Secure and efficient payment processing system
First Claim
1. A method for carrying out commercial transactions, said method comprising the steps of:
- (a) establishing a transaction processing system on an electronic communications network;
(b) establishing an account within the transaction processing system for a corresponding account holder;
(c) obtaining from the account holder one or more descriptions of acceptable future commercial transactions related to the account;
(d) administering commercial transactions carried out via the transaction processing system; and
, (e) verifying that administered commercial transactions related to the account meet one or more of the descriptions obtained.
1 Assignment
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Accused Products
Abstract
A method for carrying out commercial transactions includes establishing a transaction processing system on an electronic communications network, and establishing an account within the transaction processing system for a corresponding account holder. One or more descriptions of acceptable future commercial transactions related to the account are obtained from the account holder. Commercial transactions carried out via the transaction processing system are administered, and it is verified that administered commercial transactions related to the account meet one or more of the descriptions obtained.
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Citations
14 Claims
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1. A method for carrying out commercial transactions, said method comprising the steps of:
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(a) establishing a transaction processing system on an electronic communications network;
(b) establishing an account within the transaction processing system for a corresponding account holder;
(c) obtaining from the account holder one or more descriptions of acceptable future commercial transactions related to the account;
(d) administering commercial transactions carried out via the transaction processing system; and
,(e) verifying that administered commercial transactions related to the account meet one or more of the descriptions obtained. - View Dependent Claims (2, 3, 4, 5, 6)
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7. A method of processing commercial transactions carried out over the Internet between account holders and participating merchants, said method comprising the steps of:
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(a) establishing account priviliges for each account holder'"'"'s account, said priviliges defining boundaries outside of which transactions are not to be authorized;
(b) receiving a buyer'"'"'s purchase request from a participating merchant indicating that the buyer desires to carry out a transaction with the merchant, said transaction including the buyer purchasing one or more selected items from the merchant;
(c) authenticating the buyer as an account holder;
(d) receiving transaction details from the participating merchant, said transaction details including a cost for the selected items; and
,(e) authorizing completion of the transaction when the transaction details do not violate established account priviliges and the account holder'"'"'s account is full enough to cover the cost. - View Dependent Claims (8, 9, 10, 11, 12, 13, 14)
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Specification