Systems and methods for selectively delaying financial transactions
First Claim
1. A method of assessing risk associated with a financial transaction, wherein a customer is attempting to pay for vendibles from a merchant via a promissory payment, the method comprising:
- (i) receiving transaction information from the merchant at a point of sale, wherein the transaction information identifies the customer, the merchant, and includes data about the financial transaction;
(ii) assessing the risk of the financial transaction using at least one mathematically based scoring engine to obtain a risk value;
(iii) determining if the risk value indicates that the risk is in a first classification of risk wherein additional information about the customer may result in the risk value being positioned within a second classification of risk for which acceptance of the promissory payment as payment for the vendibles is warranted;
(iv) provisionally authorizing acceptance of the promissory payment if the determination in act (iii) indicates that the risk value is in the first classification;
(v) communicating the provisional authorization to the merchant at the point of sale to thereby indicate to the merchant to accept the promissory payment but to hold delivery of the vendibles for a pre-selected period of time;
(vi) obtaining additional financial data about the customer during the pre-selected period of time to determine if the risk value can be positioned within the second classification; and
(vii) authorizing delivery of the vendibles after the pre-selected period of time when the additional financial data about the customer indicates that the risk value can be positioned in the second classification.
8 Assignments
0 Petitions
Accused Products
Abstract
A risk system that performs a risk assessment of a financial transaction to obtain an initial risk score. Based on the initial risk score, the risk system performs at least one post-score assessment by selectively utilizing various scoring engines and databases. The at least one post-score risk assessment may include delaying the shipment of merchandise in financial transactions that are of marginal risk to thereby provide a check acceptance service with more time to further evaluate the financial transaction risks. Thus, marginally risky financial transactions that are likely to benefit the check acceptance service and a merchant that subscribes to the check acceptance service are authorized for increased profitability and customer satisfaction. Furthermore, the post-score risk assessment may approve or authorize financial transactions that generally fail standard risk assessments that use a cut-off risk score to divide the financial transactions into either approved or declined groups. As a result, the post-score assessment process efficiently re-evaluates some of the borderline exception cases for the purpose of securing beneficial financial transactions.
45 Citations
61 Claims
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1. A method of assessing risk associated with a financial transaction, wherein a customer is attempting to pay for vendibles from a merchant via a promissory payment, the method comprising:
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(i) receiving transaction information from the merchant at a point of sale, wherein the transaction information identifies the customer, the merchant, and includes data about the financial transaction; (ii) assessing the risk of the financial transaction using at least one mathematically based scoring engine to obtain a risk value; (iii) determining if the risk value indicates that the risk is in a first classification of risk wherein additional information about the customer may result in the risk value being positioned within a second classification of risk for which acceptance of the promissory payment as payment for the vendibles is warranted; (iv) provisionally authorizing acceptance of the promissory payment if the determination in act (iii) indicates that the risk value is in the first classification; (v) communicating the provisional authorization to the merchant at the point of sale to thereby indicate to the merchant to accept the promissory payment but to hold delivery of the vendibles for a pre-selected period of time; (vi) obtaining additional financial data about the customer during the pre-selected period of time to determine if the risk value can be positioned within the second classification; and (vii) authorizing delivery of the vendibles after the pre-selected period of time when the additional financial data about the customer indicates that the risk value can be positioned in the second classification. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17)
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18. A method of approving a financial transaction, wherein a customer offers payment to a merchant in exchange for vendibles, the method comprising:
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performing a risk assessment of the financial transaction using at least one scoring engine to generate a risk score based on transaction information obtained from the merchant, wherein the transaction information identifies the customer, the merchant, and includes data about the financial transaction; determining a marginal risk assessment if the risk score is in a borderline classification of risk, wherein additional information about the customer may result in the risk score being positioned within a low classification of risk for which acceptance of the payment for the vendibles is authorized; instructing the merchant at the point of sale to accept the promissory payment but to delay delivery of the vendibles for a period of time, wherein, during the period of time, additional financial data about the customer is obtained to re-assess the risk associated with the financial transaction; and authorizing delivery of the vendibles after the period of time when the additional financial data about the customer indicates that the risk score can be positioned in the low classification of risk. - View Dependent Claims (19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36)
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37. A method of approving an internet based financial transaction between a customer and a merchant, wherein a customer payment is exchanged for merchant vendibles, the method comprising:
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performing a risk assessment of the internet based financial transaction using transaction information obtained from the customer and the merchant and a scoring engine to generate a risk score, wherein, if the risk score is classified as low risk, the internet based financial transaction is approved, and wherein, if the risk score is classified as high risk, the internet based financial transaction is declined, and wherein if the risk score is classified as moderate risk the internet based financial transaction is provisionally authorized; delaying delivery of the merchant vendibles for a period of time when the internet based financial transaction is provisionally authorized, wherein additional transaction information is obtained from the customer during the period of time to determine if the internet based financial transaction can be classified as low risk; and authorizing delivery of the merchant vendibles after the period of time when the additional transaction information from the customer indicates that the risk score of the internet based financial transaction can be classified as low risk. - View Dependent Claims (38, 39, 40, 41, 42)
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43. A system of assessing risk associated with a financial transaction, wherein a customer is attempting to pay for vendibles from a merchant via a promissory payment, the system comprising:
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a risk assessment component that is configured to perform a risk assessment of the financial transaction using at least one scoring engine to generate a risk score based on transaction information obtained from the merchant via an interface component, wherein the transaction information identifies the customer, the merchant, and includes data about the financial transaction; a processing component that is configured to determine a marginal risk assessment if the risk score is in a borderline classification of risk, wherein additional customer information may result in the risk score being positioned within a low classification of risk for which acceptance of the promissory payment for the vendibles is authorized; and a communications component that is configured to communicate with the merchant, wherein the communication component notifies the merchant at a point of sale, and wherein the notification instructs the merchant to accept the tendered promissory payment but to delay delivery of the vendibles for a period of time, wherein, during the period of time, additional financial data about the customer is obtained via the interface device to re-assess the risk associated with the financial transaction. - View Dependent Claims (44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61)
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Specification