BillMyParents is already known for providing teens and their parents with an easy way to manage money with prepaid debit and credit cards. And now, the company has received a patent that will make it easier than ever for groups of people to create custom gift cards for teens and other recipients.
The company recently received a patent covering a method that allows multiple people to sign an electronic greeting card and pledge money as part of a group gift.
“This patent is an extension of our strategy to provide safe and smart spending and gifting solutions to teens and their families,” said BillMyParents CEO Mike McCoy. “Gifting to and amongst teens through a trusted, online social sharing method will give parents confidence in their teens’ financial activities. Innovating new financial solutions for tomorrow’s teens and protecting these innovations through patents, is part of our strategy for growth.”
Here’s how it works – the initial sender of an online greeting card invites others to electronically sign the card and contribute money for a gift card. The people who are invited can also invite others as well, once they receive the email.
Company officials say in addition to providing a great way for people to pledge money toward a gift, the method has other uses, such as fundraising for schools, sports and clubs.