METHOD AND SYSTEM TO PROCESS CREDIT CARD PAYMENT TRANSACTIONS INITIATED BY A MERCHANT

• US 20140195436A1
• Filed: 03/12/2014
• Published: 07/10/2014
• Est. Priority Date: 07/16/2004
• Status: Abandoned Application

• Current Assignee: PayPal, Inc. (PayPal Holdings, Inc.)
• Original Assignee: eBay Inc.
• Inventors: Schleicher, Joerg
• Application Number:
  US14/207,401
• Publication Number:
  US 20140195436A1
• Time in Patent Office: Days
• US Class Current: 705/44
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/202 Interconnection or interaction of plural electronic cash registers [ECR] or to host computer, e.g. network details, transfer of information from host to ECR or from ECR to ECR
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• 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

Abstract

A system, to process credit card payment transactions initiated by a merchant, includes an interface to receive a merchant-initiated request for a transfer of funds from a buyer credit card account. A credit card processing application initiates the transfer of funds from the buyer credit card account to a third-party merchant bank account, held by a third-party payment service. The third-party merchant bank account receives funds from the buyer credit card account on behalf of the merchant. A funds allocation application allocates the received funds to a receiving account of the merchant, the receiving account being maintained by the third-party payment service. The credit card processing application may be virtual point of sale (POS) terminal application, hosted at a server computer system operated by the third-party payment service, and accordingly may be accessible by the merchant via a network.

Claims

1. A system to process credit card payment transactions initiated by a merchant, the system including:

an interface to receive a merchant-initiated request for a transfer of funds from a buyer credit card account;

a credit card processing application to initiate the transfer of funds from the buyer credit card account to a third-party merchant bank account, held by a third-party payment service, the third-party merchant bank account to receive funds from the buyer credit card account on behalf of the merchant; and

a funds allocation application to allocate the received funds to a receiving account of the merchant, the receiving account being maintained by the third-party payment service.