MERCHANT ACCOUNT ACTIVATION SYSTEM
First Claim
1. A method for configuring a point-of-sale terminal for use in connection with a merchant account, comprising the steps of:
- during an on-line session with an applicant for a merchant account, receiving information from the applicant completing an application for the merchant account, receiving information from the applicant selecting a point-of-sale terminal for use in connection with the merchant account, based on the received information, determining terms and conditions applicable to the applicant'"'"'s merchant account upon acceptance;
displaying such determined terms and conditions to the applicant relating to the administration of the merchant account, and receiving an indication of acceptance of the terms and conditions from the applicant;
in response to the indication of acceptance of the terms and conditions from the applicant and during the on-line session, generating identification information associated with the merchant account and the point of sale terminal, the identification information comprising a merchant ID (MID) and a terminal ID (TID);
during the online session, configuring an account file for administration of the merchant account with the identification information; and
configuring the selected point of sale terminal with the identification information from the account file.
6 Assignments
0 Petitions
Accused Products
Abstract
A merchant account activation system that includes an Internet server that works in conjunction with a master account file operating on a mainframe computer and an expert computer system that is used to configure point-of-sale terminals. Many of the steps of the activation procedure arc performed by a merchant activation routine running on the Internet server, which allows a merchant account may apply for a merchant account during an on-line session conducted with the Internet server. The merchant activation routine obtains application information from the applicant during an on-line session, conducts a credit check and “scores” the application as a credit risk during the on-line session. If the application is approved, the merchant activation routine displays a fee schedule and associated terms and conditions to the applicant for acceptance. In response to merchant acceptance of the terms and conditions of a merchant account during an on-line session, the merchant activation routinc or an associated computer operated by the acquirer generates identification information associated with the merchant account and the point-of-sale terminal, such as a Merchant Identification Number %) and a Terminal Identification Number (TID).
-
Citations
46 Claims
-
1. A method for configuring a point-of-sale terminal for use in connection with a merchant account, comprising the steps of:
-
during an on-line session with an applicant for a merchant account, receiving information from the applicant completing an application for the merchant account, receiving information from the applicant selecting a point-of-sale terminal for use in connection with the merchant account, based on the received information, determining terms and conditions applicable to the applicant'"'"'s merchant account upon acceptance;
displaying such determined terms and conditions to the applicant relating to the administration of the merchant account, and receiving an indication of acceptance of the terms and conditions from the applicant;
in response to the indication of acceptance of the terms and conditions from the applicant and during the on-line session, generating identification information associated with the merchant account and the point of sale terminal, the identification information comprising a merchant ID (MID) and a terminal ID (TID);
during the online session, configuring an account file for administration of the merchant account with the identification information; and
configuring the selected point of sale terminal with the identification information from the account file. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 45)
-
-
15. (canceled)
-
16. (canceled)
-
17. A method for configuring a point of sale terminal for use in connection with a merchant account, comprising the steps of, during an on line session with an applicant for a merchant account:
-
receiving information from the applicant completing an application for the merchant account including business contact information, business premises information, business sales data, business owner information, and information relating to funding for the charges associated with administering the merchant account;
displaying a menu of point of sale terminal options, displaying a view control item in associated with each option, receiving a user command selecting a particular view control item, and displaying an image depicting the point of sale terminal associated with the selected view control item;
receiving information from the applicant selecting a point of sale terminal for use in connection with the merchant account including;
determining a credit risk score the application;
based on the credit risk score, determining terms and conditions applicable to the applicant if accepted including a fee schedule for the merchant account;
displaying the determined terms and conditions to the applicant relating to the administration of the merchant account;
receiving an indication of acceptance of the terms and conditions from the applicant;
generating identification information associated with the merchant account and the point of sale terminal;
configuring an account file for administration of the merchant account with the identification information; and
electronically issuing a visitation order requesting a physical visit to the premises of the applicant to verify that the applicant is conducting a type of business stated in the application. - View Dependent Claims (18, 19)
-
-
20. (canceled)
-
21. (canceled)
-
22. A method for configuring a point of sale terminal for use in connection with a merchant account, comprising the steps of, during an on line session with an applicant for a merchant account:
-
receiving a business type designation from the applicant;
determining a business risk category associated with the business type designation;
based on the business risk category associated with the business type designation, determining risk adjustment measures comprising a reserve requirement and a risk adjusted fee schedule for services related to administration of the merchant account;
displaying terms and conditions relating to the risk adjustment measures;
receiving an indication of acceptance of the terms and conditions from the applicant;
generating identification information associated with the merchant account and the point of sale terminal, the identification information comprising a merchant ID (MID) and a terminal ID (TID) associated with a selected point-of-sale terminal;
configuring an account file for administration of the merchant account with the identification information and the risk adjustment measures; and
configuring the selected point-of-sale terminal with the identification information. - View Dependent Claims (23)
-
-
24. (canceled)
-
25. (canceled)
-
26-44. -44. (canceled)
-
46-55. -55. (canceled)
Specification