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Intermediated electronic payment system and method

  • US 20050080748A1
  • Filed: 10/10/2003
  • Published: 04/14/2005
  • Est. Priority Date: 10/10/2003
  • Status: Abandoned Application
First Claim
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1. A method for electronically making a payment to an agent and a brokerage for a transaction involving payment for goods or services between a customer and the brokerage, the transaction comprising a card-based payment by the customer using a payment processor and intermediated by a payment coordinator, comprising the steps of:

  • communicating payment information and agent information via a telecommunication session between the payment terminal to a receiving processor over a communication network, said payment information entered into the payment terminal by the agent;

    carrying out card payment by the receiving processor capturing the payment information and the agent information, obtaining electronic authorization from a card issuing authority, and transmitting an electronic confirmation of the card payment to the payment terminal;

    sending the payment information and the agent information to a payment processor operated by the payment coordinator;

    transferring an amount of funds for the transaction to a payment coordinator electronic fund transfer account through a brokerage trust account and a payment coordinator clearing account, under direction of the payment processor; and

    performing electronic fund transfers from the payment coordinator electronic fund transfer account to an agent account and a brokerage account by executing an EFT execution file, the execution file prepared to effect an allocation of funds determined by a split settlement processor in accordance with a pre-determined set of allocation rules after receiving disbursement information from the payment processor.

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