Systems and methods for making payments from selected funding sources

Abstract

In an embodiment, a payment service provider includes a database storing a plurality of buyer-identity / buyer's-payment-source-account associations, each having a unique identifier assigned thereto, and a payment service provider transaction device configured to: 1) communicate with at least one of a transaction device of the buyer and / or a transaction device of a seller; 2) receive an authorization from the buyer to make a payment from a selected one of the buyer's payment source accounts to a designated one of the seller's payment depository accounts, the authorization including a specified payment amount and the unique identifier associated with the selected buyer's payment source account from which the buyer desires the payment to be made; and 3) effect a transfer of the specified payment amount from the selected buyer's payment source account to the designated seller's account.

Description

RELATED APPLICATIONS[0001]This application is a divisional of U.S. patent application Ser. No. 12 / 176,978, filed Jul. 21, 2008, now U.S. Pat. No. ______, issued ______, the disclosure of which is incorporated herein by reference in its entirety.BACKGROUND[0002]1. Field of the Invention[0003]This invention relates generally to electronic commerce, and more particularly, to systems and methods for making payments for goods or services from a selected one of a plurality of funding sources using only a single payment device, such as a debit card.[0004]2. Related Art[0005]In a familiar scenario involving the purchase of goods or services, a buyer or customer presents a seller or merchant with a payment device, typically a debit or credit card having, e.g., a magnetically encoded strip on its surface, and the card is “swiped” or scanned with another device typically provided by the seller, e.g., a “card reader.” The card reader reads from the card the identity and buyer's account number o...

AI Technical Summary

Benefits of technology

The present invention provides systems and methods for enabling buyers to make payments to sellers using a single payment device, such as a debit card, credit card, PC, or PDA. A payment service provider stores a database of associations between the buyer's identity and the corresponding payment source accounts, and receives an authorization from the buyer to make a payment from one of the buyer's payment source accounts to a designated seller's payment depository account. The unique identifier associated with the selected buyer's payment source account is used to effect the transfer of the specified payment amount. This allows for convenient and efficient payment transactions using a single payment device.

Problems solved by technology

The foregoing “cashless,”“checkless” or “electronic” payment scenario, although relatively convenient and secure for both buyers and sellers, presents a drawback for those buyers who, for a variety of reasons, e.g., accounting, tax, legal, or other considerations, wish to make selected purchases with funds drawn from different payment sources.

To accomplish this, the buyer is forced into the relatively inconvenient arrangement of having to carry and use two different payment devices, e.g., debit or credit cards, each having an associated funding source and PIN number.

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