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Method and system for processing internet payments using the electronic funds transfer network

  • US 8,433,652 B2
  • Filed: 03/29/2012
  • Issued: 04/30/2013
  • Est. Priority Date: 05/03/1999
  • Status: Expired due to Fees
First Claim
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1. A computer implemented payment processing method for facilitating electronic purchase transactions by a purchaser from a merchant, the method implementing a payment processing system including at least one computer processor and at least one computer memory, the method comprising:

  • processing, at the least one computer processor of the payment processing system, a purchaser login to the payment processing system and performing authentication to authenticate the purchaser;

    receiving, at the at least one computer processor of the payment processing system, a payment request from the merchant associated with the electronic purchase transaction, the request including order information and an amount of purchase;

    performing verification procedures to verify funds available at the payment processing system based on the order information and the amount of purchase;

    determining whether the cash payment can be completed based on the verification procedures; and

    causing, with the at least one computer processor, a payment message to be pushed to the merchant without purchaser account information, the cash payment to be released to the merchant in response to a determination that the cash payment can be completed.

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