SECURE AND EFFICIENT PAYMENT PROCESSING SYSTEM

• US 20120191609A1
• Filed: 03/28/2012
• Published: 07/26/2012
• Est. Priority Date: 10/01/1999
• Status: Abandoned Application

• Current Assignee: CardinalCommerce Corporation (Visa, Inc.)
• Original Assignee: CardinalCommerce Corporation (Visa, Inc.)
• Inventors: Keresman, Michael A. III, Bhagavatula, Ravishankar, Balasubramanian, Chandra, Sherwin, Francis M.
• Application Number:
  US13/432,748
• Publication Number:
  US 20120191609A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/3821 Electronic credentials
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• 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 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method for carrying out commercial transactions includes establishing a transaction processing system on an electronic communications network, and establishing an account within the transaction processing system for a corresponding account holder. One or more descriptions of acceptable future commercial transactions related to the account are obtained from the account holder. Commercial transactions carried out via the transaction processing system are administered, and it is verified that administered commercial transactions related to the account meet one or more of the descriptions obtained.

Claims

1. A method for carrying out commercial transactions, said method comprising the steps of:

(a) establishing a transaction processing system on an electronic communications network;

(b) establishing an account within the transaction processing system for a corresponding account holder;

(c) obtaining from the account holder one or more descriptions of acceptable future commercial transactions related to the account;

(d) administering commercial transactions carried out via the transaction processing system; and

,

(e) verifying that administered commercial transactions related to the account meet one or more of the descriptions obtained.

2. The method according to claim 1, wherein step (c) comprises:

obtaining from the account holder an identity of a designated merchant with whom it is acceptable to carry out commercial transactions related to the account; and

, obtaining from the account holder a designated amount that is an acceptable cost limit for commercial transactions with the designated merchant.

3. The method according to claim 1, wherein step (c) comprises:

obtaining from the account holder an identity of a designated merchant with whom it is acceptable to carry out commercial transactions related to the account; and

, obtaining from the account holder a designated time frame within which it is acceptable for commercial transactions to be carried out with the designated merchant.

4. The method according to claim 1, further comprising the steps of:

(f) denying authorization for completion of an administered commercial transaction when the transaction is does not meet one or more of the descriptions obtained; and

,

(g) authorizing completion of an administered commercial transaction when the transaction does meet one or more of the descriptions obtained.

5. The method according to claim 4 , further comprising the step of;

(h) reporting denied authorizations to the corresponding account holder.

6. The method according to claim 5, further comprising the steps of:

(i) receiving from the account holder and override request in response to a denied authorization report; and

,

(j) authorizing completion of the corresponding commercial transaction.