Method and system for facilitating electronic funds transactions
US7775426B2 · kind B2 · utility
Inventors
Key dates
| Filing date | Aug 21, 2006 |
| Grant date | Aug 17, 2010 |
| Priority date | — |
| Expiry date | Jun 17, 2029 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/26
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method and system for executing electronic funds transactions using a merchant-issued payment (MIP) card in a merchant-centric system having benefits which include reduced fees to acquiring merchants and optionally remitting a portion of the collected fees, or other incentive, 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 MIP card. Using the system, merchants may elect to qualify customers based on their own criterion. Embodiments are described for prepaid, fixed value, programmable, and refillable, forms of merchant-issued payment cards.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.