Method and apparatus for verifying financial account information

• US 8,805,738 B2
• Filed: 10/06/2009
• Issued: 08/12/2014
• Est. Priority Date: 06/10/2003
• Status: Active Grant

• Current Assignee: Isx Ip, Ltd.
• Original Assignee: Kagi Corporation
• Inventors: Nethery, Stanton Kee III
• Primary Examiner(s): Hammond, III, Thomas M
• Assistant Examiner(s): SCARITO, JOHN D
• Application Number:
  US12/574,280
• Publication Number:
  US 20100023423A1
• Time in Patent Office: 1,771 Days
• Field of Search: 705/39, 705/44, 705/35
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/04 Payment circuits
• 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 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• 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 30/0601 Electronic shopping [e-shopping]
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

An apparatus and method for verifying a customer'"'"'s financial information is disclosed wherein a seller accepts information about the details of price and quantity of the goods to be purchased, and accepts information about customer'"'"'s financial account. Payment is authorized or processed for desired goods in a variable transaction amount that is not equal to the total price of the goods. Then the amount of the transaction is received from the customer and compared to the amount charged to the bank. If the two amounts match then the goods are shipped to the customer and if not already processed payment is settled.

Claims

1. A method of verifying financial account information of a customer during a business transaction comprising:

accepting from the customer, via a computer, information regarding a total price and a quantity of goods being purchased as the business transaction;

accepting from the customer, via the computer, information about a financial account;

relaying identifier information to the customer by processing a payment for the goods from the financial account to a seller, by obtaining an authorization for the payment and settling the authorization for the payment, wherein the payment comprises a single transaction of a variable total amount that does not equal the total price of the goods and that is between two separate prices authorized by the customer, wherein the identifier information is the variable total amount associated with the processed payment;

receiving verification information from the customer, wherein the verification information is the variable total amount associated with the processed payment;

comparing, via the computer, the received verification information with the relayed identifier information; and

authorizing shipment of the goods to the customer if the received verification information corresponds to the relayed identifier information.

2. The method according to claim 1, wherein receiving the verification information from the customer is conducted over the internet.

3. The method according to claim 1, wherein the two separate prices are a value lower than the total price of the goods and a value higher than the total price of the goods.

4. A system for verifying financial account information during a business transaction comprising:

a communications link between a customer computer and a seller computer;

means for accepting, through the communications link, information regarding a total price and a quantity of goods being purchased by the customer as the business transaction;

means for accepting, through the communications link, information about a financial account from the customer;

a computer configured to relay identifier information to the customer by processing a payment for the goods from the financial account to the seller, by obtaining an authorization for the payment and settling the authorization for the payment, wherein the payment comprises a single transaction of a variable total amount that does not equal the total price of the goods and that is between two separate prices authorized by the customer, wherein the identifier information is the variable total amount associated with the processed payment;

means for receiving verification information from the customer, wherein the verification information is the variable total amount associated with the processed payment; and

means for authorizing shipments of the goods to the customer if the received verification information corresponds to the relayed identifier information.

5. The system according to claim 4, wherein the two separate prices are a value lower than the total price of the goods and a value higher than the total price of the goods.

6. A method of verifying financial account information of a customer during a business transaction comprising:

accepting from the customer, via a computer, information regarding a total price and a quantity of goods being purchased as the business transaction;

accepting from the customer, via the computer, information about a financial account;

relaying identifier information to the customer by processing a payment for the goods from the financial account to a seller, by obtaining an authorization for the payment, wherein the payment comprises a single transaction of a variable total amount that does not equal the total price of the goods and that is between two separate prices authorized by the customer, wherein the identifier information is the variable total amount associated with the payment;

receiving verification information from the customer, wherein the verification information is the variable total amount associated with the payment;

comparing, via the computer, the received verification reformation with the relayed identifier information; and

settling the authorization for the payment if the received verification information corresponds to the relayed identifier information.

7. The method according to claim 6, wherein receiving the verification information from the customer is conducted over the internet.

8. The method according to claim 6, wherein the two separate prices are a value lower than the total price of the goods and a value higher than the total price of the goods.

9. A system for verifying financial account information during a business transaction comprising:

a communications link between a customer computer and a seller computer;

means for accepting, through the communications link, information regarding a total price and a quantity of goods being purchased by the customer as the business transaction;

means for accepting, through the communications link, information about a financial account from the customer;

a computer configured to relay identifier information to the customer by processing a payment for the goods from the financial account to the seller, by obtaining an authorization for the payment, wherein the payment comprises a single transaction of a variable total amount that does not equal the total price of the goods and that is between two separate prices authorized by the customer, wherein the identifier information is the variable total amount associated with the payment;

means for receiving verification information from the customer, wherein the verification information is the variable total amount associated with the payment; and

means for authorizing shipments of the goods to the customer if the received verification information corresponds to the relayed identifier information; and

means for settling the authorization for the payment if the received verification information corresponds to the relayed identifier information.

10. The system according to claim 9, wherein settling the authorization for the payment includes a transfer of money.

11. The system according to claim 9, wherein the two separate prices are a value lower than the total price of the goods and a value higher than the total price of the goods.