Inventors:
Bansi L. Sharma - Morristown NJ, US
Michael L. Peterson - South Jordan UT, US
Assignee:
American Express Travel Related Services Company, Inc. - New York NY
International Classification:
G06G 1/12, G06Q 20/00, G06Q 40/00, G06K 5/00
US Classification:
705 21, 705 41, 705 16, 235380
Abstract:
A system and method for activating and funding prepaid cards at the point of sale by making innovative use of existing point-of-sale devices and existing credit/debit card acceptance networks and processes. The invention obviates the need to implement new/different technology at point-of-sale terminals that are widely used at retail outlets. This invention makes use of the existing credit and charge card systems and processes, including industry standard message formats, to settle funds and fees between the seller and the issuer of the prepaid card, thus further reducing the expense and time-to-market for product distribution.