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System and method for processing financial transactions

  • US 7,571,139 B1
  • Filed: 02/17/2000
  • Issued: 08/04/2009
  • Est. Priority Date: 02/19/1999
  • Status: Expired due to Fees
First Claim
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1. A system comprising:

  • a merchant transceiver, comprised of a transceiver antenna, that (a) sends a first radio frequency communication to a customer transceiver and (b) receives a second radio frequency communication conveying a customer/transmitter identifier from said customer transceiver;

    a point-of-sale device processor, in communication with said merchant transceiver, that (a) captures transaction data and (b) transmits an authorization request to a transaction processing system; and

    a transaction processing system comprising a memory having program instructions, and a processor configured to use said program instructions to (a) receive said authorization request, (b) determine, from said customer/transmitter identifier and a merchant identifier, a payment method corresponding to a payment processor, (c) transmit an authorization request to said payment processor for authorization and (d) transmit to said point-of-sale device said payment processor'"'"'s response to said authorization request,wherein a merchant is associated with a given brand,wherein the merchant identifier is the same for all stores associated with the given brand,wherein each customer/transmitter identifier is associated with a customer account and wherein each customer account identifies a pre-assigned payment method for each merchant identified in the customer account and, in multiple customer accounts, the pre-assigned payment methods vary for transactions with merchants associated with different brands.

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