New York, NY (PRWEB) June 18, 2006
Innovation Fund LLC (http://www.innfund.com), a world wide leader in proprietary technology development, announced that it has a granted patent on Virtual Credit Cards. Using this technology a person can go to a bank website and create a virtual credit card in the name of a family member, employee or friend. The amount of money is subtracted from the primary credit card’s available balance at the sender’s discretion, and the new Virtual Credit Card number (with an encrypted Pin) can be immediately emailed to the recipient. Since more transactions are done on the phone in the travel and recreation industries, the recipient can start making use of this transferred money in seconds, as opposed to the several day lag required by many forms.
"This is great for the company that wants to send an employee to purchase something or on a trip, but doesn’t want to issue that person a permanent credit card," says Donald Spector. He goes on to emphasize that "With this system the credit can be transferred as well as revoked in seconds, unlike debit or other cards which provide one way or single action transactions." Spector was granted a patent for this system and believes it will change the way people will have access to their money.
This system works very well with email and will make many other systems obsolete overnight. It allows the primary card holder to track the spending on the newly created Virtual Credit Card and withdraw the credit line at any time. Unlike a debit card, credit cards are accepted at many more locations since they have a continuous update where the credit limits can be checked. The system also provides a simple way for the consumer to issue his own travel credit card without having to risk his entire balance if the card is stolen. The card can be stopped from any Internet location and has advantages in reporting issues, cancellations and re-issues. Everything is foolproof and can be done in seconds.
Innovation Fund LLC owns proprietary technologies from Computer and Satellite technologies to Consumer products and Entertainment properties. It licenses to or joint ventures with Fortune 500 companies and is a worldwide leader in innovation with hundreds of patents in a broad diversity of industries.
For More Information, Please Contact: Barbara Carver at 516 921-3100.