System and method for localized prepaid gift account program utilizing open loop network systems with local merchant approval and branding

A system comprising:

• a processor;
• and
• a memory storing instructions which, when executed by the processor, cause the processor to perform a method comprising:
• identifying a request from a customer to purchase a prepaid gift account for a customer selected merchant which can be used to make a purchase at the customer selected merchant and at a merchant which is not customer selected;
• presenting a menu to the customer, from which the customer can select merchant information to be printed on to a physical card;
• receiving from the customer a selection of the customer selected merchant from the menu;
• and
• based on the selection of the customer selected merchant:
• presenting the customer with an option to load funds onto the prepaid gift account and upon receipt of payment from customer;
• creating an open loop prepaid gift account for the customer pursuant to the request;
• loading the open loop prepaid gift account with an amount of money;
• printing merchant information on the physical card subsequent to creating the open loop prepaid gift account;
• and
• encoding the physical card with information associated with the open loop prepaid gift account, wherein the information comprises a code identifying the open loop prepaid account.

A computer-readable medium having stored therein instructions which, when executed by a processor, cause the processor to perform a method comprising:

• identifying, via processor, a request from a customer to purchase a prepaid gift account for a customer selected merchant which can be used to make a purchase at the customer selected merchant and at a merchant which is not customer selected, wherein merchants at which the prepaid gift account will be accepted are determined by an issuer of the prepaid gift account;
• presenting the customer with a menu from which the customer can select merchant information to be printed on to a physical card;
• receiving from the customer a selection of customer selected merchant from the menu;
• and
• based on the selection of the customer selected merchant:
• presenting the customer with an option to load funds onto the prepaid gift account and upon receipt of payment from customer,
• creating an open loop prepaid gift account for the customer pursuant to the request;
• loading the open loop prepaid gift account with an amount of money;
• printing merchant information on the physical card subsequent to creating the open loop prepaid gift account;
• and
• encoding the physical card with information associated with the open loop prepaid gift account, wherein the information comprises a code identifying the open loop prepaid account.