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Methods for transferring funds using a payment service where financial account information is only entered once with a payment service and need not be re-entered for future transfers

  • US 9,436,955 B2
  • Filed: 04/15/2011
  • Issued: 09/06/2016
  • Est. Priority Date: 06/10/2009
  • Status: Active Grant
First Claim
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1. A method of transferring funds to and/or from a first party'"'"'s financial account, comprising:

  • receiving, by a payment system, a request from a first electronic device to register a first party to the payment system, the payment system including a transaction database and a user database, wherein the user database includes identifying information of first parties associated with the payment system and identifying information of second parties associated with the payment system;

    receiving, by the payment system and from the first electronic device, the first party'"'"'s financial account information to the payment system that includes an application server and a secure server coupled to the first party'"'"'s financial account;

    detecting, by the first electronic device operatively communicating with a geo-location system, a location of the first electronic device;

    receiving, by the payment system and from the first electronic device, an electronic tab between the first electronic device and a second electronic device of a second party, wherein the electronic tab allows the first electronic device and the second electronic device to conduct a financial transaction through the payment system, wherein the second party is located within a selected geographic location, the selected geographic location being defined by a geo-location boundary surrounding the second party, and wherein the electronic tab is opened by the first party on the first electronic device when the location of the first electronic device is detected outside of the selected geographic location;

    receiving, by the payment system and from the second electronic device, a selection of the electronic tab by the second party to be processed by the payment system when the location of the first electronic device is detected outside of the selected geographic location;

    detecting, by the first electronic device operatively communicating with the geo-location system, the first electronic device within the selected geographic location of the second electronic device;

    processing, by the payment system, the financial transaction between the first electronic device and the second electronic device, wherein the first electronic device transfers funds from the first party'"'"'s financial account, through the payment system, to the second electronic device using the secure server of the payment system when the first party electronic device is within the selected geographic location of the second party electronic device; and

    updating, by the payment system, the transaction database with transaction information of the transfer of funds from the first party'"'"'s financial account, by the first electronic device, to the second party electronic device.

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