Patent ID: 8521643

Claim:
A computer implemented method for payment transactions between a consumer and a merchant comprising the steps of: a system provider computer verifying electronically and over a computer network, that the consumer has an established credit card account; the system provider computer creating, over a computer network, an electronic lock box account, wherein the lock box account is associated with the consumer and comprises an electronic account into which data is stored relating to the consumer and no funds are stored, wherein the consumer credit card account is stored in the lock box account; the system provider computer establishing, over a computer network, a purchasing limit and a lockbox account number, and storing, over a computer network, the purchasing limit and the lockbox account number within the lock box account; the consumer, the system provider computer and the merchant executing, over a computer network, a purchase transaction between the consumer and the merchant comprising: entering the lock box account number; routing the dollar amount of the purchase transaction and the entered lock box account number to the lockbox; verifying that the dollar amount of the purchase transaction is within the established purchasing limit and that the entered account number matches the entered lock box account number; and completing the purchase transaction if the amount of the purchase transaction is within the established purchasing limit stored in the lock box account; and the system provider computer, a consumer's credit card bank computer and the merchant settling, over a computer network, the transaction with the consumer's credit card account, wherein the settling step comprises: requesting funds from the consumer's established credit card account corresponding to the amount of the purchase transaction; and routing funds corresponding to the amount of the purchase transaction directly from the consumer's credit card account to the merchant.