Device with GPS to manage risk for financial transactions
First Claim
1. A merchant point of sale device configured for capturing and transmitting data to a central authorizing host indicative of a proffered payment received by the point of sale device, the device comprising:
- a financial data component that obtains, at a point of sale on behalf of the merchant, financial information about the proffered payment;
a global positioning system (GPS) receiver that utilizes received GPS signals to determine the present location of the point of sale device when the financial information about the proffered payment is obtained;
a transceiver component that is communicatively linked to the central authorizing host; and
a processor component that receives the financial information and the location information and induces the transceiver component to transmit the financial information and the location information to the central authorizing host,wherein the central authorizing host compares the present location of the point of sale device to prestored information associated with a plurality of approved locations at which the merchant will accept payments utilizing the point of sale device and evaluates the risk of accepting the proffered payment by the point of sale device based at least in part upon the comparison.
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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
10 Claims
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1. A merchant point of sale device configured for capturing and transmitting data to a central authorizing host indicative of a proffered payment received by the point of sale device, the device comprising:
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a financial data component that obtains, at a point of sale on behalf of the merchant, financial information about the proffered payment; a global positioning system (GPS) receiver that utilizes received GPS signals to determine the present location of the point of sale device when the financial information about the proffered payment is obtained; a transceiver component that is communicatively linked to the central authorizing host; and a processor component that receives the financial information and the location information and induces the transceiver component to transmit the financial information and the location information to the central authorizing host, wherein the central authorizing host compares the present location of the point of sale device to prestored information associated with a plurality of approved locations at which the merchant will accept payments utilizing the point of sale device and evaluates the risk of accepting the proffered payment by the point of sale device based at least in part upon the comparison. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A portable merchant point of sale device comprising:
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a financial data component that obtains, at a point of sale on behalf of a merchant, financial information indicative of a proffered payment made by a customer of the merchant; a location component comprising a global positioning system (GPS) receiver that determines the present location of the point of sale device when the financial information about the proffered payment is obtained; a transceiver component that is communicatively linked to a central authorizing host; and a processor component that receives the financial information and the location information and induces the transceiver component to transmit the financial information and the location information to the central authorizing host, wherein the central authorizing host compares the present location of the point of sale device to prestored information associated with a plurality of approved locations at which the merchant will accept payments utilizing the point of sale device and evaluates the risk of accepting the proffered payment by the point of sale device based at least in part upon the comparison.
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Specification