002]The present invention provides multiple account, multiple parameter methods, systems, apparatus, transaction cards, and the like for use in managing account balances relating to managing the debiting of at least one point of sale transaction via access to at least two available financial accounts that can be debited by preset and / or adjustable parameters before, during or after at least one financial transaction relating the amount of the debit to the relative balances available in the two available financial accounts, including increasing cash or credit balances by adjusting manually or automatically one or more transact...

AI Technical Summary

Benefits of technology

[0006]Certain embodiments disclosed herein will help financial card issuers justify and earn higher credit-card level fee revenue from merchants for both automatically paid and manually paid transactions, or new forms of fee revenue from end users and merchants.

[0106]The present invention further provides a system for at least one debit for at least one point of sale financial transaction using at least one preset transaction parameter relating the debit amount to the relative account balances in at least two financial accounts, comprising: (a) a system component for maintaining the at least two financial accounts comprising at least two available account balances that can be debited remotely via a transaction processor according to at least one preset transaction parameter that relates the debit amount to the relative balances in at least two of the available account balances; (b) a system component for processing a request for authorization of the transaction amount against the at least two available account balances, in exchange for goods or services, wherein the transaction amount requested is authorized when at least one selected from (i) the total of the at least two available account balances is greater than or equal to the debit amount; (ii) at least one selected available account balance, as determined by the transaction processor, is greater than or equal to the assigned portion of the debit amount corresponding to the at least one selected available account balance; or (iii) at least one selected available account balance, as determined by the transaction processor, is able to compensate for a deficiency in at least one other selected available account balance that is less than the assigned portion of the debit amount corresponding to the at least one selected available account balance using Rescue or Reject criteria, where the assigned portion is determined by the transaction processor; and wherein the transaction amount is debited or credited from the at least one available account balances by at least one selected from (i) according to the assigned portion determined by the transaction processor (ii) according to at least one Best Fit criteria; (iii) according to the assigned portion; and (iv) according to Rescue or Reject criteria.

Problems solved by technology

For example, by allowing an end user to use a fully enabled embodiment of a faux debit card, the end user can engage in purchase transactions that are automatically and fully paid by the end user's available cash balance; however, at a later time, the end user can then “unpay” the paid transactions, resulting in a credit balance that needs to be repaid, which also results in the cash balance being restored to the pre-transaction level.