System and method for selection of payment systems from a payment system directory to process a transaction

• US 8,577,801 B2
• Filed: 12/15/2011
• Issued: 11/05/2013
• Est. Priority Date: 06/30/2003
• Status: Expired due to Fees

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: Plati Networking LLC (Intellectual Ventures LLC)
• Inventors: Schwarz, Bill, Edelen, Jeffrey Alan, Bishop, Fred, Armes, David
• Primary Examiner(s): Cheung, Mary
• Application Number:
  US13/327,173
• Publication Number:
  US 20120089511A1
• Time in Patent Office: 691 Days
• Field of Search: 725/5, 705/35, 705 39- 40, 705 42- 44, 705 75- 79, 707/999, 715/210
• US Class Current: 705/40
• 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Dynamically enabling and facilitating businesses or other entities to locate and transact with payment systems for the purpose of processing payments. A customer interacts with a supplier of an item (e.g., goods or services), selects an item for purchase, and provides the supplier with payment criteria. The supplier queries a payment system directory to locate candidate payment systems for the transaction. The supplier then interacts directly with one or more of the payment systems to partially or fully process payment for the transaction. Alternatively, the supplier interacts with a gateway service, which queries a payment system directory to locate candidate payment systems and then interacts with one or more of the payment systems to process payment for the transaction.

Claims

1. A method, comprising:

receiving, by a computer-based system, a request to process a transaction associated with an account accessed using an access identification, the request comprising payment criteria;

querying, by the computer-based system, a directory of payment systems to locate payment systems to process the transaction based at least in part upon the payment criteria;

receiving, by the computer-based system, an identification of each of the located payment systems based at least in part upon a strength of an authentication method used by each of the located payment systems to authenticate the access identification;

debiting, by the computer-based system, funds from a first financial account associated with at least one of the located payment systems in response to selection of the identification of the at least one of the located payment systems to process the transaction; and

crediting, by the computer-based system, at least a portion of the funds to an escrow account.

2. The method of claim 1, wherein the funds debited from the first financial account remain in the escrow account for a predefined period of time.

3. The method of claim 1,

wherein the funds debited from the first financial account remain in the escrow account for a predefined period of time;

and

wherein the predefined period of time is based upon an escrow release event.

4. The method of claim 1,

wherein the funds debited from the first financial account remain in the escrow account for a predefined period of time;

wherein the predefined period of time is based upon an escrow release event; and

wherein the escrow release event includes receipt of items by a purchaser of the items or lapse of an evaluation period for approval of the items.

5. The method of claim 1,

wherein the funds debited from the first financial account remain in the escrow account for a predefined period of time;

and

wherein the predefined period of time is based upon an escrow release event or an acceptance of items.

6. The method of claim 1, further comprising requesting, by the computer-based system, a supplier fund the escrow account.

7. The method of claim 6, wherein a supplier funds the escrow account for use in the transaction.

8. The method of claim 1, further comprising receiving, by the computer-based system, an indication of a selection of at least one of the located payment systems.

9. The method of claim 8, further comprising receiving, by the computer-based system, an indication of a selection of payment system terms.

10. The method of claim 9, further comprising negotiating, by the computer-based system, a supplier final price based on the indication of the selection of at least one of the located payment systems or based on the indication of the selection of the payment system terms.

11. The method of claim 1, wherein a supplier selects at least one of the located payment systems and payment system terms.

12. The method of claim 1, wherein at least one of the located payment systems is an acquiring bank.

13. The method of claim 1, further comprising transmitting, by the computer-based system, a notification that the transaction is complete.

14. The method of claim 1, further comprising generating, by the computer-based system, a score for each located payment system indicating how closely the located payment system matches the payment criteria.

15. The method of claim 1, wherein the located payment systems comprises a supplier.

16. The method of claim 1,

wherein a financial component is issued by the located payment system;

and

wherein the financial component is a stored value card.

17. The method of claim 1, further comprising triggering, by the computer-based system, a supplier to enter into a contract with at least one of the located payment systems to process the transaction.

18. A system comprising:

a memory device to store instructions; and

a processing device to execute the instructions stored in the memory device to perform operations comprising;

receiving a request to process a transaction associated with an account accessed using an access identification;

querying a directory of payment systems to locate payment systems to process the transaction based at least in part upon payment criteria;

receiving an identification of each of the located payment systems based at least in part upon a strength of an authentication method used by each of the located payment systems to authenticate the access identification;

debiting funds from a first financial account associated with at least one of the located payment systems in response to selection of the identification of the at least one of the located payment systems to process the transaction; and

crediting at least a portion of the funds to an escrow account.

19. An article of manufacture including a non-transitory, tangible computer readable medium having instructions stored thereon that, in response to execution by a computer-based system for processing a transaction, cause the computer-based system to perform operations comprising:

receiving a request to process the transaction associated with an account accessed using an access identification;

querying a directory of payment systems to locate payment systems to process the transaction based at least in part upon the payment criteria;

receiving an identification of each of the located payment systems based at least in part upon a strength of an authentication method used by each of the located payment systems to authenticate the access identification;

debiting funds from a first financial account associated with at least one of the located payment systems in response to selection of the identification of the at least one of the located payment systems to process the transaction; and

crediting at least a portion of the funds to an escrow account.