Value transfer systems and methods

• US 7,613,655 B2
• Filed: 05/31/2007
• Issued: 11/03/2009
• Est. Priority Date: 10/26/1999
• Status: Expired due to Term

• Current Assignee: Western Union
• Original Assignee: First Data Corporation (Fiserv Incorporated), Western Union
• Inventors: Thompson, Mark, Seifert, Dean A., Hansen, Kurt, Frazier, Patricia A.
• Primary Examiner(s): Borlinghaus; Jason M
• Application Number:
  US11/756,537
• Publication Number:
  US 20070267480A1
• Time in Patent Office: 887 Days
• Field of Search: None
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/00 Payment architectures, schemes or protocols apparatus for performing or posting payment transactions G07F7/08, G07F19/00; electronic cash registers G07G1/12
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/1085 involving automatic teller machines [ATMs]
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/381 Currency conversion
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 99/00 Subject matter not provided for in other groups of this subclass
• CPC Class Codes: G07F 19/00 Complete banking systems; Coded card-freed arrangements adapted for dispensing or receiving monies or the like and posting such transactions to existing accounts, e.g. automatic teller machines data processing equipment for bank accounting G06Q40/02
• CPC Class Codes: G07F 19/20 Automatic teller machines [ATMs]
• CPC Class Codes: G07F 19/201 Accessories of ATMs
• CPC Class Codes: G07F 19/203 Dispensing operations within ATMs dispensing in general G07D11/00

Abstract

One method involves the use of stored value account that may be used, for example, to make internet payments, and that can be credited using a variety of payment techniques. Such a method involves receiving money at a money transfer location from a potential purchaser. The money is then stored as an electronic record in a stored value account of the purchaser. This money is then available for transfer at the request of the purchaser. Upon such a request, the money may be electronically sent to a recipient and the stored value account may be debited.

Claims

1. A method for paying for goods or services using a network, the method comprising:

providing a money transfer system with account information on a payee;

placing at least one restriction on transfers into the account from one or more payors, and storing the restriction in the money transfer system, wherein the restriction is established by the payee;

receiving a cash payment at a money transfer location from at least one payor, wherein the cash payment is to pay for a good or service offered by the payee;

sending a record to the money transfer system over a network indicating that the cash payment has been made; and

transferring finds to the account of the payee over a network based on the cash payment using the money transfer system.

2. A method as in claim 1, wherein the restrictions are selected from a group consisting of the number of allowed transfers into the account of the payee, a time period for making transfers into the account of the payee, and the amount of each transfer into the account of the payee.

3. A method as in claim 1, wherein the funds are transferred using an ACH transfer.

4. A method as in claim 1, further comprising transmitting a record of payment to the payee from the money transfer system.

5. A method as in claim 4, further comprising shipping an item from the payee to the payor after receipt of the record of payment.

6. A method as in claim 2, further comprising collecting a transaction fee along with the payment.

7. A method for paying for goods or services using a network, the method comprising:

providing a money transfer system with account information on a payee;

establishing an agreement between the payee and a money transfer establishment regarding a fee for transferring funds into the account of the payee, wherein the fee is based on at least one restriction on transfers into the account from one or more payors;

storing the restriction in the money transfer system;

receiving a cash payment at a money transfer location from at least one payor, wherein the cash payment is to pay for a good or service offered by the payee;

evaluating with the money transfer system whether a transfer of funds based on the cash payment is in compliance with the restriction in the agreement;

sending a record to the money transfer system over a network indicating that the cash payment has been made;

transferring funds to the account of the payee over a network based on the cash payment using the money transfer system.

8. A method for paying for goods or services using a network, the method comprising:

providing a financial system with account information on a payee;

placing at least one restriction on one or more transfers into the account from one or more payors, wherein the at least one restriction is established by the payee;

storing the at least one restriction in the financial system;

receiving a payment from at least one payor, wherein the payment is to pay for a good or service offered by the payee;

sending a record to the financial system over a network indicating that the payment has been received; and

transferring funds to the account of the payee over a network based on the payment.