System, method, and computer readable medium for settling micropayment transactions to a pre-paid instrument
First Claim
1. A method, comprising:
- determining that a type of prepaid instrument is valid for a type of micropayment transaction by a processor coupled to a program storage device, the prepaid instrument being associated with a first value parameter, the first value parameter being equal to a first number of value units;
determining a second number of value units associated with the micropayment transaction, the second number of value units including a transaction cost;
converting the second number of value units to a second value parameter based on a conversion factor; and
dispositioning the second number of value units if the second value parameter is equal to or less than the first value parameter.
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Accused Products
Abstract
The invention provides a system, method, and computer readable medium for conducting micropayment transactions between consumers and merchants. A merchant offers micropayment transactions to a consumer. The micropayment transaction is authorized, and the micropayment transaction is executed between the merchant and the consumer. A value parameter associated with a prepaid instrument, such as a prepaid calling card, is decremented by an amount corresponding to the value provided by the merchant. A payment is transferred to the merchant to settle the micropayment transaction. In a system of the invention, at least one prepaid calling card is issued to a consumer in exchange for a payment from the consumer. A merchant site conducts micropayment transactions and accepts the prepaid calling card as payment. A clearinghouse receives data associated with the prepaid calling card from the merchant site and processes the data to settle the micropayment transaction.
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Citations
20 Claims
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1. A method, comprising:
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determining that a type of prepaid instrument is valid for a type of micropayment transaction by a processor coupled to a program storage device, the prepaid instrument being associated with a first value parameter, the first value parameter being equal to a first number of value units; determining a second number of value units associated with the micropayment transaction, the second number of value units including a transaction cost; converting the second number of value units to a second value parameter based on a conversion factor; and dispositioning the second number of value units if the second value parameter is equal to or less than the first value parameter. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A system, comprising:
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at least one prepaid instrument having a rating parameter issued to a consumer, the prepaid instrument being associated with a first value parameter, the first value parameter being equal to a first number of value units; a merchant site adapted to verify the rating parameter by a processor coupled to a program storage device, conduct micropayment transactions, and to accept data associated with the prepaid instrument as payment for the micropayment transaction, the conducting micropayment transactions including the merchant determining a second number of value units associated with the micropayment transaction and providing the second number of value units as a value of the micropayment transaction to the consumer; and a clearinghouse adapted to receive the data associated with the prepaid instrument from the merchant site, converting the second number of value units to a second value parameter based on a conversion factor and dispositioning the second number of value units if the second value parameter is equal to or less than the first value parameter to settle the micropayment transaction. - View Dependent Claims (9, 10, 11, 12, 13)
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14. A non-transitory computer readable medium that provides instructions which, when executed by a machine, cause the machine to perform operations comprising:
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determining that a type of prepaid instrument is valid for a type of micropayment transaction, the prepaid instrument being associated with a first value parameter, the first value parameter being equal to a first number of value units; determining a second number of value units associated with the micropayment transaction, the second number of value units including a transaction cost; converting the second number of value units to a second value parameter based on a conversion factor; and dispositioning the second number of value units if the second value parameter is equal to or less than the first value parameter. - View Dependent Claims (15, 16, 17, 18, 19, 20)
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Specification