BENEFICIARY INITIATED P2P, P2B PAYMENT MODEL
First Claim
Patent Images
1. A method of issuing an invoice and receiving payment comprising:
- receiving from a first user an invoice requesting a payment from a second user, wherein the invoice contains contact information for the second user;
sending the invoice to the second user, wherein sending the invoice includes providing instructions for paying the invoice using a transaction account associated with the second user;
requesting funds from an issuer of the transaction account associated with the second user, wherein the funds are drawn from an account associated with the second user'"'"'s transaction account;
receiving funds from the issuer of the transaction account associated with the second user; and
transferring the received funds to an issuer of a transaction account specified by the first user, wherein the funds are deposited to the transaction account specified by the first user.
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Abstract
A system and method that allows a Payee to request payment from a Payor is disclosed. The system allows the Payee to issue an invoice in electronic form detailing the payment request to the Payor. The system further allows the Payor to pay the invoice using a suitable payment means, such as a credit card, without requiring any infrastructure investment on the part of the Payee. Finally, the system does not require that the Payee receive funds from the Payor in a specific account that is associated with the system. The system allows the Payee to receive their funds in any account specified by the Payee.
109 Citations
18 Claims
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1. A method of issuing an invoice and receiving payment comprising:
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receiving from a first user an invoice requesting a payment from a second user, wherein the invoice contains contact information for the second user; sending the invoice to the second user, wherein sending the invoice includes providing instructions for paying the invoice using a transaction account associated with the second user; requesting funds from an issuer of the transaction account associated with the second user, wherein the funds are drawn from an account associated with the second user'"'"'s transaction account; receiving funds from the issuer of the transaction account associated with the second user; and transferring the received funds to an issuer of a transaction account specified by the first user, wherein the funds are deposited to the transaction account specified by the first user. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
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9. A payment processing network for use with a
a first access device, wherein the first access device is configured to generate an invoice, wherein the invoice contains contact information for a recipient of the invoice, and send the invoice to the payment processing network, and a second access device, wherein the second access device is configured to receive an invoice requesting payment, and send a response with payment instructions to the payment processing network, and the payment processing network is configured to: -
receive the invoice from the first access device, send the invoice to the second access device, receive payment instructions from the second access device, retrieve funds from an account associated with the second access device, and deposit the funds into an account associated with the first access device. - View Dependent Claims (10, 11, 12, 13, 14)
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15. A method performed by a first access device, the method comprising:
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generating an invoice, wherein the invoice contains contact information for a recipient of the invoice; and sending the invoice to a payment processing network, wherein the payment processing network is configured to receive the invoice from the first access device, send the invoice to a second access device, receive payment instructions from the second access device, retrieve funds from an account associated with the second access device, and deposit the funds into an account associated with the first access device.
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16. A computer readable medium comprising:
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code for generating an invoice, wherein the invoice contains contact information for a recipient of the invoice; and code for sending the invoice to a payment processing network, wherein the payment processing network is configured to receive the invoice from a first access device, send the invoice to a second access device, receive payment instructions from the second access device, retrieve funds from an account associated with the second access device, and deposit the funds into an account associated with the first access device. - View Dependent Claims (17, 18)
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Specification