Patent ID: 7353991

Claim:
A method of conducting a wireless point-of-sale transaction between a brick-and-mortar merchant and a customer physically present at a facility associated with the brick-and-mortar merchant, the method comprising: wirelessly transmitting a transaction request, the transaction request requesting approval for the wireless point-of-sale transaction from the customer and comprising a transaction amount; receiving a wireless transmission of a transaction approval indicating that the customer has approved the wireless point-of-sale transaction, wherein the transaction approval comprises payment information, the payment information comprising (i) customer clearinghouse identification information that identifies a clearinghouse account associated with the customer and (ii) payment account identification information that identifies a payment account associated with the clearinghouse account associated with the customer, and wherein the payment account has been selected by the customer; transmitting a transfer request that funds be transferred from the clearinghouse account associated with the customer to a clearinghouse account associated with the merchant, the transfer request comprising the transaction amount, at least a portion of the payment information, and merchant clearinghouse identification information that identifies the clearinghouse account associated with the merchant; receiving a transfer confirmation of the requested transfer of funds, the transfer confirmation comprising confirmation information that confirms that a transfer of funds from the payment account identified by the payment account identification information to the clearinghouse account associated with the merchant has been secured, wherein transfer of funds corresponds to the transaction amount.