Changing a financial account after initiating a payment using a proxy card

• US 10,692,072 B1
• Filed: 12/04/2017
• Issued: 06/23/2020
• Est. Priority Date: 10/22/2013
• Status: Expired due to Fees

• Current Assignee: Block, Inc. (f/k/a Square, Inc.)
• Original Assignee: Square Inc (Block, Inc. (f/k/a Square, Inc.))
• Inventors: Borovsky, Andrew, Aaron, Paul
• Primary Examiner(s): Frenel, Vanel
• Application Number:
  US15/830,059
• Time in Patent Office: 932 Days
• Field of Search: 705 30, 705 42, 705 39, 705 40, 715769, 715853, 715760
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/3276 using a pictured code, e.g. barcode or QR-code, being read by the M-device
• CPC Class Codes: G06Q 20/3278 RFID or NFC payments by means of M-devices
• CPC Class Codes: G06Q 20/3572 Multiple accounts on card
• CPC Class Codes: G06Q 20/40145 Biometric identity checks

Abstract

Apparatuses and methods for changing a financial account after initiating a payment using a proxy object, such as a proxy card, are disclosed. The proxy card is associated with multiple financial accounts, such as accounts associated with credit cards, debit cards, and pre-paid gift cards. A consumer presents the proxy card to a merchant to make a payment, and the merchant swipes the proxy card and processes the payment by sending transaction information to a financial system. A computer system associated with the financial system selects a payment account associated with the proxy card to use for the payment, and an authorization for the transaction is obtained. Later, the consumer is given a limited time within which he may change the financial account used for the payment, such as by using his mobile device to select a different account associated with the proxy card to use to obtain funds for the payment.

Claims

1. A method for performing a payment, the method comprising:

receiving, by a computer system from an object identifier, transaction information associated with the payment between a payee and a payer, and object information identifying a payment object account associated with a plurality of payment accounts;

accessing, by the computer system, a database to identify the plurality of payment accounts based on the object information;

selecting, by the computer system, at least one first payment account from the plurality of payment accounts, to use for the payment;

sending an authorization, by the computer system to the object identifier, for the payment;

initiating the payment from the selected at least one first payment account based on the authorization;

sending a message to a device associated with the payer, the message causing display of a notification indicating the plurality of payment accounts, and the transaction information;

receiving, by the computer system, selection information indicating a selection of at least one payment account of the at least one first payment account and a second payment account of the plurality of payment accounts within a time limit to change the selected at least one first payment account to the second payment account; and

causing, by the computer system, funds for the payment to be transferred from the selected payment account to an account associated with the payee.

2. The method of claim 1, wherein the object identifier comprises a second computer system or a mobile device running an internet-based application.

3. The method of claim 1, wherein the payment between the payer and the payee may be made using more than one of the plurality of payment accounts.

4. The method of claim 1, wherein each of the plurality of payment accounts is an account associated with one of a credit card, a charge card, a debit card, an automated teller machine (ATM) card, a pre-paid credit card, a pre-paid debit card, a gift card, a fleet card, a plurality of loyalty programs, a stored value card, a digital wallet application, or a biometrically identifiable object.

5. The method of claim 1, wherein the transaction information is one or more of an amount of a transaction, a name of the payee, and a listing of items associated with the payment.

6. The method of claim 1, wherein sending the authorization, by the computer system to the object identifier, to complete the payment from the selected at least one first payment account further comprises sending an authorization based on one or more parameters associated with the payment object and further wherein, the one or more parameters associated with the payment object comprise one or more credit reports of the payer, one or more credit scores of the payer, and one or more past transactions.

7. The method of claim 1, wherein the selection of the at least one first payment account by the computer system is based on a predefined policy.

8. The method of claim 7, wherein the predefined policy is based on an incentive program, and further wherein, the incentive program comprises one or more of a rewards program, a points program, a mileage program, a frequent flyer program, a travel rewards program, an experiential rewards program, a hotel rewards program, a cash back reward program, a restaurant rewards program, or a loyalty program.

9. The method of claim 1, wherein the time limit corresponds to a time instance when a financial system begins processing of the completed payment.

10. The method of claim 1, wherein selecting the at least one first payment account comprises selecting a different payment account corresponding to each of a plurality of line items, wherein the payment for each of the plurality of the line items is made from the corresponding selected payment account.

11. The method of claim 1, wherein the selected at least one first payment account is a bank account.

12. A computer system for performing a payment, the computer system comprising:

a processor; and

a memory coupled to the processor, the memory storing executable instructions which when executed by the processor, causes the processor to;

receive, by the computer system from an object identifier, transaction information associated with the payment between a payee and a payer, and object information that identifies a payment object account associated with a plurality of payment accounts;

access, by the computer system, a database to identify the plurality of payment accounts based on the object information;

select, by the computer system, at least one first payment account from the plurality of payment accounts, to use for the payment;

send an authorization, by the computer system to the object identifier, for the payment, wherein the computer system initiates the payment from the selected at least one first payment account;

send a message to a device associated with the payer, the message causing display of a notification that indicates the plurality of payment accounts, and the transaction information;

receive, by the computer system, selection information that indicates a selection of at least one payment account of the at least one first payment account and a second payment account of the plurality of payment accounts within a time limit to change the selected at least one first payment account to the second payment account; and

based on receiving the selection information within the time limit, cause, by the computer system, funds for the payment to be transferred from the selected payment account to an account associated with the payee.

13. The computer system of claim 12, wherein the payment between the payer and the payee is made using more than one of the plurality of payment accounts.

14. The computer system of claim 12, wherein each of the plurality of payment accounts is an account associated with one of a credit card, a charge card, a debit card, an automated teller machine (ATM) card, a pre-paid credit card, a pre-paid debit card, a gift card, a fleet card, a plurality of loyalty programs, a stored value card, a digital wallet application, or a biometrically identifiable object.

15. The computer system of claim 12, wherein the object identifier comprises a second computer system or a mobile device running an internet-based application.

16. The computer system of claim 12, wherein the selection of the at least one first payment account by the computer system is based on a predefined policy.

17. The computer system of claim 16, wherein the predefined policy is based on an incentive program, and further wherein the incentive program comprises one or more of a rewards program, a points program, a mileage program, a frequent flyer program, a travel rewards program, an experiential rewards program, a hotel rewards program, a cash back reward program, a restaurant rewards program, or a loyalty program.

18. The computer system of claim 12, wherein the transaction information is one or more of an amount of a transaction, a name of the payee, and a listing of items associated with the payment.

19. The computer system of claim 12, wherein the time limit corresponds to a time instance when a financial system begins processing the payment.

20. A computer program product, comprising a non-transitory computer-readable medium and a computer program, which when run by a processor in a computer system causes the computer system to perform the following steps:

receive, by the computer system from an object identifier, transaction information associated with a payment between a payee and a payer, and object information identifying a payment object account associated with a plurality of payment accounts;

access, by the computer system, a database to identify the plurality of payment accounts based on the object information;

select, by the computer system, at least one first payment account from the plurality of payment accounts, to use for the payment;

send an authorization, by the computer system to the object identifier, for the payment;

initiate the payment from the selected at least one first payment account based on the authorization;

send a message to a device associated with the payer, the message causing a display of a notification indicating the plurality of payment accounts, and the transaction information;

receive, by the computer system, selection information indicating a selection of at least one payment account of the at least one first payment account and a second payment account of the plurality of payment accounts within a time limit to change the selected at least one first payment account to a second payment account; and

cause, by the computer system, funds for the payment to be transferred from the selected payment account to an account associated with the payee.

21. The computer program product of claim 20, wherein the payment between the payer and the payee is made using more than one of the plurality of payment accounts.

22. The computer program product of claim 20, wherein each of the plurality of payment accounts is an account associated with one of a credit card, a charge card, a debit card, an automated teller machine (ATM) card, a pre-paid credit card, a pre-paid debit card, a gift card, a fleet card, a plurality of loyalty programs, a stored value card, a digital wallet application, or a biometrically identifiable object.

23. The computer program product of claim 20, wherein the object identifier comprises a second computer system or a mobile device running an internet-based application.

24. The computer program product of claim 22, wherein the selection of the at least one first payment account by the computer system is based on a predefined policy.

25. The computer program product of claim 24, wherein the predefined policy is based on an incentive program, and further wherein the incentive program comprises one or more of a rewards program, a points program, a mileage program, a frequent flyer program, a travel rewards program, an experiential rewards program, a hotel rewards program, a cash back reward program, a restaurant rewards program, or a loyalty program.

26. The computer program product of claim 20, wherein the time limit corresponds to a time instance when a financial system begins processing the payment.

27. The computer program product of claim 20, wherein the transaction information is one or more of an amount of a transaction, a name of the payee, and a listing of items associated with the payment.