System and method for electronic transaction settlement
First Claim
1. A method for settling an electronic transaction, comprising the steps of:
- a customer providing a merchant with a customer identifier;
the merchant sending the customer identifier and a transaction amount to a settlement house;
the settlement house contacting the customer;
the customer selecting a payment method and transmitting the selected payment method to the settlement house;
the settlement house sending the transaction amount and customer identifier to a financial service provider associated with the payment method;
if the electronic transaction is approved by the financial service provider, sending an approval to the settlement house;
the settlement house sending the approval to the customer;
the customer approving the transaction amount; and
the settlement house finalizing the electronic transaction with the financial service provider and the merchant.
7 Assignments
0 Petitions
Accused Products
Abstract
A method for electronic transaction settlement includes a customer providing an account identifier and contact information to a merchant, the merchant contacting a settlement house and transmitting the account identifier and a transaction amount, the settlement house contacting the customer, preferably via a mobile communication device. The customer then chooses a payment method such as a credit card and the settlement house contacts a credit provider for authorization. If the settlement house receives an authorization, the settlement house transmits it to the client, who approves the amount. The settlement house then completes the transaction with the credit provider and the merchant'"'"'s bank.
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Citations
12 Claims
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1. A method for settling an electronic transaction, comprising the steps of:
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a customer providing a merchant with a customer identifier; the merchant sending the customer identifier and a transaction amount to a settlement house; the settlement house contacting the customer; the customer selecting a payment method and transmitting the selected payment method to the settlement house; the settlement house sending the transaction amount and customer identifier to a financial service provider associated with the payment method; if the electronic transaction is approved by the financial service provider, sending an approval to the settlement house; the settlement house sending the approval to the customer; the customer approving the transaction amount; and the settlement house finalizing the electronic transaction with the financial service provider and the merchant. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12)
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Specification