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Methods, Systems, Networks, And Media For Collecting Funds Via Virtual Account Numbers

  • US 20180357620A1
  • Filed: 06/13/2017
  • Published: 12/13/2018
  • Est. Priority Date: 06/13/2017
  • Status: Abandoned Application
First Claim
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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.

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