Internet-based monetary payment system

• US 20030061155A1
• Filed: 10/24/2001
• Published: 03/27/2003
• Est. Priority Date: 05/10/1999
• Status: Abandoned Application

• Current Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Inventors: Chin, Stephen
• Application Number:
  US10/045,313
• Publication Number:
  US 20030061155A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system and method for purchasing a money order via the intemet including the steps of providing an internet based money order system capable of generating money orders upon the receipt of a purchase request by a prospective buyer via the internet for a predetermined amount of funds. The prospective buyer transmits information to the money order system, via the internet, which information is required to purchase the money order. The money order is then remotely generated by the money order system and is delivered to an intended recipient of the money order.

Claims

1. A method of purchasing a money order via the internet, comprising the steps of:

providing a money order system capable of generating money orders;

contacting the money order system via the internet by a user desiring to purchase a money order in a predefined amount;

transmitting information to the money order system via the internet required to purchase said money order, said information including at least a user'"'"'s identification, an identification of an intended receiver of the money order and an financial amount for the noney order;

generating a money order from said money order system upon receipt of said transmitted information, and

sending said generated money order to said intended receiver.

2. A method of purchasing a money order via the Internet as recited tin claim I further including the step of generating a e-mail message to at least one of said user or intended receiver of said money order that said money order has been sent to said intended receiver.

3. A method of purchasing a money order via the Internet as recited in claim 2 further including the steps of:

transmitting credit card information associated with said user; and

electronically processing said credit card information to make available funds needed for said purchase of said money order by said user.

4. A method for purchasing a money order via the internet as recited in claim 2 further including the steps of:

establishing a funds account on said users behalf in said money order system, said funds account having a predetermined amount of monetary funds

electronically deducting a predetermined amount of funds from said funds account in accordance with the amount of funds required to generate said users purchased money order.

5. A method of purchasing a money order from a money order system via the internet for the purchase of goods purchased from an internet-based auction transaction, the method including the steps of:

awarding a bid to a buyer for goods to be purchased from a seller from an auction process conducted between said buyer and seller via the internet on an intemet auction site;

contacting said an internet site for said money order system via the internet by said buyer after said bid is awarded to said buyer;

transmitting information to said money order system via the internet by said buyer to purchase said money order for said sale of said goods, said information including at least said buyers identification, an identification of said seller and a financial amount for the money order;

generating a money order from said money order system upon receipt of said transmitted information from said buyer;

delivering from money order system said generated money order to said seller; and

delivering said goods from said seller to buyer after said money order is generated.

6. A method as recited in claim 5 further including the step of providing a hyper-link in the auction site to the money order system site.

7. A method as recited in claim 6 further including the step of generating a message to at least one of said buyer or seller stating that said money order has been sent to said seller.

8. A method as recited in claim 7 further including the steps of:

transmitting credit card information associated with said buyer to said money order system internet site; and

electronically processing said credit card information to make available funds needed for said purchase of said money order by said buyer in said money order system site.

9. A method as recited in claim 7 further including the steps of:

establishing a funds account on said buyers behalf in said money order system, said funds account having a predetermined amount of monetary funds;

electronically deducting a predetermined amount of funds from said funds account in accordance with the amount of funds required to generate said money order generated for the buyer.

10. A method as recited in claim 7 further including the step of shipping the goods from said seller to buyer prior to said sellers receipt of said money order and after said information is transmitted from said money order system to said seller indicating that said money order is being delivered to said seller.