Global positioning system to manage risk for POS terminal
First Claim
1. A system for processing financial transactions comprising:
- at least one remote terminal assigned to a traveling merchant, wherein a change in location associated with the traveling merchant effects a change in location of the at least one remote terminal, wherein the at least one remote terminal identifies a distal GPS (Global Positioning System) location of a financial transaction, wherein the at least one remote terminal also acquires transaction information about a proffered promissory payment and transmits a signal indicative of the transaction information and the distal GPS location information; and
an authorizing host that receives the signal transmitted by the at least one remote terminal wherein the authorizing host evaluates the risk associated with the financial transaction based, at least in part, on comparing the distal GPS location information to a plurality of pre-approved locations the traveling merchant travels to in order to conduct transactions, wherein the authorizing host adjusts the risk evaluation based upon the distal GPS location information, so as to determine whether to accept or decline the financial transaction, wherein the authorizing host transmits a signal back to the at least one remote terminal indicative of acceptance or decline of the proffered promissory payment, and when the at least one remote terminal declines the financial transaction, the authorizing host is configured to evaluate additional merchant parameters associated with the financial transaction that are different than the distal GPS location information.
6 Assignments
0 Petitions
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
58 Claims
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1. A system for processing financial transactions comprising:
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at least one remote terminal assigned to a traveling merchant, wherein a change in location associated with the traveling merchant effects a change in location of the at least one remote terminal, wherein the at least one remote terminal identifies a distal GPS (Global Positioning System) location of a financial transaction, wherein the at least one remote terminal also acquires transaction information about a proffered promissory payment and transmits a signal indicative of the transaction information and the distal GPS location information; and an authorizing host that receives the signal transmitted by the at least one remote terminal wherein the authorizing host evaluates the risk associated with the financial transaction based, at least in part, on comparing the distal GPS location information to a plurality of pre-approved locations the traveling merchant travels to in order to conduct transactions, wherein the authorizing host adjusts the risk evaluation based upon the distal GPS location information, so as to determine whether to accept or decline the financial transaction, wherein the authorizing host transmits a signal back to the at least one remote terminal indicative of acceptance or decline of the proffered promissory payment, and when the at least one remote terminal declines the financial transaction, the authorizing host is configured to evaluate additional merchant parameters associated with the financial transaction that are different than the distal GPS location information. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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13. A system for processing financial transactions comprising:
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at least one remote terminal assigned to a traveling merchant, wherein a change in location associated with the traveling merchant effects a change in location of the at least one remote terminal, wherein the at least one remote terminal identifies a distal GPS (Global Positioning System) location of a financial transaction with a GPS signal, wherein the at least one remote terminal also acquires transaction information about a proffered payment and transmits a signal indicative of the transaction information and the distal GPS location information; and an authorizing host that receives the signal transmitted by the at least one remote terminal wherein the authorizing host evaluates the risk associated with the financial transaction based, at least in part, on comparing the distal GPS location information to a plurality of locations the traveling merchant travels to in order to conduct transactions, wherein the authorizing host adjusts the risk evaluation based upon the distal GPS location information, so as to determine whether to accept or decline the financial transaction, wherein the authorizing host transmits a signal back to the remote terminal indicative of acceptance or decline of the proffered payment, and when the at least one remote terminal declines the financial transaction, the authorizing host is configured to evaluate non-location based risk factors associated with the financial transaction. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26)
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27. A method of determining the risk of accepting a proffered promissory payment, the method comprising:
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assigning a remote transaction device to a traveling merchant, wherein a change in location associated with the traveling merchant effects a change in location of the remote transaction device; determining a distal GPS (Global Positioning System) location of the remote transaction device to send transaction information about the proffered promissory payment to an authorizing host; sending the transaction information and the distal location information to the authorizing host; performing a risk assessment of accepting the proffered promissory payment based upon the transaction information and the distal GPS location information, wherein the risk assessment is adjusted when the location of the remote transaction device is not within at least one of a plurality of authorized locations the traveling merchant travels to in order to conduct transactions; and sending a signal back to the remote transaction device indicative of whether the proffered promissory payment is to be accepted or declined. - View Dependent Claims (28, 29, 30, 31, 32, 33, 34, 35)
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36. A method of determining the risk of accepting a proffered payment, the method comprising:
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assigning a remote transaction device to a traveling merchant, wherein a change in location associated with the traveling merchant effects a change in location of the remote transaction device; determining a distal GPS (Global Positioning System) location of the remote transaction device with a GPS signal, wherein the remote transaction device sends transaction information about the proffered payment to an authorizing host; sending the transaction information and the distal GPS location information to the authorizing host; performing a risk assessment of accepting the proffered payment based upon the transaction information and the distal GPS location information, wherein the risk assessment is adjusted when the location of the remote transaction device is not within at least one of a plurality of authorized locations the traveling merchant travels to in order to conduct transactions; and sending a signal back to the remote transaction device indicative of whether the proffered payment is to be accepted or declined. - View Dependent Claims (37, 38, 39, 40, 41, 42, 43, 44, 45, 46)
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47. A system for determining the risk of accepting a proffered payment, the system comprising:
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a means for determining a distal GPS (Global Positioning System) location of at least one remote transaction device assigned to a traveling merchant, wherein a change in location associated with the traveling merchant effects a change in location of the at least one remote transaction device, wherein the at least one remote transaction device sends transaction information about the proffered payment to an authorizing host; a means for sending the transaction information and the distal GPS location information to the authorizing host; a means for performing a risk assessment of accepting the proffered payment based upon the transaction information and the distal GPS location information, wherein the risk assessment is adjusted when the location of the remote transaction device is not within at least one of a plurality of authorized locations the traveling merchant travels to in order to conduct transactions; and a means for sending a signal back to the at least one remote transaction device indicative of whether the proffered payment is to be accepted or declined. - View Dependent Claims (48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58)
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Specification