Method and apparatus for verifying financial account information

• US 7,765,153 B2
• Filed: 06/10/2003
• Issued: 07/27/2010
• 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): Kazimi; Hani
• Assistant Examiner(s): Scarito; John D
• Application Number:
  US10/457,548
• Publication Number:
  US 20040254867A1
• Time in Patent Office: 2,604 Days
• Field of Search: 705/35, 705/39
• 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 for desired goods in two or more separate transactions, the amount of each transaction totaling the total price of the goods. Then the amount of each 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 payment is settled. In an alternative embodiment a ratio of the two amounts received from the customer is used rather than the amounts themselves to compensate for currency variations.

Claims

1. A computer implemented method of verifying financial account information of a customer in connection with a business transaction comprising:

accepting information via a computer from the customer regarding a price and a quantity of goods to be purchased as the business transaction;

accepting information via the computer about a financial account from the customer of the business transaction;

authorizing or processing a payment for the goods that equals the price of the goods from the financial account in multiple, separate transactions through the financial account using separate payment amounts that total the price for the goods whereby identifier information is relayed to the customer and the identifier information is constituted by the separate payment amounts of the multiple, separate transactions which total the price for the goods;

receiving verification information from the customer by receiving the separate payment amounts of the multiple, separate transactions which total the price for the goods from the customer;

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

continuing with the business transaction if the received verification information corresponds to the relayed identifier information.

2. The method according to claim 1, wherein continuing with the business transaction includes authorizing shipment of the goods to the customer and settling the payment for the goods that equals the price of the goods, if the payment was authorized and not processed.

3. The method according to claim 1, wherein comparing the received verification information with the relayed identifier information includes calculating one or more payment ratios from any two of the separate payment amounts in the identifier information, calculating one or more verification ratios from any two of the separate payment amounts in the verification information received from the customer, and checking that any one of the one or more verification ratios is substantially equal to any one of the one or more payment ratios.

4. The method according to claim 3, wherein receiving the verification information from the customer is conducted over the internet.

5. A system for verifying financial account information comprising:

a communications link between a customer and a seller;

means for accepting, through the communications link, a total price and quantity information about goods to be purchased by the customer;

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

a computer programmed to authorize or process a payment for the goods that equals the total price of the goods from the financial account, wherein said payment for the goods includes multiple, separate transactions using separate payment amounts that total the total price for the goods such that identifier information is relayed to the customer constituted by the separate payment amounts of the multiple, separate transactions which total the total price of the goods;

means for receiving verification information from the customer by receiving the separate payment amounts of the multiple, separate transactions which total the total price for the goods from the customer;

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

means for settling the payment for the goods that equals the total price of the goods, if the payment was authorized and not processed and if the verification information received from the customer matches the identifier information.

6. The system according to claim 5, wherein said communications link is the internet.

7. The system according to claim 5, wherein the identifier information matches the verification information received from the customer if a ratio of any two of the separate payment amounts of the identifier information equates to a ratio of any two of the separate payment amounts of the verification information.