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Method and System for Processing Secure Wireless Payment Transactions and for Providing a Virtual Terminal for Merchant Processing of Such Transactions

  • US 20090063312A1
  • Filed: 08/27/2008
  • Published: 03/05/2009
  • Est. Priority Date: 08/28/2007
  • Status: Abandoned Application
First Claim
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1. A payment gateway system for processing electronic payment transactions, comprising:

  • a web user interface module configured to provide an interface between the payment gateway system, a customer, and a merchant;

    a virtual terminal module configured to communicate with a virtual terminal, wherein the virtual terminal is a wireless communication device having a point of sale processing application installed therein, the point of sale application being configured to;

    wirelessly transmit a request for payment of a transaction to the payment gateway system; and

    wirelessly receive an approval code for payment of the transaction from the payment gateway system;

    a web services module configured to process and authorize the electronic payment transaction between the customer and the merchant;

    an account funding interface module configured to establish an association between a customer financial account and the payment gateway system; and

    a settlement and reconciliation module configured to generate and execute a transaction settlement instruction for settling the electronic payment transaction between the customer financial account and a merchant financial account.

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