Systems and methods for processing credit card transactions that exceed a credit limit
First Claim
1. A method for managing a financial transaction associated with a financial account, wherein the transaction would cause an outstanding balance of the financial account to exceed a credit limit, the method comprising:
- electronically determining, on a processor, a merchant type for a merchant which is a party to the transaction;
electronically determining, on the processor, a merchant credit risk associated with the determined merchant type;
electronically comparing, on the processor, the merchant credit risk to a threshold value defining an acceptable credit risk; and
approving the transaction based on the comparison of the merchant credit risk with the threshold value and a determination that declining the potential transaction would cause inconvenience to a holder of the financial account.
3 Assignments
0 Petitions
Accused Products
Abstract
A method, system, and computer are disclosed for managing a financial transaction associated with a financial account, wherein the transaction would cause an outstanding balance of the financial account to exceed a credit limit. The method comprises determining a merchant type for a merchant which is a party to the transaction. A merchant credit risk associated with the determined merchant type is determined. The merchant credit risk is compared to a threshold value defining an acceptable credit risk. The transaction is approved based on the comparison of the merchant credit risk with the threshold value.
19 Citations
51 Claims
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1. A method for managing a financial transaction associated with a financial account, wherein the transaction would cause an outstanding balance of the financial account to exceed a credit limit, the method comprising:
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electronically determining, on a processor, a merchant type for a merchant which is a party to the transaction; electronically determining, on the processor, a merchant credit risk associated with the determined merchant type; electronically comparing, on the processor, the merchant credit risk to a threshold value defining an acceptable credit risk; and approving the transaction based on the comparison of the merchant credit risk with the threshold value and a determination that declining the potential transaction would cause inconvenience to a holder of the financial account. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A computer for managing a financial transaction associated with a financial account, wherein the transaction would cause an outstanding balance of the financial account to exceed a credit limit, the computer comprising:
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a memory having programming instructions; and a processor, responsive to the programming instructions, configured to; determine a merchant type for a merchant which is a party to the transaction; determine a merchant credit risk associated with the determined merchant type; compare the merchant credit risk to a threshold value defining an acceptable credit risk; and approve the transaction based on the comparison of the merchant credit risk with the threshold value and a determination that declining the potential transaction would cause inconvenience to a holder of the financial account. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32)
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33. A system for managing a financial transaction associated with a financial account, wherein the transaction would cause an outstanding balance of the financial account to exceed a credit limit, the system comprising:
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means for determining a merchant type for a merchant which is a party to the transaction; means for determining a merchant credit risk associated with the determined merchant type; means for comparing the merchant credit risk to a threshold value defining an acceptable credit risk; and means for approving the transaction based on the comparison of the merchant credit risk with the threshold value and a determination that declining the potential transaction would cause inconvenience to a holder of the financial account. - View Dependent Claims (34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48)
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49. A method for managing a financial transaction associated with a financial account, wherein the transaction would cause an outstanding balance of the financial account to exceed a credit limit, the method comprising:
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electronically determining, on a processor, a merchant type for a merchant which is a party to the transaction; electronically determining, on the processor, a merchant credit risk associated with the determined merchant type; electronically comparing, on the processor, the merchant credit risk to a threshold value defining an acceptable credit risk; approving the transaction based on the comparison of the merchant credit risk with the threshold value; electronically determining, on the processor, whether to contact a party to the transaction to obtain information concerning the transaction for use in determining a credit risk associated with the transaction; electronically determining, on the processor, whether the potential transaction is an emergency transaction; and approving the potential transaction when the contacted party indicates that the transaction is an emergency transaction.
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50. A computer for managing a financial transaction associated with a financial account, wherein the transaction would cause an outstanding balance of the financial account to exceed a credit limit, the computer comprising:
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a memory having programming instructions; and a processor, responsive to the programming instructions, configured to; determine a merchant type for a merchant which is a party to the transaction; determine a merchant credit risk associated with the determined merchant type; compare the merchant credit risk to a threshold value defining an acceptable credit risk; approve the transaction based on the comparison of the merchant credit risk with the threshold value; determine whether to contact a party to the transaction to obtain information concerning the transaction for use in determining a credit risk associated with the transaction; determine whether the potential transaction is an emergency transaction; and approve the potential transaction when the contacted party indicates that the transaction is an emergency transaction.
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51. A system for managing a financial transaction associated with a financial account, wherein the transaction would cause an outstanding balance of the financial account to exceed a credit limit, the system comprising:
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means for determining a merchant type for a merchant which is a party to the transaction; means for determining a merchant credit risk associated with the determined merchant type; means for comparing the merchant credit risk to a threshold value defining an acceptable credit risk; means for approving the transaction based on the comparison of the merchant credit risk with the threshold value; means for determining whether to contact a party to the transaction to obtain information concerning the transaction for use in determining a credit risk associated with the transaction; means for determining whether the potential transaction is an emergency transaction; and means for approving the potential transaction when the contacted party indicates that the transaction is an emergency transaction.
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Specification