Method for processing payment for a purchase transaction

• US 8,224,746 B1
• Filed: 12/20/2010
• Issued: 07/17/2012
• Est. Priority Date: 10/03/2002
• Status: Expired due to Fees

• Current Assignee: GoFigure Payments, LLC
• Original Assignee: GoFigure Payments, LLC
• Inventors: Rolf, Devon A.
• Primary Examiner(s): Dixon, Thomas
• Assistant Examiner(s): Fields, Benjamin S
• Application Number:
  US12/973,361
• Time in Patent Office: 575 Days
• Field of Search: 705/38, 705/40
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/108 Remote banking, e.g. home banking
• CPC Class Codes: G06Q 20/405 Establishing or using transaction specific rules
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/03 Credit; Loans; Processing thereof
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method for processing payment for a purchase transaction includes enabling the provision of a first payments account to an accountholder and enabling a second payments account of the accountholder to be associated with the first payments account. A limit on the number of times the first payment account can be used for making purchase transactions within a determined time period is established. During a purchase transaction being made by the accountholder using the first account, information indicative of the first account and the purchase transaction is received. It is determined whether the limit on the number of times the first account has been used by the accountholder within the determined time period has been reached. When the limit on the number of times the account can be used in the time period has been reached, the second account of the accountholder is used for the purchase transaction.

Claims

1. A computer-implemented method for processing payment for a purchase transaction, said method comprising:

enabling the provision of an account to an accountholder, wherein said account is a first payments account;

enabling a second account of the accountholder to be associated with the first payments account, wherein said second account is a second payments account of the accountholder;

establishing a limit on the number of times said first payment account can be used by the accountholder for making purchase transactions within a determined time period;

receiving information indicative of said first account and a purchase transaction being made by said accountholder, wherein said receiving information indicative of said first account is performed by at least one electronic processor;

determining, with at least one electronic processor, whether the number of times said first account has been used for making purchase transactions by the accountholder within said determined time period has reached said established limit on the number of times said first payment account can be used by the accountholder within the determined time period; and

when said limit on the number of times said first payment account can be used by the accountholder for making purchase transactions within a determined time period has been reached within said time period, causing, with at least one electronic processor, said second account of the accountholder to be used for said purchase transaction for which said information is received.