Michael S Herold

US Patent:

20110215139, Sep 8, 2011

Filed:

Mar 5, 2010

Appl. No.:

12/718215

Inventors:

Michael A. Herold - Buffalo Grove IL, US
Allen C. Franks - Mena AR, US
Kirk James Humphrey - White Lake MI, US
Keith E. Byrd - Milford MI, US

Assignee:

Money Service Centers, LLC - Southfield MI

International Classification:

G06Q 40/00

US Classification:

235379

Abstract:

Loan mechanisms for completing transactions made with prepaid cards where an insufficient balance exists on the prepaid card to complete the transaction, methods of completing transactions for an amount that exceeds an available balance on a prepaid card, and methods of transforming goods from a state of being retail inventory to a state of being owned by and in the possession of an end user. Loan mechanisms may include a website, a database, a connection to at least one prepaid card authorization machine, programmed technology to evaluate whether to make a loan, an apparatus to add funds to the card sufficient to cover the transaction, and a collection feature for collecting the loaned funds plus compensation. Methods may include acts of collecting information, perceiving a transaction attempt for an amount that exceeds an available balance, evaluating consent, evaluating credit risk, loaning money, and later collecting from the card holder.