Patent ID: 7363265

Claim:
A method for facilitating payment transactions, comprising: generating a virtual account on behalf of a user, within a trust account configured for aggregating a plurality of virtual accounts under the control of a trustee appointed to administer the funds within the trust account; said trust account configured with an associated repository of capital sufficient to disburse funds by said trustee equivalent to the cumulative balances within the associated virtual accounts; issuing, to a user as a cardholder, a virtual account electronic payment card encoded with said virtual account number and linked to said trust account; accessing said virtual account in response to presentation of payment transaction information associated with a virtual account payment card when executing a payment transaction; and immediately transferring any portion of a balance from the virtual account of said user, as said trustee releases a level of funds from the trust account in response to user directive, to render payment for executing said payment transaction without creating a chargeback liability.