System and method for mid-stream purchase of products and services
First Claim
1. A payment system comprising:
- a. a matching module for matching a merchant to a plurality of listed merchants from a merchant list and identifying a selected consumer account based on the merchant;
b. a connection module coupled to the matching module for automatically connecting the merchant with the selected consumer account; and
c. a transfer module coupled the connection module for transferring funds from the selected consumer account to the merchant in response to a confirmation.
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Abstract
A system and method for providing a mid-stream payment model that automatically transfers funds from a consumer to a merchant are described. The invention allows a consumer to create, edit, and store profile information including merchants, and corresponding consumer accounts, increment payments and total transaction costs. In one embodiment, the invention includes a matching module for matching a merchant to a plurality of listed merchants from a merchant list and identifying a selected consumer account based on the merchant; a connection module coupled to the matching module for automatically connecting the merchant with the selected consumer account; and a transfer module coupled the connection module for transferring funds from the selected consumer account to the merchant in response to a confirmation.
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Citations
20 Claims
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1. A payment system comprising:
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a. a matching module for matching a merchant to a plurality of listed merchants from a merchant list and identifying a selected consumer account based on the merchant;
b. a connection module coupled to the matching module for automatically connecting the merchant with the selected consumer account; and
c. a transfer module coupled the connection module for transferring funds from the selected consumer account to the merchant in response to a confirmation. - View Dependent Claims (2, 3, 4, 5)
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6. A method comprising:
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a. receiving a request for a payment amount from a merchant;
b. matching the merchant with a selected consumer account from profile information; and
c. transferring the payment amount from the consumer account to the merchant. - View Dependent Claims (7, 8, 9, 10, 11, 12, 13, 15, 16, 17, 18, 19)
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14. A method of initializing comprising:
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a. authenticating an identity of a consumer;
b. receiving a consumer account from the consumer for use with a merchant; and
c. associating the consumer account with the merchant.
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20. A computer-readable medium having computer executable instructions for performing a method comprising:
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a. receiving a request for a payment amount from a merchant;
b. matching the merchant with a selected consumer account from profile information; and
c. transferring the payment amount from the consumer account to the merchant.
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Specification