Secure and efficient payment processing system

• US 20020046169A1
• Filed: 11/13/2001
• Published: 04/18/2002
• Est. Priority Date: 10/01/1999
• Status: Active Grant

• Current Assignee: CardinalCommerce Corporation (Visa, Inc.)
• Original Assignee: CardinalCommerce Corporation (Visa, Inc.)
• Inventors: Bhagavatula, Ravishankar, Balasubramanian, Chandra, Sherwin, Francis M., Keresman, Michael A. III
• Granted Patent: US 8,170,954 B2
• Time in Patent Office: Days
• US Class Current: 705/41
• 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 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• CPC Class Codes: G06Q 20/3674 involving authentication
• CPC Class Codes: G06Q 20/3821 Electronic credentials
• CPC Class Codes: G06Q 20/385 using an alias or single-use codes
• 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 30/04 Billing or invoicing
• 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
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange

Abstract

A method for carrying out commercial transactions includes establishing a transaction processing system on an electronic communications network, and establishing an account within the transaction processing system for a corresponding account holder. One or more descriptions of acceptable future commercial transactions related to the account are obtained from the account holder. Commercial transactions carried out via the transaction processing system are administered, and it is verified that administered commercial transactions related to the account meet one or more of the descriptions obtained.

Claims

1. A method for carrying out commercial transactions, said method comprising the steps of:

(a) establishing a transaction processing system on an electronic communications network;

(b) establishing an account within the transaction processing system for a corresponding account holder;

(c) obtaining from the account holder one or more descriptions of acceptable future commercial transactions related to the account;

(d) administering commercial transactions carried out via the transaction processing system; and

,

(e) verifying that administered commercial transactions related to the account meet one or more of the descriptions obtained.

2. The method according to claim 1, wherein step (c) comprises:

obtaining from the account holder an identity of a designated merchant with whom it is acceptable to carry out commercial transactions related to the account; and

,

obtaining from the account holder a designated amount that is an acceptable cost limit for commercial transactions with the designated merchant.

3. The method according to claim 1, wherein step (c) comprises:

obtaining from the account holder an identity of a designated merchant with whom it is acceptable to carry out commercial transactions related to the account; and

,

obtaining from the account holder a designated time frame within which it is acceptable for commercial transactions to be carried out with the designated merchant.

4. The method according to claim 1, further comprising the steps of:

(f) denying authorization for completion of an administered commercial transaction when the transaction is does not meet one or more of the descriptions obtained; and

,

(g) authorizing completion of an administered commercial transaction when the transaction does meet one or more of the descriptions obtained.

5. The method according to claim 4, further comprising the step of:

(h) reporting denied authorizations to the corresponding account holder.

6. The method according to claim 5, further comprising the steps of:

(i) receiving from the account holder and override request in response to a denied authorization report; and

,

(j) authorizing completion of the corresponding commercial transaction.

7. A method of processing commercial transactions carried out over the Internet between account holders and participating merchants, said method comprising the steps of:

(a) establishing account priviliges for each account holder'"'"'s account, said priviliges defining boundaries outside of which transactions are not to be authorized;

(b) receiving a buyer'"'"'s purchase request from a participating merchant indicating that the buyer desires to carry out a transaction with the merchant, said transaction including the buyer purchasing one or more selected items from the merchant;

(c) authenticating the buyer as an account holder;

(d) receiving transaction details from the participating merchant, said transaction details including a cost for the selected items; and

,

(e) authorizing completion of the transaction when the transaction details do not violate established account priviliges and the account holder'"'"'s account is full enough to cover the cost.

8. The method according to claim 7, wherein the boundaries defined by the account priviliges preclude selected merchants from having transactions authorized for completion.

9. The method according to claim 7, wherein virtual purchase orders are selectively set up by the account holders via manipulation of the account privileges such that those transactions which fall under the virtual purchase orders are authorized.

10. The method according to claim 7, wherein the boundaries defined by the account priviliges preclude single transactions over a designated cost limit from being authorized for completion.

11. The method according to claim 7, wherein the boundaries defined by the account priviliges preclude from being authorized for completion transactions within a determined time period having an aggregate cost over a designated cost limit.

12. The method according to claim 7, wherein the boundaries defined by the account priviliges preclude from being authorized for completion transactions occurring outside a defined time frame.

13. The method according to claim 7, wherein the boundaries defined by the account priviliges preclude from being authorized for completion transactions occuring at a rate faster than a defined frequency.

14. The method according to claim 7, further comprising the step of:

(f) notifying an account holder when transaction details are received that violate that account holder'"'"'s account priviliges.