METHOD AND SYSTEM TO ACCEPT AND SETTLE TRANSACTION PAYMENTS FOR AN UNBANKED CONSUMER

• US 20080052182A1
• Filed: 08/23/2007
• Published: 02/28/2008
• Est. Priority Date: 08/28/2006
• Status: Active Grant

• Current Assignee: ChoicePay, Inc. (ACI Worldwide Incorporated), Pay Cash Now LLC
• Original Assignee: ChoicePay, Inc. (ACI Worldwide Incorporated)
• Inventors: Marshall, Roger
• Granted Patent: US 8,321,342 B2
• Time in Patent Office: Days
• US Class Current: 705/26
• 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 20/22 Payment schemes or models
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]

Abstract

A system and method is provided to accept and settle transaction payments for an unbanked consumer. A consumer initiates a transaction with a merchant, and the merchant may transmit transaction information to a central processing unit using an initiating processing unit. The central processing unit may generate a unique transaction identifier or the merchant may generate the unique transaction identifier which complies with the systems rules and notifies the central processing unit of the transaction information and unique transaction identifier. The system may provide the merchant and consumer the nearest payment processing unit. At the payment processing unit, the consumer presents the unique transaction identifier, which is transmitted to the central processing unit for validation. The consumer may also validate the transaction information. The consumer makes payment at the payment processing unit, and the payment information is transmitted to the central processing unit. The system may generate a confirmation receipt for the consumer, and the central processing unit notifies the merchant of payment by the consumer. The merchant may then fulfill the transaction. The system remits the payment to the merchant.

Claims

1. A method to accept and settle transaction payments from a consumer, comprising the steps of.

initiating a transaction between said consumer and a merchant;

communicating transaction information from said merchant to a central processing unit;

generating a unique transaction identifier;

storing said transaction information and said unique transaction identifier at said central processing unit;

communicating said unique transaction identifier to said consumer;

receiving said unique transaction identifier from said consumer at a payment processing unit;

communicating said unique identifier to said central processing unit;

validating said unique transaction identifier at said central processing unit;

receiving payment from said consumer for said transaction at said payment processing unit; and

remitting said payment to said merchant.

2. The method of claim 1 wherein said step of initiating said transaction between said consumer and said merchant includes initiating an on-line purchase transaction, initiating a telephone purchase transaction, paying a one-time bill, paying a reoccurring bill, initiating a mail order purchase transaction or initiating a catalog purchase transaction.

3. The method of claim 1 wherein said step of generating said unique transaction identifier further comprises the step of generating said unique transaction identifier at said central processing unit.

4. The method of claim 1 wherein said step of generating said unique transaction identifier further comprises the step of generating said unique transaction identifier by said merchant.

5. The method of claim 4 further comprising the step of communicating said unique transaction identifier to said central processing unit by said merchant.

6. The method of claim 1 wherein said step of communicating said unique transaction identifier to said consumer further comprises the step of communicating locations of said payment processing unit.

7. The method of claim 1 wherein said step of communicating said unique transaction identifier to said consumer further comprises the step of communicating said unique transaction identifier to said merchant.

8. The method of claim 1 wherein said step of validating said unique transaction identifier further comprises displaying said transaction information to said consumer.

9. The method of claim 8 further comprising the step of validating said transaction information by said consumer.

10. The method of claim 1 wherein said step of receiving payment from said consumer for said transaction at said payment processing unit includes receiving cash, reading a stored value card, transferring money from an internet banking account, or making mobile payments using a mobile phone.

11. The method of claim 1 further comprising the step of having said unique transaction identifier printed on said merchant'"'"'s invoice.

12. The method of claim 1 further comprising the step of generating a confirmation receipt for said consumer.

13. The method of claim 12 further comprising the step of transmitting said confirmation receipt to said consumer.

14. The method of claim 1 further comprising the step of notifying said merchant of payment by said consumer.

15. The method of claim 1 further comprising the step of fulfilling said transaction by said merchant.

16. The method of claim 1 wherein said step of remitting said payment to said merchant is in real-time, near real-time or by batch processing.

17. A system to accept and settle transaction payments from a consumer, comprising:

an initiating processing unit for generating transaction information resulting from a transaction between said consumer and a merchant;

a central processing unit communicably attached to said initiating processing unit for generating a unique transaction identifier, for storing said transaction information and said unique transaction identifier, for validating said unique transaction identifier, for notifying said merchant of payment by said consumer, and for remitting payment information to said merchant; and

a payment processing unit communicably attached to said central processing unit for receiving said unique transaction identifier from said consumer, for receiving payment for said transaction from said consumer, and for transmitting a confirmation receipt to said consumer.

18. The system of claim 17 wherein said transaction information comprises purchase information, said consumer'"'"'s name and a shipping address.

19. The system of claim 17 wherein said initiating processing unit transmits said transaction information to said central processing unit.

20. The system of claim 17 wherein said central processing unit transmits said unique transaction identifier to said merchant.

21. The system of claim 17 wherein said central processing unit transmits said unique transaction identifier to said consumer.

22. The system of claim 17 wherein said central processing unit validates said transaction information.

23. The system of claim 17 wherein said central processing unit generates said confirmation receipt.

24. The system of claim 17 wherein said central processing unit remits said payment information to said merchant in real-time, near real-time or by batch processing

25. The system of claim 17 wherein said payment processing unit comprises a walk-up location, a manned kiosk, an unmanned kiosk, a point-of-sale terminal or other cash acceptance mechanism for receiving payment from said consumer.

26. The system of claim 17 wherein said consumer is an unbanked consumer.

27. The system of claim 17 wherein said central processing unit maintained by an intermediate, third-party service provider.

28. The system of claim 17 wherein said payment processing unit includes a financial card reader for reading information from a stored value card, a bar code reader or other optical character recognition device for reading information printed on said merchant'"'"'s invoice.