Secure and efficient payment processing system
First Claim
1. A method of processing a transaction carried out over a network between a financial account holder and a participating entity, the method comprising:
- (a) receiving a purchase request of a buyer from the participating entity indicating that the buyer desires to carry out a transaction with the participating entity, the transaction including the buyer purchasing one or more selected items;
(b) authenticating the buyer as the financial account holder via a processor;
(c) after successful authentication of the buyer, receiving transaction details from the participating entity, the transaction details including a cost for the selected items;
(d) authorizing completion of the transaction with a remote funding source based on the received transaction details and establishing an authorization code therefor with the remote funding source, the authorization code uniquely identifying the transaction; and
,(e) communicating the authorization code for the transaction to the participating entity;
wherein the method is performed by a third party different than the financial account holder and the participating entity.
2 Assignments
0 Petitions
Accused Products
Abstract
A method of processing commercial transactions carried out over the Internet (50) between account holders (30) and participating merchants (20) includes receiving a purchase request (352) of a buyer from a participating merchant (20) indicating that the buyer desires to carry out a transaction with the merchant (20). The transaction includes the buyer purchasing one or more selected items (340) from the merchant (20). The buyer is authenticated (310) as an account holder (30) and transaction fulfillment data (362) is established. The transaction fulfillment data (362) indicates a delivery destination for the selected items. In turn, the transaction fulfillment data (362) is communicated to the participating merchant (20), and transaction details (384) from the participating merchant (20) are received. The transaction details (384) include a cost for the selected items. Thereafter, completion of the transaction is authorized (390) and an authorization code (392) established therefor is communicated to the participating merchant (20).
104 Citations
20 Claims
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1. A method of processing a transaction carried out over a network between a financial account holder and a participating entity, the method comprising:
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(a) receiving a purchase request of a buyer from the participating entity indicating that the buyer desires to carry out a transaction with the participating entity, the transaction including the buyer purchasing one or more selected items; (b) authenticating the buyer as the financial account holder via a processor; (c) after successful authentication of the buyer, receiving transaction details from the participating entity, the transaction details including a cost for the selected items; (d) authorizing completion of the transaction with a remote funding source based on the received transaction details and establishing an authorization code therefor with the remote funding source, the authorization code uniquely identifying the transaction; and
,(e) communicating the authorization code for the transaction to the participating entity; wherein the method is performed by a third party different than the financial account holder and the participating entity. - View Dependent Claims (2, 9, 10, 11, 12)
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3. A method of processing transactions carried out over a network between account holders and participating entities, the method comprising:
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(a) receiving a purchase request of a buyer from a participating entity indicating that the buyer desires to carry out a transaction with the participating entity, the transaction including the buyer purchasing one or more selected items; (b) authenticating the buyer as an account holder via a processor; (c) receiving transaction details including one or more terms for purchasing the selected items; (d) authorizing completion of the transaction and establishing an authorization code therefor; (e) communicating the authorization code for the transaction to the participating entity; (f) obtaining settlement information from the participating entity, the settlement information including the authorization code and transaction details for the completed transaction; (g) confirming that the transaction details corresponding to the authorization code received with the settlement information are within a desired tolerance; and
,(h) communicating the confirmed settlement information to a funding source to effect reimbursement of the participating entity and billing of the account holder. - View Dependent Claims (4, 5, 6, 7, 8, 13, 14, 15, 16)
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17. A system for processing a transaction between a financial account holder and a seller over a network, the system comprising:
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a coordinator server configured to; receive a purchase request of a buyer from the seller indicating that the buyer desires to carry out a transaction with the seller, the transaction including the buyer purchasing one or more selected items; authenticate the buyer as the financial account holder; after successful authentication of the buyer, receive transaction details from the seller, the transaction details including a cost for the selected items; authorize completion of the transaction based on the received transaction details and establish an authorization code therefor, the authorization code uniquely identifying the transaction; and communicate the authorization code for the transaction to the seller; and a coordinator database that stores data relating to the transaction; wherein the system is operated by a third party different than the financial account holder and the seller. - View Dependent Claims (18, 19, 20)
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Specification