Patent ID: 6185545
Filing Date: 2001-02-06
Classification: G06Q,G07F

Abstract:
A method for effecting payment for goods or services comprising:providing a centralized payment processor;establishing an intermediary account on the payment processor having a corresponding account identifier;associating the intermediary account with an end-user's account maintained by a vendor;conducting a payment transaction comprising receiving a payment from the end-user at a point-of-sale together with the account identifier;communicating data indicative of the payment transaction from the point-of-sale to the centralized payment processor;in the payment processor, validating the payment transaction data and transmitting a response to the point-of-sale, said response including an indication of approval if the validating step results in approval of the transaction;in the payment processor, if the validating step results in approval of the transaction, interfacing with the vendor so as to load value into the end-user's associated account responsive to the payment transaction;establishing an intermediary bank account at a financial institution for deposit of funds corresponding to the intermediary account established on the payment processor; andcollecting an amount of money equal to the payment amount, subject to adjustment, from the point-of-sale proprietor into the intermediary bank account by electronic funds transfer.