System and method for cashback funding

Abstract

In an example embodiment, a system is provided for a cashback funding of an account. The system comprises a transaction request receiving module configured to receive a request to make a transaction between a user and an online vendor using a first account of the user, the transaction request including a transaction amount and an identification of the online vendor, A transaction authorization module is configured to provide an option to select a cashback amount, receive a selected cashback amount from the user, add the selected cashback amount to the transaction amount, generate a completion, request message based on the sum. to a third party payment processor, and upon receiving an approval message in response to the completion request message, direct the transaction amount to the online vendor. A cashback funding module is configured to direct the cashback amount to an online account designated by the user, the online account distinct from the first account,

1 . A system comprising:
 a transaction request receiving module configured to receive a request to make a transaction between a user and an online vendor using a first account of the user, the transaction request including a transaction amount and an identification of the online vendor;   a transaction authorization module configured to, using one or more processors, provide an option to select a cashback amount, receive a selected cashback amount from the user, add the selected cashback amount to the transaction amount, generate a completion request message based on the sum to a third party payment processor, and, upon receiving an approval message in response to the completion request message, direct the transaction amount to the online vendor; and   a cashback funding module configured to direct the cashback amount to an online account designated by the user, the online account distinct from the first account.   
     
     
         2 . The system of  claim 1 , wherein the online vendor is responsible for paying a fixed commission fee to the third party payment processor. 
     
     
         3 . The system of  claim 1 , where the transaction is a debit card transaction. 
     
     
         4 . The system of  claim 1 , wherein the transaction is an electronic funds transaction (EFT). 
     
     
         5 . The system of  claim 1 , farther comprising a fourth module configured to direct at least a portion of the cashback amount to a financial institution or auction site to fund, a service transaction. 
     
     
         6 . The system, of  claim 1 , wherein the cashback fending module is farther configured to fund the purchase of a prepaid card using at least a portion of the cashback amount. 
     
     
         7 . The system of  claim 1 , wherein the cashback fending module is further configured to fund a child account using at least a portion of the cashback amount. 
     
     
         8 . The system of  claim 1 , wherein die cashback funding module is further configured to open the online account using the cashback amount. 
     
     
         9 . The system of  claim 1 , wherein the cashback funding module is further configured to provide an incentive to the user. 
     
     
         10 . The system of  claim 9 , wherein the incentive comprises a percentage of the cashback amount awarded to the online account. 
     
     
         11 . The system of  claim 9 , wherein the incentive comprises an entry in a sweepstakes. 
     
     
         12 . The system of  claim 1 , wherein the option to select the cashback amount is provided based on a risk profile of the user. 
     
     
         13 . The system of  claim 1 , wherein the option to select the cashback amount is provided based on a length of time that the user has held the first account. 
     
     
         14 . A method comprising:
 receiving a request to make a transaction between a user and an online vendor using a first account of the user, the transaction request including a transaction amount and an identification of the online vendor;   providing an option to select a cashback amount;   receiving a selected cashback amount from the user;   adding the selected cashback amount to the transaction amount;   generating a completion request message, using one or more processors, based on the sum to a third party payment processor;   upon receiving an approval message in response to the completion request message, directing the transaction amount to the online vendor; and   directing the cashback amount to an online account designated by the user, the online account distinct from the first account.   
     
     
         15 . The method of  claim 14 , further comprising directing at least a portion of the cashback amount to a financial institution or auction site to fund a service transaction. 
     
     
         16 . The method of  claim 14 , further comprising funding the purchase of a prepaid card using at least a portion of the cashback amount. 
     
     
         17 . The method of  claim 14 , further comprising funding a child account using at least a portion of the cashback amount. 
     
     
         18 . The method of  claim 14 , further comprising opening the online account using the cashback amount. 
     
     
         19 . The method of  claim 14 , wherein the option to select the cashback amount is provided based on a risk profile of the user. 
     
     
         20 . A non-transitory computer-readable medium having instructions embodied thereon, the instructions executable by one or more processors to perform operations comprising:
 receiving a request to make a transaction between a user and an online vendor using a first account of the user, the transaction request including a transaction amount and an identification of the online vendor;   providing an option to select a cashback amount;   receiving a selected cashback amount from the user;   adding the selected cashback amount to the transaction amount;   generating a completion request message, using one or more processors, based on the sum to a third party payment processor;   upon receiving an approval message in response to the completion request message, directing the transaction amount to the online vendor; and   directing the cashback amount to an online account designated by the user, the online account distinct from the first account.