Systems and methods for processing a transaction

• US 8,423,453 B1
• Filed: 10/07/2009
• Issued: 04/16/2013
• Est. Priority Date: 10/07/2009
• Status: Active Grant

• Current Assignee: Capital One Services LLC (Capital One Financial Corporation)
• Original Assignee: Capital One Financial Corporation
• Inventors: Elliott, Richard
• Primary Examiner(s): Apple, Kirsten
• Application Number:
  US12/574,950
• Time in Patent Office: 1,287 Days
• Field of Search: 705/38
• US Class Current: 705/38
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/227 characterised in that multiple accounts are available, e.g. to the payer
• CPC Class Codes: G06Q 20/403 Solvency checks
• CPC Class Codes: G06Q 20/4037 Remote solvency checks
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A system and method for processing a transaction by identifying a credit account and a demand deposit account, receiving transaction data associated with a transaction initiated by an account holder with a merchant using the credit account, determining whether the transaction amount exceeds the available credit amount, requesting via a network a transfer of the transaction amount from the demand deposit account, and transferring at least a portion of the transaction amount to pay the merchant. The transfer may be a first type of transfer or a second type of transfer depending on whether the transaction amount exceeds the available credit amount.

Claims

1. A system for processing a transaction, the system comprising:

one or more computer processors that identify a credit account held by an account holder and a demand deposit account held by the account holder, the credit account having an available credit amount;

one or more computer processors that receive transaction data associated with a transaction initiated by the account holder with a merchant using the credit account, the transaction having a transaction amount;

one or more computer processors that determine whether the transaction amount exceeds a transaction threshold amount;

one or more computer processors that request via a network a transfer of the transaction amount from the demand deposit account, wherein;

the transfer is a first type of transfer and the network is a first network if the transaction amount does not exceed the transaction threshold amount, and

the transfer is a second type of transfer and the network is a second network if the transaction amount exceeds the transaction threshold amount, the second type of transfer different from the first type of transfer, the second network different from the first network; and

transfer at least a portion of the transaction amount to pay the merchant.

2. The system of claim 1, wherein the first type of transfer is an automated clearing house transfer and the first network is an automated clearing house network.

3. The system of claim 2, wherein the automated clearing house transfer is requested on a predetermined day or time.

4. The system of claim 2, wherein the automated clearing house transfer is received on a predetermined day or time.

5. The system of claim 2, the one or more computer processors further collectively programmed to:

reduce the available credit amount by the transaction amount after the transaction data is received; and

increase the available credit amount by the transaction amount after the automated clearing house transfer is received.

6. The system of claim 1, wherein the second type of transfer is a real-time debit transfer and the second network a debit network.

7. The system of claim 6, wherein requesting the real-time debit transfer comprises providing a personal identification number associated with the demand deposit account.

8. The system of claim 1, wherein the demand deposit account is a checking account, savings account, or money market account.

9. The system of claim 1, wherein the account holder uses a transaction card to initiate the transaction, the transaction card associated with the credit account and the demand deposit account.

10. The system of claim 1, wherein a credit card interchange rate is imposed on the transaction, the credit card interchange rate being a percentage of the transaction amount.

11. The system of claim 1, the one or more computer processors further collectively programmed to:

increase the available credit amount in response to one or more actions of the account holder.

12. A method for processing a transaction comprising:

identifying a credit account held by an account holder and a demand deposit account held by the account holder, the credit account having an available credit amount;

receiving transaction data associated with a transaction initiated by the account holder with a merchant using the credit account, the transaction having a transaction amount;

determining whether the transaction amount exceeds a transaction threshold amount;

using one more computer processors, requesting via a network a transfer of the transaction amount from the demand deposit account, wherein;

the transfer is a first type of transfer and the network is a first network if the transaction amount does not exceed the transaction threshold amount, and

the transfer is a second type of transfer and the network is a second network if the transaction amount exceeds the transaction threshold amount, the second type of transfer different from the first type of transfer, the second network different from the first network; and

transferring at least a portion of the transaction amount to pay the merchant.

13. The method of claim 12, wherein the first type of transfer is an automated clearing house transfer and the first network is an automated clearing house network.

14. The method of claim 13, wherein the automated clearing house transfer is requested on a predetermined day or time.

15. The method of claim 13, wherein the automated clearing house transfer is received on a predetermined day or time.

16. The method of claim 13, further comprising:

reducing the available credit amount by the transaction amount after the transaction data is received; and

increasing the available credit amount by the transaction amount after the automated clearing house transfer is received.

17. The method of claim 12, wherein the second type of transfer is a real-time debit transfer and the second network a debit network.

18. The method of claim 17, wherein requesting the real-time debit transfer comprises providing a personal identification number associated with the demand deposit account.

19. The method of claim 12, wherein the demand deposit account is a checking account, savings account, or money market account.

20. The method of claim 12, wherein the account holder uses a transaction card to initiate the transaction, the transaction card associated with the credit account and the demand deposit account.

21. The method of claim 12, wherein a credit card interchange rate is imposed on the transaction, the credit card interchange rate being a percentage of the transaction amount.

22. The method of claim 12, further comprising:

increasing the available credit amount in response to one or more actions of the account holder.

23. A non-transitory computer-accessible medium encoded with computer program code effective to perform the following:

identify a credit account held by an account holder and a demand deposit account held by the account holder, the credit account having an available credit amount;

receive transaction data associated with a transaction initiated by the account holder with a merchant using the credit account, the transaction having a transaction amount;

determine whether the transaction amount exceeds a transaction threshold amount;

request via a network a transfer of the transaction amount from the demand deposit account, wherein;

the transfer is a first type of transfer and the network is a first network if the transaction amount does not exceed the transaction threshold amount, and

the transfer is a second type of transfer and the network is a second network if the transaction amount exceeds the transaction threshold amount, the second type of transfer different from the first type of transfer, the second network different from the first network; and

transfer at least a portion of the transaction amount to pay the merchant.

24. A system for processing a transaction, the system comprising:

one or more computer processors that identify a demand deposit account held by an account holder;

one or more computer processors that receive via a network a request for a transfer of a transaction amount from the demand deposit account to a credit account held by the account holder, the transaction amount for a transaction initiated by the account holder with a merchant using the credit account, wherein;

the transfer is a first type of transfer and the network is a first network if the transaction amount does not exceed a transaction threshold amount associated with the credit account, and

the transfer is a second type of transfer and the network is a second network if the transaction amount exceeds the transaction threshold amount, the second type of transfer different from the first type of transfer, the second network different from the first network; and

transfer the transaction amount from the demand deposit account according to the type of transfer requested.

25. A method for processing a transaction comprising:

identifying a demand deposit account held by an account holder;

using one or more computer processors, receiving via a network a request for a transfer of a transaction amount from the demand deposit account to a credit account held by the account holder, the transaction amount for a transaction initiated by the account holder with a merchant using the credit account, wherein;

the transfer is a first type of transfer and the network is a first network if the transaction amount does not exceed a transaction threshold amount associated with the credit account, and

the transfer is a second type of transfer and the network is a second network if the transaction amount exceeds the transaction threshold amount, the second type of transfer different from the first type of transfer, the second network different from the first network; and

transferring the transaction amount from the demand deposit account according to the type of transfer requested.

26. A non-transitory computer-accessible medium encoded with computer program code effective to perform the following:

identify a demand deposit account held by an account holder;

receive via a network a request for a transfer of a transaction amount from the demand deposit account to a credit account held by the account holder, the transaction amount for a transaction initiated by the account holder with a merchant using the credit account, wherein;

the transfer is a first type of transfer and the network is a first network if the transaction amount does not exceed a transaction threshold amount associated with the credit account, and

the transfer is a second type of transfer and the network is a second network if the transaction amount exceeds the transaction threshold amount, the second type of transfer different from the first type of transfer, the second network different from the first network; and

transfer the transaction amount from the demand deposit account according to the type of transfer requested.