Method for minimizing financial risk for wireless services
US7958029B1 · kind B1 · utility
Inventors
Key dates
| Filing date | Oct 20, 2004 |
| Grant date | Jun 7, 2011 |
| Priority date | — |
| Expiry date | Dec 19, 2029 |
Classification
- Technology area (CPC H)Electricity
- CPC primaryH04W4/24
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A method and system for managing financial risk through the use of postpaid processing during use of wireless services is presented within the scope of the following invention. The present invention uses credit card authorization to pre-reserve credit card funds for wireless services in excess of planned usage. Authorizations eliminate the credit risk associated with overages and payment timing, and also maintain a customer experience identical to postpaid processing. The authorizations are invisible to the customer and no charge is brought to a customer's credit card until the monthly bill is settled. Separating the authorization and settlement stages of retail wireless payment processing allows the branded wireless provider to avoid inherent areas of credit risk during the tenure of a customer's wireless service, while maintaining a familiar customer experience.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.