Change Card

Abstract

The invention disclosure relates a method and system that converts routine cash sales transactions into a banking transaction at the point of sale. It provides cash sale purchasers, i.e. consumers, with the option of electronically depositing their change into a savings or other type of account with a financial institution at the point of sale. The account is linked to the consumer's magnetic stripe change card; the magnetic stripe is placed on the automated and transactional magnetic change card.

Claims

1. The method for the conversion of cash sale transaction residuals into electronic format at the point of sale comprises of following steps: i. providing a change card comprising a card body and a memory storage disposed on said card body; ii. said memory storage comprising a magnetic swipe strip capable of being read by a card reader; iii. said memory storage storing an identification for said change card and a monetary value for said change card; and iv. said change card being associated with an account at a financial or commercial institution via user identification detail.

2. The system for conversion of cash sale transaction residual into electronic format comprises of: i. a central database and point of sale or kiosk deposit at the point of card purchase; i. said central database comprises a plurality of user accounts, each of said accounts having an associated change card identification; ii. each of said plurality of user accounts reflecting a monetary value for said associated change card identification; and iii. said plurality of user accounts are being updated periodically by receiving transmissions from at least one change card having at least one change card identification and monetary value recorded therein at point of sale.

Description

DETAILED DESCRIPTION OF THE INVENTION

[0021] The embodiments of the present disclosure, described below, are not intended to be exhaustive or to limit the disclosure to the precise forms disclosed in the following detailed description. Rather, the embodiments are chosen and described so that others skilled in the art may appreciate and understand the principles and practices of the present disclosure.

[0022] The following embodiments and the accompanying drawings, which are incorporated into and form part of this disclosure, illustrate embodiments of the invention, and, together with the description, serve to explain the principles of the invention.

[0023] The present invention disclosure discloses a method and system that converts routine cash sales transaction into a banking transaction at the point of sale. It provides cash sale purchasers, i.e. consumers, with the option of electronically depositing their change into a savings or other type of account with a financial institution at the point of sale. The account is linked to the consumer's magnetic stripe card that is placed on the automated and transactional magnetic change card.

[0024] The present invention requires the user to purchase the change card and update it with the personal details as well as the user's account detail. Once the card is updated with the user's details, it syncs with the financial institution electronically to the user's account that has the user's unique identifier (account number, email, username or phone number).

[0025] The process of the change card is simple in application; the user can purchase items, grocery etc. and make the payment in accordance to the final billing amount generated at point of sale. If the amount given by user leads to balance to be given to the user, this balance amount, in full or part, can be credited to user's account via use of change card which has an inbuilt magnetic strip to store the information about the transaction.

[0026] Basically, where the difference between an item purchase value and the amount tendered includes both fractional and whole dollar amounts, the entire difference may be either credited to or debited from the monetary value stored on the transaction card.

[0027] For example, if an individual purchases an item with a purchase value of $10.50, the individual may tender $20.00 along with the change card. In this case, the customers may receive $9.00 in cash and deposit $0.50 or choose to have the entire $9.50 in change, credited to the change card.

[0028] The monetary value stored in the change card memory is also available for secondary transactions, wherein the entire purchase price is debited from the monetary value of the change card. Alternatively, all or a portion of the monetary value can be deposited to a bank account via an ATM or over the counter transaction.

[0029] The change card can be repeatedly used at participating establishments, so that credited change accumulates thereon, with a running credit balance being maintained on the card.

[0030] The change card disclosed herein contains all the necessary details of the user, such as name, card number, and user's signature in order to ascertain the user's ownership with the card.

[0031] The change card is not only easy to use but also has a facility to enable user to transfer the amount accumulated in card via online transaction. The user can also transfer the card to another user after completing the necessary changes in the card.

[0032] Although specific embodiments have been illustrated and described herein, it will be appreciated by those of ordinary skill in the art that any arrangement that is calculated to achieve the same purpose may be substituted for the specific embodiment shown. This application is intended to cover any adaptations or variations of the present invention. Although specific terms are used in this specification, these terms are for convenience of description, and are not the limitation of the present invention in any combination.

[0033] Although the invention has been explained in relation to its preferred embodiment, it is to be understood that many other possible modifications and variations can be made without departing from the spirit and scope of the invention.

[0034] It is to be understood that the above description is intended to be illustrative, and not restrictive.