System and method for electronically processing commercial transactions based upon threshold amount

• US 7,720,762 B1
• Filed: 09/23/2003
• Issued: 05/18/2010
• Est. Priority Date: 10/03/2002
• Status: Expired due to Fees

• Current Assignee: GoFigure Payments, LLC
• Original Assignee: GoFigure Payments, LLC
• Inventors: Rolf, Devon A.
• Primary Examiner(s): Abdi, Kambiz
• Assistant Examiner(s): Fields, Benjamin S
• Application Number:
  US10/668,409
• Time in Patent Office: 2,429 Days
• Field of Search: None
• US Class Current: 705/42
• 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 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

The invention is a system and method for electronically processing electronic payment transactions. The invention provides a system and method for processing electronic payment transactions based upon a threshold amount. The system and method determine whether a monetary amount associated with a transaction meets a threshold amount and selects an account of the purchaser for settling the transaction based upon that determination. The invention thus allows micropayments, of an amount beneath a threshold, to be settled with one account, whereas non-micropayments may be settled to another account. In other embodiments, the threshold is based upon cumulative amounts, which may include amounts associated with subscriber use of the payment device, when the payment device is a subscriber device such as a wireless communications device. In other embodiments, a choice of which account to use in settling a transaction is based, at least in part, on whether or not a merchant at which a transaction is being made is authorized according to certain criteria.

Claims

1. A computer implemented method for facilitating a value exchange, said method comprising:

providing to an account holder a first account, wherein said first account is associated with a service provider and is used in a mobile wireless communications device for making a purchase transaction;

associating a second account of the account holder with said first account, wherein said second account is a bank deposit, debit or credit account of the account holder;

receiving information indicative of said first account that was transmitted by said mobile wireless communications device during said purchase transaction, wherein said receiving information indicative of said first account that was transmitted by said mobile wireless communications device during said purchase transaction is performed by at least one electronic processor;

authorizing said purchase transaction, wherein said authorizing said purchase transaction is performed by at least one electronic processor; and

determining a relationship between a monetary value associated with said purchase transaction and a per transaction threshold amount,

wherein said per transaction threshold amount is an amount for which said service provider is willing to at least partially financially guarantee payment,

wherein said determining the relationship between said monetary value associated with said purchase transaction and said threshold amount is performed with at least one electronic processor;

settling said purchase transaction with said first account when said monetary value associated with said purchase transaction is less than said threshold amount, wherein said settling said purchase transaction with said first account when said monetary value associated with said purchase transaction is less than said threshold amount is performed with at least one electronic processor; and

causing said purchase transaction to be settled with said second account when said monetary amount of said purchase transaction is greater than said threshold amount, wherein said causing said purchase transaction to be settled with said second account when said monetary amount of said purchase transaction is greater than said threshold is performed with at least one electronic processor,

wherein when said purchase transaction is settled with said first account, said purchase transaction is guaranteed at least in part by said service provider associated with said first account.

2. The method as set forth in claim 1 wherein said service provider associated with said first account is a mobile wireless service provider.

3. The method as set forth in claim 2 wherein when said purchase transaction is made with said second account, said purchase transaction is guaranteed at least in part by a provider of banking services associated with said second account.

4. The method as set forth in claim 1 wherein said service provider associated with said first account is a provider of media.

5. The method as set forth in claim 4 wherein when said purchase transaction is made with said second account, said purchase transaction is guaranteed at least in part by a provider of banking services associated with said second account.

6. The method as set forth in claim 1 wherein when said purchase transaction is made with said first account, said purchase transaction is guaranteed at least in part by a provider of payments processing services.

7. The method as set forth in claim 1 wherein said providing to an account holder a first account comprises providing to the account holder a first account that is associated with a mobile wireless voice and data communication service.

8. The method as set forth in claim 1 wherein said providing to an account holder a first account comprises providing to the account holder a first account that is associated with a media service.

9. The method as set forth in claim 1 wherein said associating a second account of the accountholder with the first account comprises receiving information regarding said second account based upon input on a user interface on the mobile wireless communications device.

10. The method as set forth in claim 9 further comprising maintaining said second account as a default second account until it is changed by the accountholder.

11. The method as set forth in claim 1 further comprising digitally maintaining information on a plurality of accountholders, wherein each said accountholder has a corresponding first account and second account, wherein said threshold amount is the same for each accountholder.

12. The method as set forth in claim 1 further comprising digitally maintaining information on a plurality of accountholders, wherein each said accountholder has a corresponding first account and second account, wherein said threshold amount is individually determined for each accountholder based upon the accountholder'"'"'s credit rating.

13. The method as set forth in claim 1 wherein said second account comprises a bank deposit account.

14. The method as set forth in claim 1 wherein said second account comprises a debit account.

15. The method as set forth in claim 1 wherein said second account comprises a credit account.