GPS database to manage risk for financial transactions
First Claim
1. A method of assessing the risk of accepting a proffered payment, the method comprising:
- receiving location information from a point of sale device, wherein the point of sale device is associated with a merchant and configured to accept payments from customers of the merchant, and wherein the received location information is indicative of the location of the point of sale device;
receiving financial information from the point of sale device indicative of the proffered payment; and
evaluating the risk of the merchant accepting the proffered payment based at least in part on comparing the received location information to a plurality of approved locations at which payments can be accepted by the point of sale device and further based at least in part on the received financial information.
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Accused Products
Abstract
The present teachings describe a system for processing financial transactions. In one embodiment, the system includes a remote terminal adapted to identify the location of financial transactions via global positioning system (GPS) information such that the remote terminal acquires transaction information from a user and transmits a first signal indicative of transaction information and GPS information. In addition, the system includes an authorizing host adapted to receive the first signal transmitted by the remote terminal such that the authorizing host evaluates the risk associated with financial transactions based, at least in part, on the GPS information so as to determine whether to accept or decline the financial transaction. The present teachings further describe devices and methods of acquiring GPS information for the purpose of managing risk for financial transactions.
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Citations
11 Claims
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1. A method of assessing the risk of accepting a proffered payment, the method comprising:
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receiving location information from a point of sale device, wherein the point of sale device is associated with a merchant and configured to accept payments from customers of the merchant, and wherein the received location information is indicative of the location of the point of sale device; receiving financial information from the point of sale device indicative of the proffered payment; and evaluating the risk of the merchant accepting the proffered payment based at least in part on comparing the received location information to a plurality of approved locations at which payments can be accepted by the point of sale device and further based at least in part on the received financial information. - View Dependent Claims (2, 3, 4, 5)
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6. A system of assessing the risk of accepting a proffered payment, the system comprising:
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a means for receiving financial information from a point of sale device associated with a merchant and configured to accept payments from customers of the merchant, the financial information being indicative of the proffered payment; a means for receiving, from the point of sale device with the financial information, location information indicative of the location of the point of sale device when the financial information is obtained by the point of sale device; and a means for evaluating the risk of the merchant accepting the proffered payment based at least in part on comparing the received location information to a plurality of approved locations at which payment will be accepted by the merchant utilizing the point of sale device and further based at least in part on the received financial information. - View Dependent Claims (7, 8, 9, 10, 11)
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Specification