Patent ID: 8662389
Filing Date: 2014-03-04
Classification: G06Q,G07F

Abstract:
1. A method of paying a second party, comprising: using one or more processors to create open tabs for one or more transactions between first parties and second parties, the opening of a tab being a financial transaction mechanism for a first party and the second party to enter into a transaction using a financial instrument of the first party, each of the first and second parties being registered to conduct transactions with a payment system that includes a secure server, a product or service database, a user database and a transaction database, the payment system being in communication with a first party's financial account of a financial institution, the payment system being a non-affiliate of the financial institution; using one or more processors to access the user database by the first party, and find names of one or more second parties registered with the payment system; using one or more processors by the second party registered with the payment system, to access the user database and find a list of first parties with open tabs, wherein the second party engages in a financial transaction using an open tab with the first party when the first party is within a defined geographic area; allowing the listed first parties with open tabs to be selected by the second party, the second party being only able to charge the first party's financial account via the payment system when a first party's mobile device is within the defined geographic area; using the secure server of the payment system to transfer funds from the first party to the second party when the first and second parties enter into a transaction; and including information of the transaction in the transaction database when the transaction is entered into.