Methods for electronic payments using a third party facilitator

• US 20090319427A1
• Filed: 06/23/2008
• Published: 12/24/2009
• Est. Priority Date: 06/23/2008
• Status: Abandoned Application

• Current Assignee: Value Payment Systems, LLC
• Original Assignee: Value Payment Systems, LLC
• Inventors: Gardner, Jeffrey, Slusser, Jeffrey
• Application Number:
  US12/214,881
• Publication Number:
  US 20090319427A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/22 Payment schemes or models
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

Methods for processing payments electronically over a network-based system wherein a third party or intermediary simplifies payment transactions by making them on behalf of individuals to the end payment recipient without providing individual account information as the basis for the payment.

Claims

1. A method for processing payments electronically over a network-based system comprising the steps of:

(a) initiating an electronic transaction for making a payment on behalf of an individual;

(b) receiving through a communications network an authorization for receiving payment from an individual account; and

(c) providing payment data to a payment recipient relating to the transaction for making the payment on behalf of the individual by an intermediary through the communications network, wherein the intermediary does not provide individual account information

thereby providing for individual payments to the payment recipient without providing the individual account to the payment recipient.

2. The method of claim 1, wherein the step of providing electronic payment to the payment recipient is made by the intermediary using an intermediary account.

3. The method of claim 1, wherein the steps (a) through (b) are repeated for a multiplicity of individuals and their respective individual accounts.

4. The method of claim 1, wherein step (c) is made on behalf of a multiplicity of individuals, while the payment data provided includes an intermediary account from which the payment is transferred.

5. The method of claim 4, wherein the payment data includes reference data to ensure credit for payment is allocated to each of the multiplicity of individuals.

6. A method for making financial transactions comprising the steps of:

providing a network for making electronic data communications, including secure transmission of payment data for transmitting payments between an intermediary and a payment recipient, with the payment being made by the intermediary on behalf of at least one account payor where payment to the intermediary is made by respective account payor without providing individual account information;

initiating a transaction over the network for making an electronic payment on behalf of at least one account payor owing the payment recipient;

automatically receiving authorization through the network for receiving payment from the at least one account payor;

providing payment data to the payment recipient relating to the payment made directly by the intermediary on behalf of the at least one account payor;

and receiving confirmation of the payment data processing by the payment recipient.

7. The method of claim 6, wherein the payment data includes information relating to an intermediary account for more than one account payor.

8. The method of claim 6, wherein the payment data only includes account information associated with the intermediary.

9. A method for processing payments electronically over a network-based system comprising the steps of:

(a) initiating an electronic transaction for making a payment on behalf of an individual;

(b) receiving electronic authorization through a communication network tor receiving payment from an individual account without providing an individual account associated with the payment made on behalf of an individual;

(c) providing payment data through the network to a payment recipient relating to the transaction for making the payment on behalf of the individual by an intermediary;

and (d) optionally receiving confirmation of the payment data processing or decline thereof by the payment recipient, thereby providing for individual payments to the payment recipient without providing the individual account to the payment recipient.