Patent ID: 8688570

Claim:
A non-transitory computer program product having computer-executable instructions stored thereon that, in response to execution by a computer-based system for enabling a buyer to transfer funds to a seller via mobile telephones, cause the computer-based system to perform operations comprising: receiving, by the computer-based system, a funds-transfer request transmitted from a mobile telephone of the seller, wherein the funds-transfer request is for a transfer of funds from a financial account held by the buyer to a financial account held by the seller, wherein the funds-transfer request is transmitted from a payment application stored in the seller's mobile telephone, wherein the payment application is uploaded to the seller's mobile telephone when the computer receives a request from the seller's mobile telephone, and wherein the funds-transfer request identifies a purchase amount to be transferred, and information identifying the financial account held by the seller; processing, by the computer-based system, the funds-transfer request according to the purchase amount and the received financial account information; providing, by the computer-based system, an insufficient fund notification to the mobile telephone of the buyer in response to the financial account having insufficient funds to complete the transfer of funds; requesting, by the computer-based system, the buyer modify the funds-transfer request via the mobile telephone of the buyer to identify a different financial account in response to the financial account having insufficient funds to complete the transfer of funds; providing, by the computer-based system, an invalid account notification to both the mobile telephone of the buyer and the mobile telephone of the seller, in response to the received financial account information being invalid; providing, by the computer-based system, a notification to the mobile telephone of the buyer to modify the funds-transfer request; requesting, by the computer-based system, that the buyer modify the funds-transfer request via the mobile telephone to identify a valid financial account, in response to the received financial account information corresponding to an invalid financial account; charging, by the computer-based system, the purchase amount to one of the financial account or the valid financial account held by the buyer and to transfer the purchase amount to a financial account held by the seller; and providing, by the computer-based system, a payment acknowledgment to the buyer's mobile telephone and to the seller's mobile telephone.