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Method of conducting financial transactions where a payer's financial account information is entered only once with a payment system

  • US 9,454,866 B2
  • Filed: 04/15/2011
  • Issued: 09/27/2016
  • Est. Priority Date: 10/13/2010
  • Status: Active Grant
First Claim
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1. A method of conducting a financial transaction via a payment system, comprising:

  • receiving, by the payment system, from a computing device associated with a first party, a first party'"'"'s financial account information associated with a first party'"'"'s financial institution;

    receiving, by the payment system, identifying information associated with one or more second parties;

    receiving, by the payment system and from the computing device associated with the first party operatively communicating with a geo-location system, a location of the computing device associated with the first party;

    forwarding, by the payment system, to the computing device associated with the first party the identifying information of at least one of the one or more second parties;

    receiving, by the payment system from the computing device associated with the first party, an indication of a selection by the first party of a selected second party of the one or more second parties;

    opening a tab, by the payment system, between the first party and the selected second party, the selected second party being located within a selected geographic location, the selected geographic location being defined by a geo-location boundary surrounding the second party;

    notifying the first party and the selected second party of the opening of the tab between the first party and the selected second party;

    receiving, by the payment system and from the computing device associated with the first party operatively communicating with the geo-location system, an indication that the location of the computing device is detected outside of the selected geographic location;

    receiving, by the payment system and from a second computing device associated with the selected second party, a selection of the tab by the second party when the location of the computing device of the first party is detected outside of the selected geographic location; and

    receiving, by the payment system, a request to settle the tab from the first party or the second party.

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