Methods, Systems, Networks, And Media For Collecting Funds Via Virtual Account Numbers
First Claim
1. A computer-implemented method for collecting funds, comprising:
- receiving, at a payment processor and from a user device, a request to collect funds for a specified purpose;
transmitting, by the payment processor and to the user device, an authorization code for payment authorization and a link to share with one or more contributors through which funds can be collected for the specified purpose in a virtual account associated with the specified purpose and a user of the user device; and
in response to receiving a request from a merchant for payment;
determining, by the payment processor, that the merchant is requesting payment for the specified purpose;
requesting, by the payment processor, the user device to authorize payment to the merchant using the authorization code; and
instructing, by the payment processor, a financial institution-side processor to transfer a requested amount to the merchant from the virtual account.
1 Assignment
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Accused Products
Abstract
An apparatus for collecting funds can include a payment processor configured to receive, from a user device, a request to collect funds for a specified purpose. The payment processor can transmit, to the user device, an authorization code for payment authorization and a link to share with one or more contributors through which funds can be collected for the specified purpose in a virtual account associated with the specified purpose and a user of the user device. In response to receiving a request from a merchant-side processor for payment, the payment processor can determine that the merchant-side processor is requesting payment for the specified purpose, request the user device to authorize payment to the merchant-side processor using the authorization code, and instruct a financial institution-side processor to transfer a requested amount to the merchant from the virtual account.
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Citations
20 Claims
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1. A computer-implemented method for collecting funds, comprising:
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receiving, at a payment processor and from a user device, a request to collect funds for a specified purpose; transmitting, by the payment processor and to the user device, an authorization code for payment authorization and a link to share with one or more contributors through which funds can be collected for the specified purpose in a virtual account associated with the specified purpose and a user of the user device; and in response to receiving a request from a merchant for payment; determining, by the payment processor, that the merchant is requesting payment for the specified purpose; requesting, by the payment processor, the user device to authorize payment to the merchant using the authorization code; and instructing, by the payment processor, a financial institution-side processor to transfer a requested amount to the merchant from the virtual account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10)
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11. An apparatus for collecting funds, comprising:
a payment processor configured to communicate with a user device, a merchant-side processor, and a financial institution-side processor, the payment processor configured to; receive, from the user device, a request to collect funds for a specified purpose; transmit, to the user device, an authorization code for payment authorization and a link to share with one or more contributors through which funds can be collected for the specified purpose in a virtual account associated with the specified purpose and a user of the user device; and in response to receiving a request from the merchant-side processor for payment; determine that the merchant-side processor is requesting payment for the specified purpose; request the user device to authorize payment to the merchant-side processor using the authorization code; and instruct the financial institution-side processor to transfer a requested amount to the merchant from the virtual account. - View Dependent Claims (12, 13, 14, 15, 16, 17, 18, 19, 20)
Specification