SYSTEM AND METHOD OF ELECTRONIC PAYMENT USING PAYEE PROVIDED TRANSACTION IDENTIFICATION CODES
First Claim
1. A transient transaction ID method of payment, comprising:
- a payment server connected to a telecommunications network, said payment server comprising at least one processor, memory, and payment software, said payment server being linked to at least one payment source;
at least one payer telecommunications device connected to said telecommunications network;
and at least one payee desiring a payment amount from said payer for a transaction, said payee being connected to said payment server by a payee communications device connected to said telecommunications network;
wherein said payee transmits said payment amount to said payment server and requests said payment server generate a transient transaction ID for said transaction;
said transient transaction ID being a short numeric or alphanumeric code that is valid for either a single transaction or a limited time period;
said payment server generates said transient transaction ID and transmits said transient transaction ID to said payee;
said payee provides said transient transaction ID to said payer;
said payer transmits said transient transaction ID to said payment server using said payer telecommunications device;
said payment server receives said transient transaction ID from said payer, and transmits an authorization request to said payer telecommunications device, said authorization request comprising at least said payment amount, and a request for authorization;
said payer receives said authorization request and transmits back an authorization to said payment server;
wherein if said payment server receives said authorization prior to the end of said limited time period, said payment server uses said at least one payment source to send said payment amount to said payee.
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Accused Products
Abstract
A computerized method of payment based on short, temporary, transaction ID numbers which protect the security of the payer'"'"'s (customer'"'"'s) financial accounts. The payee will first register a source of funds and a payer device with a unique ID (such as a mobile phone and phone number) with the invention'"'"'s payment server. Then once a payee (merchant) and the payer have agreed on a financial transaction amount, the payee requests a transaction ID from the payment server for that amount. The payment server sends the payee a transaction ID, which the payee then communicates to the payer. The payer in turn relays this transaction ID to the server, which validates the transaction using the payer device. The server then releases funds to the payee. The server can preserve all records for auditing purposes, but security is enhanced because the merchant never gets direct access to the customer'"'"'s financial account information.
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Citations
22 Claims
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1. A transient transaction ID method of payment, comprising:
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a payment server connected to a telecommunications network, said payment server comprising at least one processor, memory, and payment software, said payment server being linked to at least one payment source; at least one payer telecommunications device connected to said telecommunications network; and at least one payee desiring a payment amount from said payer for a transaction, said payee being connected to said payment server by a payee communications device connected to said telecommunications network; wherein said payee transmits said payment amount to said payment server and requests said payment server generate a transient transaction ID for said transaction; said transient transaction ID being a short numeric or alphanumeric code that is valid for either a single transaction or a limited time period; said payment server generates said transient transaction ID and transmits said transient transaction ID to said payee; said payee provides said transient transaction ID to said payer; said payer transmits said transient transaction ID to said payment server using said payer telecommunications device; said payment server receives said transient transaction ID from said payer, and transmits an authorization request to said payer telecommunications device, said authorization request comprising at least said payment amount, and a request for authorization; said payer receives said authorization request and transmits back an authorization to said payment server; wherein if said payment server receives said authorization prior to the end of said limited time period, said payment server uses said at least one payment source to send said payment amount to said payee. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A transient transaction ID method of payment, comprising:
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a payment server connected to a telecommunications network, said payment server comprising at least one processor, memory, and payment software, said payment server having a payment server identifier and being linked to at least one payment source; a payment collection service connected to said payment server by a payment collection server connected to said telecommunications network; said payment collection server comprising at least one processor, memory, and payment collection software; at least one payee desiring a payment amount from a payer for a transaction, said payee being connected to said payment collection service by a payee communications device connected to said telecommunications network; whereby said payee is able to communicate to said payment collection service; at least one payer telecommunications device connected to said telecommunications network; said payer desiring to pay using said payment server wherein said payment collection service requests said payment server to generate a transient transaction ID for said transaction; said transient transaction ID being a numeric or alphanumeric code that is valid for a either a single transaction or a limited time period; said payment server generates said transient transaction ID and transmits said transient transaction ID to said payment collection service; said payment collection service provides said transient transaction ID to said payer; said payer transmits said transient transaction ID to said payment server using said payer telecommunications device; said payment server receives said transient transaction ID from said payer, and transmits an authorization request to said payer telecommunications device, said authorization request comprising at least said payment amount and a request for authorization; said payer receives said authorization request and transmits back an authorization to said payment server; wherein if said payment server receives said authorization prior to the end of said limited time period, said payment server uses said at least one payment source to send said payment amount to said payment collection service. - View Dependent Claims (13, 14, 15, 16, 17, 18, 19, 20, 21)
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22. A transient transaction ID method of payment, comprising:
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a payment server connected to a telecommunications network, said payment server comprising at least one processor, memory, and payment software, said payment server having a payment server identifier, and said payment server being linked to at least one payment source; an intermediate server connected to a telecommunications network, said intermediate server comprising at least one processor, memory, and intermediate server software; at least one payer mobile phone, capable of sending and receiving SMS and/or text messages, connected to said telecommunications network; at least one payee desiring a payment amount from said payer for a transaction, said payee being connected to said intermediate server by a payee communications device connected to said telecommunications network; and a payer desiring to pay using said payment server; wherein said payee transmits said payment amount and said payment server identifier to said intermediate server; wherein said intermediate server requests said payment server generate a transient transaction ID for said transaction; said transient transaction ID being a numeric or alphanumeric code that is valid for either a single transaction or a limited time period, and not otherwise containing any payee identification information; said numeric or alphanumeric code being 10 characters or less; said limited time period being one week or less; said payment server generates said transient transaction ID and transmits said transient transaction ID to said payee; said payee provides said transient transaction ID to said payer; said payer transmits said transient transaction ID to said payment server using said payer mobile phone; said payment server receives said transient transaction ID from said payer, and transmits an authorization request to said payer mobile phone, said authorization request comprising at least said payment amount and a request for authorization; wherein said authorization request is transmitted from said payment server to the mobile phone of said payer, and said authorization is transmitted from said payer to said payment server using said mobile phone, by using a mobile application or SMS messaging and/or text messaging; said payer receives said authorization request and transmits back an authorization to said payment server; wherein if said payment server receives said authorization prior to the end of said limited time period, said payment server uses said at least one payment source to send said payment amount to said payee; and wherein said payment server persistently stores identification information pertaining to said payee, identification information pertaining to said payer, time of transaction, and transient transaction ID in a database so that information pertaining to said transaction can be subsequently retrieved for audit purposes.
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Specification