Systems and methods for financial transaction through card reader in communication with third party financial institution with encrypted information
First Claim
Patent Images
1. A payment system, comprising:
- a card reader configured to be coupled to a mobile device, the card reader including;
a housing;
a read head positioned in the housing, the housing including a slot to allow reading of a financial transaction card and producing a signal indicative of data from the financial transaction card;
an encryption system configured to encrypt at least a portion of information associated with the signal;
an ID circuit configured to provide a unique ID to the mobile device;
a control unit configured to transmit a control signal to a pathway subsystem circuit to selectively couple one of the encryption system and the ID circuit with a communication port of the mobile device; and
a transaction engine of the mobile device, that in operation;
communicates at least a portion of information derived from the encrypted information to a third party payment system associated with a buyer'"'"'s financial account,initiates, in response to the third party payment system at least partially authorizing a financial transaction, a transfer of funds from the buyer'"'"'s financial account associated with the financial transaction card to an account of a merchant associated with the card reader, andprovides for communication of at least a portion of transaction information to the buyer.
2 Assignments
0 Petitions
Accused Products
Abstract
A system is provided that includes a transaction engine running on a mobile device. In response to a financial transaction between a buyer and a seller, the transaction uses the mobile device to accept information selected including but not limited to information from financial transaction or information pertaining to financial transaction card used by the buyer in the transaction. At least a portion of this information is communicated with a third party financial institution or payment network to authorize the transaction. Encrypted information is sent to the third party payment system authorizing a financial transaction.
-
Citations
20 Claims
-
1. A payment system, comprising:
-
a card reader configured to be coupled to a mobile device, the card reader including; a housing; a read head positioned in the housing, the housing including a slot to allow reading of a financial transaction card and producing a signal indicative of data from the financial transaction card; an encryption system configured to encrypt at least a portion of information associated with the signal; an ID circuit configured to provide a unique ID to the mobile device; a control unit configured to transmit a control signal to a pathway subsystem circuit to selectively couple one of the encryption system and the ID circuit with a communication port of the mobile device; and a transaction engine of the mobile device, that in operation; communicates at least a portion of information derived from the encrypted information to a third party payment system associated with a buyer'"'"'s financial account, initiates, in response to the third party payment system at least partially authorizing a financial transaction, a transfer of funds from the buyer'"'"'s financial account associated with the financial transaction card to an account of a merchant associated with the card reader, and provides for communication of at least a portion of transaction information to the buyer. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8)
-
-
9. A card reader configured to be coupled to a mobile device, the card reader including:
-
a housing; a read head positioned in the housing, the housing including a slot for allowing reading of a financial transaction card for producing a signal indicative of data from the financial transaction card; an encryption system configured to encrypt at least a portion of information associated with the signal; an ID circuit configured to provide a unique ID to the mobile device; a control unit configured transmit a control signal to a pathway subsystem circuit to selectively couple one of the encryption system and the ID circuit with a communication port of the mobile device; and a transaction engine of the mobile device, that in operation; communicates at least a portion of information derived from the encrypted information to a third party payment system, and authorizes, in response to the third party payment system, a financial transaction from a buyer'"'"'s financial account to an account of a merchant associated with the card reader. - View Dependent Claims (10, 11, 12)
-
-
13. A method of payment, comprising:
-
establishing a connection between a card reader and a mobile device, the card reader including an encryption system configured to provide encrypted information from at least a portion of information relative to a transaction between a buyer and a merchant and an ID circuit configured to provide a unique ID to the mobile device; in relation to a financial transaction between the buyer and the merchant, conveying at least a portion of the encrypted information from the card reader to the mobile device using the encryption system, wherein a control unit is configured to transmit a control signal to a pathway subsystem circuit to selectively couple one of the encryption system and the ID circuit with the mobile device; communicating at least a portion of the encrypted information to a transaction engine of the mobile device; and communicating at least a portion of information derived from the encrypted information to a third party payment system associated with a buyer'"'"'s financial account. - View Dependent Claims (14, 15, 16, 17, 18, 19, 20)
-
Specification