SYSTEM AND METHOD FOR UTILIZING STUDENT ACCOUNTS

• US 20130110720A1
• Filed: 07/06/2012
• Published: 05/02/2013
• Est. Priority Date: 11/01/2011
• Status: Abandoned Application

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Inventors: Rekhi, Gaurav, Perciful, Donald James, Shipman, Scott Robert
• Application Number:
  US13/543,073
• Publication Number:
  US 20130110720A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/2295 Parent-child type, e.g. where parent has control on child rights

Abstract

A system and method for creating an account for a minor in a networked environment is provided. In example embodiments, instructions to establish the account for a minor from a verified adult that is verified as an adult based on financial information associated with an adult account established for the verified adult is received. The account for the minor that is linked to the adult account of the verified adult is created. A secondary payment account is linked to the account of the minor. The secondary payment account is a payment account established for the minor that is financially linked to an adult payment account of the verified adult.

Claims

1. A machine-readable storage medium in communication with at least one processor of a machine, the machine-readable storage medium storing instructions which, when executed by the at least one processor of the machine, cause the machine to perform operations comprising:

receiving instructions to establish an account for a minor from a verified adult that is verified as an adult based on financial information associated with an adult account established for the verified adult;

creating the account for the minor that is inked to the adult account of the verified adult; and

establishing a secondary payment account for the minor that is linked to the account of the minor, the secondary payment account being a payment account established for the minor that is financially linked to an adult payment account associated with the adult account of the verified adult.

2. The machine-readable storage medium of claim 1, wherein the operations further comprise verifying a legal relationship between the verified adult and the minor, the creating of the account for the minor being based on the verifying.

3. The machine-readable storage medium of claim 1, wherein the operations further comprise receiving constraint settings for the account of the minor from the verified adult that indicate constraints on transactions the minor attempts to perform.

4. The machine-readable storage medium of claim 3, wherein the constraints are at least one selection from the group consisting of approving transactions, monitoring transactions, setting monetary limits, restricting categories, restricting items, and restricting merchants.

5. The machine-readable storage medium of claim 1, wherein the verified adult is verified based on confirmed financial information for the adult payment account linked to the adult account, the confirmed financial information including at least one selection from the group consisting of a bank account, credit history, credit card account, and employment information.

6. The machine-readable storage medium of claim 1, wherein the adult account is the adult payment account and wherein the verified adult is verified based on confirmed financial information in the adult account.

7. The machine-readable storage medium of claim 1, wherein the operations further comprise applying constraints to the account of the minor that loosen based on time and successful completion of transactions by the minor.

8. The machine-readable storage medium of claim 1, wherein the operations further comprise:

receiving a request for the minor to perform a transaction;

accessing constraint settings established by the verified adult for the account of the minor;

determining whether the transaction complies with the constraint settings; and

allowing the transaction to proceed based on the transaction complying with the constraint settings.

9. The machine-readable storage medium of claim 1, wherein the adult payment account is ultimately financially responsible for the secondary payment account.

10. The machine-readable storage medium of claim 1, wherein the account of the minor and the secondary payment account comprise a single account associated with the minor.

11. A method comprising:

receiving instructions to establish an account for a minor from a verified adult that is verified as an adult based on financial information associated with an adult account established for the verified adult;

creating the account for the minor that is linked to the adult account of the verified adult; and

establishing, using a processor of a machine, a secondary payment account for the minor that is linked to the account of the minor, the secondary payment account being a payment account established for the minor that is financially linked to an adult payment account associated with the adult account of the verified adult.

12. The method of claim 11, further comprising verifying a legal relationship between the verified adult and the minor, the creating of the account for the minor being based on the verifying.

13. The method of claim 11, further comprising receiving constraint settings for the account of the minor from the verified adult that indicate constraints on transactions the minor attempts to perform.

14. The method of claim 13, wherein the constraints are at least one selection from the group consisting of approving transactions, monitoring transactions, setting monetary limits, restricting categories, restricting items, and restricting merchants.

15. The method of claim 11, wherein the verified adult is verified based on confirmed financial information for the adult payment account linked to the adult account, the confirmed financial information including at least one selection from the group consisting of a hank account, credit history, credit card account, and employment information.

16. The method of claim 11, wherein the adult account is the adult payment account and wherein the verified adult is verified based on confirmed financial information in the adult account.

17. The method of claim 11, further comprising applying constraints to the account of the minor that loosen based on time and successful completion of transactions by the minor.

18. The method of claim 11, further comprising:

receiving a request for the minor to perform a transaction;

accessing constraint settings established by the verified adult for the account of the minor;

determining whether the transaction complies with the constraint settings; and

allowing the transaction to proceed based on the transaction complying with the constraint settings.

19. The method of claim 11, wherein the account of the minor and the secondary payment account comprise a single account associated with the minor.

20. A system comprising:

a processor of a machine;

an account module to receive instructions to establish an account for a minor from a verified adult that is verified as an adult based on financial information associated with an adult account established for the verified adult and to create the account for the minor that is linked to the adult account of the verified adult; and

a verification module to insure, using the processor, that a secondary payment account established for the minor is linked to the account of the minor, the secondary payment account being a payment account established for the minor that is financially linked to an adult payment account associated with the adult account of the verified adult.