Systems and methods for financial transaction through miniaturized card reader with confirmation of payment sent to buyer
First Claim
Patent Images
1. A system of payment, comprising:
- a card reader including a housing, a read head positioned in the housing, the read head including a slot for swiping a financial transaction card for reading data stored on a magnetic stripe of the financial transaction card and producing a signal indicative of data stored on the magnetic stripe, the card reader having an output lack;
a mobile device, the card reader configured to be coupled to and from the mobile device with the output lack insertable and removable from a microphone port of the mobile device, the mobile device configured to receive an output lack signal from the card reader, the mobile device including a transaction engine the mobile device configured to communicate at least a portion of information from the output lack signal with a third party financial institution to authorize a financial transaction; and
a confirmation of payment made with a communication channel of the buyer'"'"'s choice with the buyer obtaining a receipt for the transaction.
4 Assignments
0 Petitions
Accused Products
Abstract
A system is provided that includes a transaction engine running on a mobile device. In response to a financial transaction between a buyer and a seller, the transaction uses the mobile device to accept information selected including but not limited to information from financial transaction or information pertaining to financial transaction card used by the buyer in the transaction. At least a portion of this information is communicated with a third party financial institution or payment network to authorize the transaction. The buyer receives confirmation of the payment.
103 Citations
45 Claims
-
1. A system of payment, comprising:
-
a card reader including a housing, a read head positioned in the housing, the read head including a slot for swiping a financial transaction card for reading data stored on a magnetic stripe of the financial transaction card and producing a signal indicative of data stored on the magnetic stripe, the card reader having an output lack; a mobile device, the card reader configured to be coupled to and from the mobile device with the output lack insertable and removable from a microphone port of the mobile device, the mobile device configured to receive an output lack signal from the card reader, the mobile device including a transaction engine the mobile device configured to communicate at least a portion of information from the output lack signal with a third party financial institution to authorize a financial transaction; and a confirmation of payment made with a communication channel of the buyer'"'"'s choice with the buyer obtaining a receipt for the transaction. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21)
-
-
22. A system, comprising:
-
a transaction engine running on a mobile device, which in operation, in response to a financial transaction between a buyer and a seller, using the mobile device to accept at least one of, information about the actual financial transaction and information about a financial transaction device used by the buyer in the financial transaction; communicates at least a portion of the information with a third party financial institution or payment network to authorize the financial transaction; and
a confirmation of payment made with a communication channel of the buyer'"'"'s choice with the buyer obtaining a receipt for the transaction. - View Dependent Claims (23)
-
-
24. A method for conducting a financial transaction with a financial transaction card, comprising:
-
in response to a financial transaction between a buyer and a seller, using a mobile device to accept information selected from at least one of, the financial transaction or financial transaction card information used for the financial transaction; a payer signature signed via an interactive user application on the mobile device; communicating at least a portion of the information with a third party financial institution or payment network to authorize the financial transaction; and providing the buyer with a receipt. - View Dependent Claims (25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45)
-
Specification