System, program product, and associated methods to autodraw for micro-credit attached to prepaid card
US8103549B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Sep 15, 2011 |
| Grant date | Jan 24, 2012 |
| Priority date | — |
| Expiry date | Sep 15, 2031 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/04
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A consumer is prequalified for a line of credit attached to a prepaid card by a lending institution. The lending institution computer makes available draws to the line of credit line in an authorization stream for a proposed purchase using the prepaid card as payment. When the line of credit is accessed, the prepaid card is loaded with an additional value equal to one or more preselected loan increments so that the prepaid card then has a new amount totaling a previous amount plus the amount of value of the one or more preselected loan increments and so that the new amount exceeds or equals the value of a proposed purchase. Next, a new value for the line of credit balance available is determined, accounting for value loaded onto the prepaid card and a preselected loan advance fee for each loan increment loaded onto the prepaid card.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.