Method and apparatus for verifying financial account information

• US 20040254867A1
• Filed: 06/10/2003
• Published: 12/16/2004
• Est. Priority Date: 06/10/2003
• Status: Active Grant

• Current Assignee: Isx Ip, Ltd.
• Original Assignee: Kagi Corporation
• Inventors: Nethery, Stanton Kee III
• Granted Patent: US 7,765,153 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• 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 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

An apparatus and method for verifying a customer'"'"'s financial information is disclosed wherein a seller accepts information about the details of price and quantity of the goods to be purchased, and accepts information about customer'"'"'s financial account. Payment is authorized for desired goods in two or more separate transactions, the amount of each transaction totaling the total price of the goods. Then the amount of each transaction is received from the customer and compared to the amount charged to the bank. If the two amounts match then the goods are shipped to the customer and payment is settled. In an alternative embodiment a ratio of the two amounts received from the customer is used rather than the amounts themselves to compensate for currency variations.

Claims

1. A method of verifying financial account information of a customer in connection with a business transaction comprising the steps of;

accepting information about a financial account from a customer of a business transaction;

authorizing a payment from the financial account;

relaying identifier information associated with the payment;

receiving verification information from the customer;

comparing the verification information with the identifier information; and

continuing with the business transaction if the verification information corresponds to the identifier information.

2. The method according to claim 1, further comprising the step of accepting information from the customer regarding total price and quantity about goods to be purchased.

3. The method according to claim 2, wherein the step of continuing with the business transaction includes authorizing shipment of goods to the customer and settling the authorized payment.

4. The method according to claim 3, wherein the step of relaying identifier information with the payment authorization constitutes processing authorization of the payment in multiple, separate transactions through the financial account with payment amounts from the multiple, separate transactions totaling a price for the goods, with the amount of each transaction being the identifier information associated with the payment, and wherein the step of receiving verification information from the customer includes receiving the amounts of the multiple, separate transactions from the customer.

5. The method according to claim 4, wherein the step of comparing the verification information with the identifier information includes calculating a payment ratio from the amounts in the identifier information, calculating a verification ratio from the amounts in the verification information received from the customer, and checking that the verification ratio is substantially equal to the payment ratio.

6. The method according to claim 5, wherein the step of receiving the verification information from the customer is conducted over the internet.

7. The method according to claim 1, wherein the step of relaying identifier information constitutes providing a text note associated with the payment.

8. The method according to claim 7, wherein the step of receiving the verification information from the customer is conducted over the internet.

9. The method according to claim 1, wherein the step of relaying identifier information with the payment constitutes processing the payment authorization as a variable amount through the financial account, with the variable amount being the identifier information and wherein the step of receiving information from the customer includes receiving the variable amount of the transaction from the customer.

10. The method according to claim 9, wherein the step of receiving the verification information from the customer is conducted over the internet.

11. A system for verifying financial account information comprising:

a communications link between a customer and a seller;

means for accepting, through the communications link, total price and quantity information about goods to be purchased by the customer;

means for accepting information from the customer about a financial account through the communications link;

means for authorizing a payment from the financial account, with identifier information being associated with the authorizing of the payment;

means for receiving verification information from the customer;

means for authorizing shipments of the goods to the customer if the verification information received from the customer matches the identifier information associated with the payment; and

means for settling the authorized payment.

12. The system according to claim 11, wherein said communications link is the internet.

13. The system according to claim 11, wherein said payment authorization includes multiple, separate transactions which total a total price for the goods and wherein an amount of each of the multiple, separate transactions is the identifier information associated with the payment.

14. The system according to claim 13, wherein the identifier information associated with the payment comprises a ratio of the amounts authorized from the multiple, separate transactions and the verification information provided by the customer equates to the ratio.

15. The system according to claim 11, wherein the identifier information includes a text note.

16. The system according to claim 11, wherein the identifier information represents an amount which is between upper and lower values of the authorized payment.

17. A method of verifying financial account information of a customer in connection with a business transaction comprising the steps of:

accepting information about a financial account from a customer of a business transaction;

authorizing a payment from the financial account;

relaying identifier information associated with the payment by processing authorization of the payment in multiple, separate transactions through the financial account with payment amounts from the multiple, separate transactions totaling a price for the goods, with the amount of each transaction being the identifier information associated with the payment, and wherein the step of receiving verification information from the customer includes receiving the amounts of the multiple, separate transactions from the customer;

receiving verification information from the customer;

comparing the verification information with the identifier information; and

continuing with the business transaction if the verification information corresponds to the identifier information.

18. The method according to claim 17, wherein the step of comparing the verification information with the identifier information includes calculating a payment ratio from the amounts in the identifier information, calculating a verification ratio from the amounts in the verification information received from the customer, and checking that the verification ratio is substantially equal to the payment ratio.

19. The method according to claim 18, wherein the step of receiving the verification information from the customer is conducted over the internet.

20. A system for verifying financial account information comprising:

a communications link between a customer and a seller;

means for accepting, through the communications link, total price and quantity information about goods to be purchased by the customer;

means for accepting information from the customer about a financial account through the communications link;

means for processing a payment from the financial account in multiple separate transactions which total a total price for the goods, with identifier information being associated with the payment wherein an amount of each of the multiple, separate transactions is the identifier information associated with the payment;

means for receiving verification information from the customer; and

means for authorizing shipments of the goods to the customer if the verification information received from the customer matches the identifier information associated with the payment.

21. The system according to claim 20, wherein the identifier information associated with the payment comprises a ratio of the amounts authorized from the multiple, separate transactions and the verification information provided by the customer equates to the ratio.