Virtual credit card terminal and method of transaction
First Claim
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1. A method of making a financial transaction over the internet, the method comprising:
- receiving at a virtual credit card terminal (VCT) gateway a request for a transaction number from a merchant after the merchant has received an indication from a purchaser that the purchaser has elected to pay for selected items from the merchant by credit card means using a virtual credit card terminal comprising a credit card means reader, and a digital processing device operatively associated with the credit card means reader and encoding transaction programs that allow opening of an interactive terminal window for processing of the transaction, and wherein the virtual credit card terminal is registered with the VCT gateway;
sending the transaction number from the VCT gateway to the merchant, the merchant providing the purchaser with the transaction number received from the VCT gateway, a merchant identification, and a transaction amount, wherein the merchant is registered with the VCT gateway;
receiving a VCT transaction request at the VCT gateway from the purchaser, the VCT transaction request comprising the transaction number, the merchant identification, and details of credit card means entered into the virtual credit card terminal by the purchaser;
determining whether the merchant identification of the VCT transaction request received by the VCT gateway identifies the merchant to which the transaction number was sent by the VCT gateway; and
when it is determined that the merchant identification of the VCT transaction request received by the VCT gateway identifies the merchant to which the transaction number was sent by the VCT gateway, processing the VCT transaction request by the VCT gateway to facilitate formation of a bank transaction request,sending the bank transaction request from the VCT gateway to a bank,in response to the bank transaction request, receiving advice sent from the bank to the VCT gateway as to whether the transaction has been approved, andsending the advice from the VCT gateway to the merchant and the purchaser.
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Abstract
The present invention provides a method of making a secure financial transaction over the internet comprising: a virtual credit card terminal (VCT) having a credit card means reader, a digital processing device operatively associated with said credit card means reader and encoding transaction programs that allows opening of an interactive terminal window for processing of the transaction, and wherein said virtual credit card terminal is registered with a VCT gateway.
51 Citations
15 Claims
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1. A method of making a financial transaction over the internet, the method comprising:
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receiving at a virtual credit card terminal (VCT) gateway a request for a transaction number from a merchant after the merchant has received an indication from a purchaser that the purchaser has elected to pay for selected items from the merchant by credit card means using a virtual credit card terminal comprising a credit card means reader, and a digital processing device operatively associated with the credit card means reader and encoding transaction programs that allow opening of an interactive terminal window for processing of the transaction, and wherein the virtual credit card terminal is registered with the VCT gateway; sending the transaction number from the VCT gateway to the merchant, the merchant providing the purchaser with the transaction number received from the VCT gateway, a merchant identification, and a transaction amount, wherein the merchant is registered with the VCT gateway; receiving a VCT transaction request at the VCT gateway from the purchaser, the VCT transaction request comprising the transaction number, the merchant identification, and details of credit card means entered into the virtual credit card terminal by the purchaser; determining whether the merchant identification of the VCT transaction request received by the VCT gateway identifies the merchant to which the transaction number was sent by the VCT gateway; and when it is determined that the merchant identification of the VCT transaction request received by the VCT gateway identifies the merchant to which the transaction number was sent by the VCT gateway, processing the VCT transaction request by the VCT gateway to facilitate formation of a bank transaction request, sending the bank transaction request from the VCT gateway to a bank, in response to the bank transaction request, receiving advice sent from the bank to the VCT gateway as to whether the transaction has been approved, and sending the advice from the VCT gateway to the merchant and the purchaser. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11)
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12. A method performed by a virtual credit card terminal (VCT) gateway connected to a financial institution, a merchant computing device associated with a merchant, and a purchaser computing device, the purchaser computing device being operatively coupled to a credit card reader to receive payment information read thereby, the method comprising:
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receiving a request for a transaction number from the merchant computing device after the merchant computing device has received order information from the purchaser computing device; in response to the request for a transaction number, sending a transaction number to the merchant computing device, the merchant computing device providing the transaction number, a merchant identification code, and a transaction amount to the purchaser computing device; receiving a VCT transaction request from the purchaser computing device, the VCT transaction request comprising the transaction number, the merchant identification code, the transaction amount, and payment information received by the purchaser computing device from the credit card reader, the payment information being associated with an account; in response to the VCT transaction request, determining whether the merchant identification code of the VCT transaction request identifies the merchant associated with the merchant computing device to which the transaction number was sent; and when the merchant identification code of the VCT transaction request identifies the merchant associated with the merchant computing device to which the transaction number was sent, sending a payment approval request to the financial institution requesting approval to charge the transaction amount to the account associated with the payment information, in response to the payment approval request, receiving an indication from the financial institution as to whether the request to charge the transaction amount to the account associated with the payment information has been approved, and in response to receiving the indication from the financial institution, informing both the merchant computing device and the purchaser computing device as to whether the request to charge the transaction amount to the account associated with the payment information has been approved. - View Dependent Claims (13, 14, 15)
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Specification