System and method for facilitating a transaction using a revolving use account associated with a primary account
First Claim
1. A method comprising:
- associating, by a computer based system for facilitating a transaction, a primary account with a primary association identifier;
associating, by the computer based system, multiple revolving use accounts with the primary association identifier and with corresponding individual revolving use account identifiers, the multiple revolving use accounts being limited use accounts associated with the primary account;
receiving, by the computer-based system, a plurality of reset requests from the multiple revolving use accounts for a plurality of reset values, wherein each of the plurality of reset values is based on a percentage of a total value stored in the primary account;
transferring, by the computer based system, each of the plurality of reset values from the primary account to a corresponding multiple revolving use account of the multiple revolving use accounts in response to determining that a value stored in each of the multiple revolving use accounts has dropped below a pre-set level, wherein the reset value resets the value greater than the pre-set level;
receiving, by the computer based system, user-defined conditions for the multiple revolving use accounts, wherein the user-defined conditions place limits on use of the multiple revolving use accounts;
receiving, by the computer based system, merchant-defined conditions for the multiple revolving use accounts, wherein the merchant-defined conditions place limits on use of the multiple revolving use accounts at a merchant;
initiating, by the computer based system, the transaction using at least one of the multiple revolving use accounts;
receiving, by the computer based system, an authorization request from the merchant, the authorization request including at least one of the individual revolving use account identifiers;
determining, by the computer based system, whether the transaction satisfies the user-defined conditions and the merchant-defined conditions;
authorizing, by the computer based system, the transaction if the user-defined conditions and the merchant-defined conditions are satisfied;
denying, by the computer based system, the transaction if the user-defined conditions or the merchant-defined conditions are not satisfied; and
notifying a third party in response to one of the multiple revolving use accounts being used.
3 Assignments
0 Petitions
Accused Products
Abstract
The present invention facilitates transactions by providing a revolving use account that is associated with a primary account number, wherein the revolving use account is presented to the merchant to initiate a transaction. More particularly, the system involves the process of registering a user'"'"'s primary account (if not already pre-registered) to use in a transaction system; generating a revolving use account and issuing this number one or more separate users and/or transaction devices, where the user presents this revolving use account to a merchant to complete a transaction. Additionally, the revolving use account may also carry with it certain limitations-on-use conditions, where a transaction is not authorized unless these conditions are met. In generating a revolving use account, the issuer generates a random number and associates this number with the user'"'"'s primary charge account.
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Citations
17 Claims
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1. A method comprising:
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associating, by a computer based system for facilitating a transaction, a primary account with a primary association identifier; associating, by the computer based system, multiple revolving use accounts with the primary association identifier and with corresponding individual revolving use account identifiers, the multiple revolving use accounts being limited use accounts associated with the primary account; receiving, by the computer-based system, a plurality of reset requests from the multiple revolving use accounts for a plurality of reset values, wherein each of the plurality of reset values is based on a percentage of a total value stored in the primary account; transferring, by the computer based system, each of the plurality of reset values from the primary account to a corresponding multiple revolving use account of the multiple revolving use accounts in response to determining that a value stored in each of the multiple revolving use accounts has dropped below a pre-set level, wherein the reset value resets the value greater than the pre-set level; receiving, by the computer based system, user-defined conditions for the multiple revolving use accounts, wherein the user-defined conditions place limits on use of the multiple revolving use accounts; receiving, by the computer based system, merchant-defined conditions for the multiple revolving use accounts, wherein the merchant-defined conditions place limits on use of the multiple revolving use accounts at a merchant; initiating, by the computer based system, the transaction using at least one of the multiple revolving use accounts; receiving, by the computer based system, an authorization request from the merchant, the authorization request including at least one of the individual revolving use account identifiers; determining, by the computer based system, whether the transaction satisfies the user-defined conditions and the merchant-defined conditions; authorizing, by the computer based system, the transaction if the user-defined conditions and the merchant-defined conditions are satisfied; denying, by the computer based system, the transaction if the user-defined conditions or the merchant-defined conditions are not satisfied; and notifying a third party in response to one of the multiple revolving use accounts being used. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 16, 17)
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10. A method comprising:
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receiving, by a computer-based account provider, transaction information from a second party for authorization; recognizing, by the computer-based account provider, that the transaction information comprises one of a plurality of revolving use accounts, the plurality of revolving use accounts being limited use accounts associated with a primary account; determining, by the computer-based account provider, that a value stored in the one of the plurality of revolving use accounts has dropped below a pre-set level; receiving, by the computer-based account provider, a plurality of reset requests from the plurality of revolving use accounts for a plurality of reset values, wherein each of the plurality of reset values is based on a percentage of a total value stored in the primary account; transferring, by the computer-based account provider, each of the plurality of reset values from the primary account to a corresponding revolving use account of the plurality of revolving use accounts in response to the determining that the value stored in the one of the plurality of revolving use accounts has dropped below the pre-set level, wherein the reset value resets the value greater than the pre-set level; receiving, by the computer-based account provider, user-defined conditions for the plurality of revolving use accounts, wherein the user-defined conditions place limits on use of the plurality of revolving use accounts; receiving, by the computer-based account provider, merchant-defined conditions for the plurality of revolving use accounts, wherein the merchant-defined conditions place limits on use of the plurality of revolving use accounts at a merchant; determining, by the computer-based account provider, whether the transaction information satisfies the user-defined conditions and the merchant-defined conditions; authorizing, by the computer-based account provider, the transaction if the user-defined conditions and the merchant-defined conditions are satisfied; denying, by the computer-based account provider, the transaction if the user-defined conditions or the merchant-defined conditions are not satisfied; and notifying a third party in response to one of the multiple revolving use accounts being used. - View Dependent Claims (11)
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12. A method comprising:
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associating, by a computer-based account provider, a primary association identifier with a primary account; associating, by the computer-based account provider, multiple revolving use accounts with the primary association identifier and with corresponding individual revolving use account identifiers, the multiple revolving use accounts being limited use accounts associated with the primary account and being configured to facilitate a transaction; receiving, by the computer-based account provider, a plurality of reset requests from the multiple revolving use accounts for a plurality of reset values, wherein each of the plurality of reset values is based on a percentage of a total value stored in the primary account; transferring, by the computer-based account provider, each of the plurality of reset values from the primary account to a corresponding multiple revolving use account of the multiple revolving use accounts in response to determining that a value stored in each of the multiple revolving use accounts has dropped below a pre-set level, wherein the reset value resets the value greater than the pre-set level; receiving, by the computer-based account provider, user-defined conditions for the multiple revolving use accounts, wherein the user-defined conditions place limits on the use of the multiple revolving use accounts; issuing, by the computer-based account provider, the multiple revolving use accounts to a first party to facilitate a transaction with a merchant, wherein the multiple revolving use accounts are configured to be immediately usable for facilitating the transaction; receiving, by the computer-based account provider, merchant-defined conditions for the multiple revolving use accounts, wherein the merchant-defined conditions place limits on use of the multiple revolving use accounts at the merchant; initiating, by the computer-based account provider, the transaction using at least one of the multiple revolving use accounts; receiving, by the computer-based account provider, an authorization request from the merchant, the authorization request including at least one of the individual revolving use account identifiers; determining, by the computer-based account provider, whether the transaction satisfies the user-defined conditions and the merchant-defined conditions; receiving, by the computer-based account provider, transaction settlement information from the merchant; identifying, by the computer-based account provider, the transaction settlement information as a transaction involving an account of a revolving use type; capturing, by the computer-based account provider, the transaction settlement information in a financial capture system; causing, by the computer-based account provider, the second party to be paid if the user-defined conditions and the merchant defined conditions are satisfied; and notifying, by the computer-based account provider, a third party in response to one of the multiple revolving use accounts being used. - View Dependent Claims (13)
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14. A system comprising:
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a user interface system configured to allow a first party to interact with a host computer'"'"'s transaction services; a number generating and processing mechanism, including at least one application server and at least one database, configured for receiving input from the user interface system to generate a plurality of revolving use accounts and to associate therewith a designated primary association identifier and associate therewith a plurality of corresponding revolving use account identifiers, the plurality of revolving use accounts being limited use accounts associated with the primary account; a settlement processing mechanism including at least a financial capture system configured for capturing transaction information relating to use of revolving use accounts, an accounts receivable system for billing the first party and an accounts payable system for paying a second party; a receiving mechanism for receiving; user-defined conditions for the plurality of revolving use accounts, wherein the user-defined conditions place limits on use of the plurality of revolving use accounts, merchant-defined conditions for the plurality of revolving use accounts, wherein the merchant-defined conditions place limits on use of the plurality of revolving use accounts at a merchant, and a plurality of reset requests from the plurality of revolving use accounts for a plurality of reset values, wherein each of the plurality of reset values is based on a percentage of a total value stored in the primary account, an authorization request including at least one of the plurality of corresponding revolving use account identifiers; a transferring mechanism for transferring each of the plurality of reset values from the primary account to a corresponding revolving use account of the plurality of revolving use accounts in response to determining that a value stored in each of the plurality of revolving use accounts has dropped below a pre-set level, wherein the reset value resets the value greater than the pre-set level; an authorization mechanism for authorizing the transaction if the user-defined conditions and the merchant-defined conditions are satisfied and denying the transaction if the user-defined conditions or the merchant-defined conditions are not satisfied; and a notification mechanism for notifying a third party in response to one of the multiple revolving use accounts being used.
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15. A computer program product comprising a non-transitory, tangible computer usable medium having control logic stored therein for causing a computer to execute the following operations:
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associating, by the computer, a primary account with a primary association identifier; associating, by the computer, multiple revolving use accounts with the primary association identifier and with corresponding individual revolving use account identifiers, the multiple revolving use accounts being limited use accounts associated with the primary account and being configured to facilitate a transaction; receiving, by the computer, a plurality of reset requests from the multiple revolving use accounts for a plurality of reset values, wherein each of the plurality of reset values is based on a percentage of a total value stored in the primary account; transferring, by the computer, each of the plurality of reset values from the primary account to a corresponding multiple revolving use account of the multiple revolving use accounts in response to determining that a value stored in each of the multiple revolving use accounts has dropped below a pre-set level, wherein the reset value resets the value greater than the pre-set level; receiving, by the computer, user-defined conditions for the multiple revolving use accounts, wherein the user-defined conditions place limits on use of the multiple revolving use accounts; receiving, by the computer, merchant-defined conditions for the multiple revolving use accounts, wherein the merchant-defined conditions place limits on use of the multiple revolving use accounts at a merchant; receiving, by the computer, a transaction initiated using at least one of the multiple revolving use accounts; receiving, by the computer, an authorization request from the merchant, the authorization request including at least one of the individual revolving use account identifiers; determining, by the computer, whether the transaction satisfies the user-defined conditions and the merchant-defined conditions; authorizing, by the computer, the transaction if the user-defined conditions and the merchant-defined conditions are satisfied; denying, by the computer, the transaction if the user-defined conditions or the merchant-defined conditions are not satisfied; and notifying, by the computer, a third party in response to one of the multiple revolving use accounts being used.
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Specification