System and method for accepting closed loop cards or codes at a merchant point of sale

A system comprising:

• a processor;
• and
• a non-transitory computer-readable storage device storing instructions, which, when executed by the processor, cause the processor to perform operations comprising:
• receiving an indication of a sale by a first consumer of a first closed loop account in the form of a physical card to an entity;
• upon receiving acceptance from the first consumer of an offer associated with the sale of the first closed loop account, transferring ownership of the first closed loop account to the entity via a physical card associated with the first closed loop account;
• closing the first closed loop account;
• replacing the first closed loop account with a second closed loop account of equal value from a same merchant who issued the first closed loop account;
• and
• offering for sale, to a second consumer, the second closed loop account.

A method comprising:

• receiving, via a processor, an indication of a sale by a first consumer of a closed loop account in the form of a physical card to an entity;
• upon receiving acceptance from the first consumer of an offer associated with the sale of the closed loop account, transferring ownership of the closed loop account to the entity;
• and
• offering for sale, to a second consumer, the closed loop account as a gift code.