Money Order Device with Identity Verification and Method
First Claim
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1. A method of conducting a monetary transaction comprising:
- providing a money order device to a customer during a money order device vending operation that includes;
1) obtaining a payment of funds and authentication information provided from a customer at a money order device vendor location;
2) creating an encrypted activation request containing a record of the funds paid, the authentication information and money order account information;
3) transmitting the encrypted activation request from the vendor to a remote clearinghouse through a vending communication link;
4) creating an account with the clearinghouse for the money order and storing the authentication information, the money order account information and an amount of account funds available based upon the funds paid in a clearinghouse database;
5) transmitting an activation response to the vendor; and
6) providing the money order device associated with the created account to the customer at the vending location; and
utilizing the money order device during a merchant transaction operation that includes;
1) providing the money order device to a merchant;
2) creating an encrypted transaction request that includes money order account information, authentication information provided from the customer and a transaction amount and transmitting via a merchant communication link the request from the merchant to the clearinghouse;
3) determining whether to approve the transaction by verifying the account information, the authentication information and transaction amount with money order account information stored in the clearinghouse database, and determining whether the transaction amount exceeds the amount of account funds available for the money order device;
4) transmitting a transaction response from the clearinghouse of approval or disapproval of the transaction to the merchant; and
5) upon approval of the transaction, immediately transferring money order account funds from the clearinghouse to a merchant account of the merchant; and
further comprising providing identity verification information that is transmitted to the clearinghouse during at least one of the vending operation and the merchant transaction operation.
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Abstract
A method of conducting a monetary transaction and system for providing and utilizing a money order device is provided. The method and system utilize a vended money order device that is vended during a vending operation. The money order device is then utilized in a merchant transaction operation. The method and system utilize identity verification information that is transmitted to a clearinghouse during at least one of the vending operation and the merchant transaction operation.
38 Citations
20 Claims
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1. A method of conducting a monetary transaction comprising:
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providing a money order device to a customer during a money order device vending operation that includes;
1) obtaining a payment of funds and authentication information provided from a customer at a money order device vendor location;
2) creating an encrypted activation request containing a record of the funds paid, the authentication information and money order account information;
3) transmitting the encrypted activation request from the vendor to a remote clearinghouse through a vending communication link;
4) creating an account with the clearinghouse for the money order and storing the authentication information, the money order account information and an amount of account funds available based upon the funds paid in a clearinghouse database;
5) transmitting an activation response to the vendor; and
6) providing the money order device associated with the created account to the customer at the vending location; and
utilizing the money order device during a merchant transaction operation that includes;
1) providing the money order device to a merchant;
2) creating an encrypted transaction request that includes money order account information, authentication information provided from the customer and a transaction amount and transmitting via a merchant communication link the request from the merchant to the clearinghouse;
3) determining whether to approve the transaction by verifying the account information, the authentication information and transaction amount with money order account information stored in the clearinghouse database, and determining whether the transaction amount exceeds the amount of account funds available for the money order device;
4) transmitting a transaction response from the clearinghouse of approval or disapproval of the transaction to the merchant; and
5) upon approval of the transaction, immediately transferring money order account funds from the clearinghouse to a merchant account of the merchant; and
further comprising providing identity verification information that is transmitted to the clearinghouse during at least one of the vending operation and the merchant transaction operation. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A system for providing and utilizing a money order device comprising;
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a vending unit that creates and transmits an encrypted activation request containing a record of funds paid, authentication information from a customer and money order account information and provides a money order device during a money order device vending operation upon a payment of the funds;
a vending communication link through which the encrypted activation request is transmitted;
a clearinghouse that is remote from the vending unit that receives the encrypted activation request through the vending communication link and creates an account for the money order and stores the authentication information, the money order account information and an amount of account funds available based upon the funds paid in a database of the clearinghouse and transmits an activation response to the vendor unit to allow the vending unit to provide the money order device;
a merchant unit that creates an encrypted transaction request during a merchant transaction operation, the encrypted transaction request including the money order account information, authentication information provided from the customer and a transaction amount; and
a merchant communication link for transmitting the request from the merchant unit to the clearinghouse; and
whereinthe clearinghouse determines whether to approve the transaction by verifying the account information, the authentication information and transaction amount with money order account information stored in the clearinghouse database, and determines whether the transaction amount exceeds the amount of account funds available for the money order, and transmits a transaction response to the merchant unit of approval or disapproval of the transaction and upon approval of the transaction, immediately transfers money order account funds from the clearing house to a merchant account of the merchant; and
further comprisingproviding identity verification information that is transmitted to the clearinghouse during at least one of the vending operation and the merchant transaction operation. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20)
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Specification
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Current AssigneePatricia Phelan
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Original AssigneePatricia Phelan
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InventorsPhelan, Patricia
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Granted Patent
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Time in Patent OfficeDays
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Field of Search
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US Class Current705/76
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CPC Class CodesG06Q 20/18 involving self-service term...G06Q 20/28 Pre-payment schemes, e.g. "...G06Q 20/3821 Electronic credentialsG07F 17/42 for ticket printing or like...G07F 19/20 Automatic teller machines [...G07F 19/202 Depositing operations withi...G07F 7/04 by paper currency
