Method and system for facilitating electronic funds transactions
US7104443B1 · kind B1 · utility
Assignee
Inventors
Key dates
| Filing date | Apr 22, 2002 |
| Grant date | Sep 12, 2006 |
| Priority date | — |
| Expiry date | Mar 30, 2023 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q40/00
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method and system for executing electronic funds transactions using a merchant based debit (MBD) card in a merchant-centric system that provides for reduced fees to acquiring merchants and remitting a portion of the collected fees to issuing merchants. The system also preferably provides information sharing on consumer transactions with merchants to facilitate consumer based incentive programs and the like. The system operates over conventional card processing infrastructure and utilizes the ACH network, or equivalent, to settle the transaction from a consumer checking account, or a merchant account in the case of a prepaid MBD card. Using the system, merchants may elect to qualify customers based on their own criterion. A portion of the interchange fee is distributed to the issuing merchant associated transaction executed using the merchant based debit card. Embodiments are described for prepaid, fixed value, programmable, and refillable, forms of merchant based debit cards.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.