Internet-based money order system

• US 7,110,978 B1
• Filed: 05/10/1999
• Issued: 09/19/2006
• Est. Priority Date: 05/10/1999
• Status: Expired due to Term

• Current Assignee: BidPay.com, Inc. (Visa, Inc.)
• Original Assignee: First Data Corporation (Fiserv Incorporated)
• Inventors: Chin, Stephen
• Primary Examiner(s): Poinvil, Frantzy
• Application Number:
  US09/307,485
• Time in Patent Office: 2,689 Days
• Field of Search: 705 30- 44, 705/34, 705/27, 705 16- 18
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/02 involving a neutral party, e.g. certification authority, notary or trusted third party [TTP]
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/042 characterized in that the payment protocol involves at least one cheque
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/40 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
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 30/08 Auctions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A system and method for purchasing a money order via the internet including the steps of providing an internet based money order system capable of generating money orders upon the receipt of a purchase request by a prospective buyer via the internet for a predetermined amount of funds. The prospective buyer transmits information to the money order system, via the internet, which information is required to purchase the money order. The money order is then remotely generated by the money order system and is delivered to an intended recipient of the money order.

Claims

1. A method of purchasing a money order from a money order system via the Internet for the purchase of goods purchased from an Internet-based auction transaction, wherein the money order is guaranteed by a third party other than a seller or a buyer in the auction transaction, the method including the steps of:

awarding a bid to a buyer for goods to be purchased from a seller from an auction process conducted between said buyer and seller via the Internet on an Internet auction site;

contacting an Internet site for said money order system via the Internet by said buyer with a computing device after said bid is awarded to said buyer by the Internet auction site;

providing a hyper-link in the auction site to the money order system site;

transmitting information to said money order system via the Internet to purchase said money order for said sale of said goods won during the auction process with the Internet auction site, said information including at least said buyer'"'"'s identification, an identification of said seller and a financial amount for the money order, wherein;

said financial amount is related to the bid, and

at least some of said information is processed in a billing server associated with the money order system;

transmitting credit card information associated with said buyer to said money order system Internet site;

electronically processing said credit card information to make available funds needed for said purchase of said money order by said buyer in said money order system site;

printing a money order from said money order system with a money order dispensing apparatus upon receipt of said transmitted information from said buyer;

initiating physical delivery of said generated money order from the money order system to said seller, whereby the money order can be used to pay the seller for the purchase of the goods;

initiating physical delivery of said goods from said seller to buyer after said money order is printed; and

generating a message from the money order system to at least one of said buyer or seller stating that said money order has been sent to said seller.

2. The method of purchasing a money order from a money order system via the Internet for the purchase of goods purchased from an Internet-based auction transaction according to claim 1, further comprising a step of transmission of funds associated with the credit card information to benefit the money order system.

3. The method of purchasing a money order from a money order system via the Internet for the purchase of goods purchased from an Internet-based auction transaction according to claim 1, further comprising a step of transmitting funds to a bank associated with the money order system to fund the money order.

4. The method of purchasing a money order from a money order system via the Internet for the purchase of goods purchased from an Internet-based auction transaction according to claim 1, further comprising a step of transmitting funds to a bank associated with the money order system to fund the money order using an automated clearing house (ACH).

5. The method of purchasing a money order from a money order system via the Internet for the purchase of goods purchased from an Internet-based auction transaction according to claim 1, wherein the money order system comprises at least two of:

a server;

a firewall;

a processor;

the money order dispensing apparatus; and

a database.

6. The method of purchasing a money order from a money order system via the Internet for the purchase of goods purchased from an Internet-based auction transaction according to claim 1, further comprising steps of:

establishing a funds account on said buyer'"'"'s behalf with said money order system, said funds account having a predetermined amount of monetary funds; and

electronically deducting a predetermined amount of funds from said funds account in accordance with the amount of funds required to generate said money order.

7. The method of purchasing a money order from a money order system via the Internet for the purchase of goods purchased from an Internet-based auction transaction according to claim 1, further comprising a step of communicating with the seller to confirm that the money order has been authorized.

8. The method of purchasing a money order from a money order system via the Internet for the purchase of goods purchased from an Internet-based auction transaction according to claim 1, wherein the money order system comprises a database comprising data for submitting an electronic funds transfer request and data for money order authorizations.