Processing Online Transactions

Abstract

Disclosed are systems and methods for managing transactions in which an order is specified online and payment is received at a point of sale (POS). Methods are disclosed for managing payment for such transactions at a POS, including transactions involving payment for both in-store purchases and online orders. Methods are also disclosed for managing inventory and price changes for such transactions where payment can occur at any time in a pay period following order creation. Also disclosed are methods for processing refunds for online orders for which payment was made at a POS. Finally, methods for preventing fraud and abuse as well as restricting the availability of this payment method for certain items are disclosed.

Description

RELATED APPLICATIONS[0001]This application claims priority to U.S. Provisional Application Ser. No. 61 / 624,975 filed Apr. 16, 2012 and entitled Novel Approach to Making Payments, which is hereby incorporated herein by reference in its entirety.BACKGROUND[0002]1. Field of the Invention[0003]This invention relates to receiving payment for online purchases.[0004]2. Background of the Invention[0005]In ecommerce transactions, the typical payment method is a credit or debit card. Other electronic accounts may also be used to pay for an online purchase, but these accounts are typically linked to some sort of bank or credit account. These payment methods result in additional costs due to transaction processing, fraud processing, and chargeback exposure.[0006]There are also many “unbanked” and “under-banked” customers that do not have a credit or debit card and do not qualify for alternatives, but want to purchase items online. These customers typically pay with cash for in-store transaction...

AI Technical Summary

Benefits of technology

The patent describes a new method for making online purchases that avoids the high costs and risks associated with traditional credit card processing. The method uses a combination of online and offline components to create a seamless experience for customers. The invention also provides a way for customers to make purchases without sharing their financial information with the online merchant. The technical effects of the invention include reducing costs and risks associated with traditional credit card processing, making it easier for customers to make online purchases, and providing a better experience for customers who are unbanked or under-banked.

Problems solved by technology

These payment methods result in additional costs due to transaction processing, fraud processing, and chargeback exposure.

There are also many “unbanked” and “under-banked” customers that do not have a credit or debit card and do not qualify for alternatives, but want to purchase items online.

In addition, many potential customers are not comfortable entering their credit card information on a web site.

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