METHOD AND SYSTEM FOR TRANSFERRING AN ELECTRONIC PAYMENT

• US 20110029416A1
• Filed: 12/17/2009
• Published: 02/03/2011
• Est. Priority Date: 07/31/2009
• Status: Active Grant

• Current Assignee: Think Computer Corporation
• Original Assignee: Think Computer Corporation
• Inventors: Greenspan, Aaron J.
• Granted Patent: US 8,396,808 B2
• Time in Patent Office: Days
• US Class Current: 705/30
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• 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 30/0611 Request for offers or quotes
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

A method and system for transferring an electronic payment between a purchaser and a merchant that includes assigning a role of a merchant account to a first account and a role of a purchaser account to a second account within a payment system, adding an item from a product catalog stored in the payment system to a purchase list, obtaining a user ID token of a purchaser from a merchant terminal, communicating identity confirmation information associated with the user ID token to the merchant terminal, and transferring funds for the purchase price total from the purchaser account to the merchant account.

Claims

1. A method for transferring an electronic payment between a purchaser and a merchant comprising:

assigning a role of a merchant account to a first account and a role of a purchaser account to a second account within a payment system;

adding an item from a product catalog stored in the payment system to a purchase list;

obtaining a user ID token of a purchaser from a merchant terminal;

communicating identity confirmation information associated with the user ID token to the merchant terminal; and

transferring funds for the purchase price total from the purchaser account to the merchant account.

2. The method of claim 1, further comprising storing purchase list information as a transaction record for the merchant account and the purchaser account.

3. The method of claim 2, further comprising serving the product catalog to a purchaser terminal, wherein an item is added to the product catalog from the purchaser terminal.

4. The method of claim 3, further comprising navigating a purchaser terminal to the product catalog of a merchant based on the location of the purchaser terminal.

5. The method of claim 2, further comprising serving the product catalog to a merchant terminal, wherein an item is added to the product catalog from a merchant terminal.

6. The method of claim 2, wherein the step of obtaining a user ID token of a purchaser includes scanning a barcode provided by a purchaser.

7. The method of claim 6, further comprising providing a barcode displayable on a purchaser terminal.

8. The method of claim 2, wherein the step of communicating identity confirmation information includes sending an image associated with the account ID, and receiving confirmation from the merchant terminal that the image associated with the account ID matches that of the purchaser.

9. The method of claim 2, further comprising augmenting a transaction associated with the transfer of funds.

10. The method of claim 9, wherein augmenting the transaction includes adding a purchaser-variable value to the purchase price total.

11. The method of claim 10, wherein adding a purchaser-variable value to the purchase price total includes allowing the purchaser to set the purchaser-variable value after the purchase with the merchant is completed.

12. The method of claim 11, wherein adding a purchaser-variable value to a purchase price includes setting a default value greater than zero, and using the default value as the purchaser-variable value if the purchaser variable value is not set by an expiration time.

13. The method of claim 9, wherein augmenting the transaction includes charging a portion of the purchase price total to at least a second account.

14. The method of claim 13, wherein a percentage of the purchase price total is charged to a first purchaser and a remaining percentage of the purchase price total is charged to the second account.

15. The method of claim 13, wherein the portion of the purchase price total charged to at least a second account is calculated from items from the product list that are selected to be charged to the second account.

16. The method of claim 9, augmenting the transaction includes applying a budgeting rule that transfers money based in part on the purchase.

17. The method of claim 2, further comprising communicating a notification of purchase-related effects at the time of purchase.

18. The method of claim 2, further comprising receiving purchaser acknowledgment of account-related warnings at the time of purchase and obtaining purchaser consent to ameliorative actions at the time of purchase.

19. A method for transferring an electronic payment between a purchaser and a merchant comprising:

assigning a role of a merchant account to a first account and a role of a purchaser account to a second account within a payment system;

adding at least one item from a product catalog stored in the payment system to a purchase list;

providing a user ID token in the form of a barcode that is displayable on a purchaser terminal;

obtaining a user ID token of a purchaser from a merchant terminal by scanning a purchaser terminal display of the barcode user ID;

communicating identity confirmation information associated with the user ID token to the merchant terminal, wherein the identity confirmation information is an image of the owner of the purchaser account;

receiving confirmation from the merchant terminal that the image matches the owner of the purchaser account;

transferring funds for the purchase price total from the purchaser account to the merchant account; and

recording the purchase list information as a transaction record for the merchant account and the purchaser account.

20. A system for transferring an electronic payment between a purchaser and a merchant comprising:

a payment system that manages transactions between the purchaser and the merchant and includes a payment system account database;

a product catalog with categorized items that is hosted within the payment system;

an account portal that connects an electronic terminal to the payment system through a network connection, and includes transaction interface tools and product catalog management tool; and

wherein the account portal connects a purchaser to the payment system with a transaction interface for a purchaser and connects a merchant to the payment system with a merchant interface.

21. A method performed over a payment network, the payment network comprising a plurality of merchant terminals connected to a plurality of payment servers, an accounts database, and a product catalog database, wherein each merchant terminal has an ID token reader, a display, and network capabilities, the method comprising the steps of:

assigning the role of a merchant account to a first account from the accounts database and the role of a purchaser account to a second account from the accounts database;

creating a purchase list with at least one item from the product catalog database;

reading, with the ID token reader of a merchant terminal, the user ID token of a purchaser and sending the user ID token to a payment server;

transmitting, from the payment server to the merchant terminal, identity confirmation information associated with the user ID token;

transmitting, from the merchant terminal to the payment server, a payment approval communication;

transferring, with the payment server, payment from the purchaser account to the merchant account.

22. A method performed over a payment network, the payment network comprising a plurality of merchant terminals and purchaser terminals connected to a plurality of payment servers, an accounts database, and a product catalog database, wherein each merchant terminal has an ID token reader, a display, and network capabilities, the method comprising the steps of:

assigning the role of a merchant account to a first account from the accounts database and the role of a purchaser account to a second account from the accounts database;

creating a purchase list with at least one item from the product catalog database;

transmitting, from the purchaser terminal to the merchant terminal, the user ID token of a purchaser and sending the user ID token to a payment server;

transmitting, from the payment server to the merchant terminal, identity confirmation information associated with the user ID token;

transmitting, from the merchant terminal to the payment server, a payment approval communication;

transferring, with the payment server, payment from the purchaser account to the merchant account.