Patent ID: 8700524

Claim:
A computer-implemented method executed by an interchange computing device for managing transactions between a merchant server and a consumer having a telephonic apparatus, comprising: storing, in the interchange computing device, restriction data in association with a phone number, the restriction data having at least one of a merchant and a merchant category; receiving, in the interchange computing device, a payment request from the merchant server identifying the phone number, and a merchant identifier associated with the merchant server; determining, by the interchange computing device, whether the restriction data is applicable to the merchant as identified by the merchant identifier; if the restriction data is applicable to the merchant then determining, by the interchange computing device, whether to reject the payment request based at least in part on the restriction data; if the payment request is not rejected based on the restriction data: communicating, by the interchange computing device, with the telephonic apparatus at the phone number to confirm the payment request, after confirmation of the payment request, transmitting, by the interchange computing device, a notification to the merchant, and fulfilling, by the interchange computing device, the payment request using funds associated with the phone number; if the payment request is rejected based on the restriction data then determining whether the restriction data can be modified; if the restriction data can be modified then seeking, with the interchange computing device, authorization to modify the restriction data; if the authorization is received to modify the restriction data then: communicating, by the interchange computing device, with the telephonic apparatus at the phone number to confirm the payment request, after confirmation of the payment request, transmitting, by the interchange computing device, a notification to the merchant, and fulfilling, by the interchange computing device, the payment request using funds associated with the phone number; and if the payment authorization is not received then refusing, by the interchange computing device, fulfilling of the payment request.