Patent ID: 7853521

Claim:
A system for processing financial transactions comprising: at least one remote terminal assigned to a traveling merchant, wherein a change in location associated with the traveling merchant effects a change in location of the at least one remote terminal, wherein the at least one remote terminal identifies a distal GPS (Global Positioning System) location of a financial transaction, wherein the at least one remote terminal also acquires transaction information about a proffered promissory payment and transmits a signal indicative of the transaction information and the distal GPS location information; and an authorizing host that receives the signal transmitted by the at least one remote terminal wherein the authorizing host evaluates the risk associated with the financial transaction based, at least in part, on comparing the distal GPS location information to a plurality of pre-approved locations the traveling merchant travels to in order to conduct transactions, wherein the authorizing host adjusts the risk evaluation based upon the distal GPS location information, so as to determine whether to accept or decline the financial transaction, wherein the authorizing host transmits a signal back to the at least one remote terminal indicative of acceptance or decline of the proffered promissory payment, and when the at least one remote terminal declines the financial transaction, the authorizing host is configured to evaluate additional merchant parameters associated with the financial transaction that are different than the distal GPS location information.