INTERNET PAYMENT SYSTEM AND METHOD
First Claim
1. A payment processing system for facilitating payment for online purchase transactions comprising:
- a merchant interface to receive, from an online merchant, purchase transaction information related to an online purchase transaction by a consumer, the purchase transaction information including merchant and consumer account identification, transaction description, and transaction amount related to the online purchase transaction and independent confidential financial information pertaining to the consumer;
a messaging manager to generate an electronic bill based on the received purchase transaction information, the electronic bill including the transaction description, amount due, payment due date, and payee information to which payment for the online purchase is made at a financial institution trusted by the consumer thereby avoiding disclosure of the consumer'"'"'s confidential financial information to the online merchant;
a payment interface to receive, from the financial institution, payment information upon payment of the electronic bill by the consumer, and to provide, to the online merchant and the consumer, a payment notification;
an account settlement module to process parsed payment information and to allocate payments to outstanding online purchase transactions; and
, a database, to store information pertaining to the online merchant, the consumer, and the electronic bills associated with the online purchase transactions.
2 Assignments
0 Petitions
Accused Products
Abstract
A system and method for facilitating payment for online purchases is disclosed. The system allows consumers/customers who shop online to select, at the time of checkout, direct payment from an account as the payment option. An electronic bill (ebill), independent of any confidential financial information pertaining to the consumer, is automatically displayed and emailed to the consumer. The consumer pays the ebill at their bank the same way they pay their utility bill, which then results in a payment confirmation sent from the bank to the payee. Payment information from the bank is sent to the system to update the purchase transactions. Once the payment information is processed, the consumer and merchant accounts are balanced and both receive automatic notification of the payment.
98 Citations
28 Claims
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1. A payment processing system for facilitating payment for online purchase transactions comprising:
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a merchant interface to receive, from an online merchant, purchase transaction information related to an online purchase transaction by a consumer, the purchase transaction information including merchant and consumer account identification, transaction description, and transaction amount related to the online purchase transaction and independent confidential financial information pertaining to the consumer;
a messaging manager to generate an electronic bill based on the received purchase transaction information, the electronic bill including the transaction description, amount due, payment due date, and payee information to which payment for the online purchase is made at a financial institution trusted by the consumer thereby avoiding disclosure of the consumer'"'"'s confidential financial information to the online merchant;
a payment interface to receive, from the financial institution, payment information upon payment of the electronic bill by the consumer, and to provide, to the online merchant and the consumer, a payment notification;
an account settlement module to process parsed payment information and to allocate payments to outstanding online purchase transactions; and
,a database, to store information pertaining to the online merchant, the consumer, and the electronic bills associated with the online purchase transactions. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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19. A payment method for online purchase transactions comprising the steps of:
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receiving, from an online merchant, purchase transaction information related to an online purchase transaction by a consumer, the purchase transaction information including merchant and consumer account identification, transaction description, and transaction amount related to the online purchase transaction and independent confidential financial information pertaining to the consumer;
generating an electronic bill based on the received purchase transaction information;
providing the electronic bill to the consumer, the electronic bill including the transaction description, amount due, payment due date, and payee information to which payment for the online purchase is made at a financial institution trusted by the consumer thereby avoiding disclosure of the consumer'"'"'s confidential financial information to the online merchant;
receiving, from the financial institution, payment information upon payment of the electronic bill by the consumer;
allocating payments to outstanding online purchase transactions based on parsed payment information;
routing the payment to outstanding online purchase transactions based on data introspection according to predefined payment routing rules;
providing, to the online merchant and the consumer, a payment notification; and
,storing information pertaining to the online merchant, the consumer, and the electronic bills associated with the online purchase transactions. - View Dependent Claims (20, 21, 22, 23, 24, 25, 26, 27)
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28. A payment processing system for facilitating payment for online purchase transactions comprising:
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a merchant interface to receive, from an online merchant, purchase transaction information related to an online purchase transaction by a consumer, the purchase transaction information including merchant and consumer account identification, transaction description, and transaction amount related to the online purchase transaction and independent confidential financial information pertaining to the consumer;
a messaging manager to generate an electronic bill based on the received purchase transaction information, the electronic bill including the transaction description, amount due, payment due date, and payee information to which payment for the online purchase is made at a financial institution trusted by the consumer thereby avoiding disclosure of the consumer'"'"'s confidential financial information to the online merchant; and
an account settlement module to process parsed payment information and to allocate payments to outstanding online purchase transactions.
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Specification