Method and system for transferring funds

A system for transferring funds from a first payment cardholder at a first merchant to a second payment cardholder at a second merchant, comprising:

• a network of terminals;
• means for receiving an indication from said first cardholder at said first merchant that a transfer of funds is required to said second cardholder,
• means generating a first payment card transaction at a networked terminal between said first merchant and said first cardholder, wherein said first payment card transaction is a first immediate transfer, debiting said funds from said first cardholder and crediting said funds to said first merchant;
• means for generating a second payment card transaction at a networked terminal between said second merchant and said second cardholder, wherein said second payment card transaction is a second immediate transfer, debiting said funds from said second merchant and crediting said funds to said second cardholder;
• and
• means for communicating said first and second payment card transactions to a host across said network.

A method, performed by a computer system, of transferring funds from a first payment cardholder at a first merchant to a second payment cardholder at a second merchant, said method comprising the steps of:

• receiving an indication from said first cardholder at said first merchant that a transfer of funds is required to said second cardholder,
• generating a first payment card transaction at a networked terminal between said first merchant and said first cardholder, wherein said first payment card transaction is a first immediate transfer, debiting said funds from said first cardholder and crediting said funds to said first merchant;
• and
• generating a second payment transaction between said second merchant and said second cardholder, wherein said second payment card transaction is a cheque, debiting said funds from said second merchant and crediting said funds to said second cardholder.

A system for transferring funds from a first payment cardholder at a first merchant to a second payment cardholder at a second merchant, comprising:

• means for receiving an indication from said first cardholder at said first merchant that a transfer of funds is required to said second cardholder,
• means generating a first payment card transaction at a networked terminal between said first merchant and said first cardholder, wherein said first payment card transaction is a first immediate transfer, debiting said funds from said first cardholder and crediting said funds to said first merchant;
• and
• means for generating a second payment transaction between said second merchant and said second cardholder, wherein said second payment transaction is a cheque, debiting said funds from said second merchant and crediting said funds to said second cardholder.

A method of transferring funds from a first payment cardholder at a first merchant to a second payment cardholder at a second merchant, said method comprising the steps of:

• receiving an indication from said first cardholder at said first merchant that a transfer of funds is required to said second cardholder;
• generating a first, immediate payment card transaction between said first merchant and said first cardholder, debiting said funds from said first cardholder and crediting said funds to said first merchant;
• and
• generating a second, immediate payment card transaction between said second merchant and said second cardholder, debiting said funds from said second merchant and crediting said funds to said second cardholder.