Electronic payment methods and systems

Abstract

A server for facilitating commerce via a distributed computing network. The server memory stores an instruction set, customer data, vendor data, venue data, and server data related to a sponsoring entity. A processor is operative to: provide a portion of the vendor data to a first client based upon the client entering a venue, wherein the portion of the vendor data relates to the venue; receive an order for a product of a vendor from the first client, wherein the product is included in the portion of the vendor data; provide the order to a second client of the vendor so the vendor can fill the order; attend to collection of funds in payment for the order from the first customer by using a portion of the customer data; and attend to payment of funds for the order to the vendor by using a portion of the server data.

Description

CROSS-REFERENCE TO RELATED APPLICATION[0001]This application claims priority to U.S. Provisional Patent Application No. 61 / 683,184 filed Aug. 7, 2013, which is incorporated herein by reference.BACKGROUND OF THE INVENTION1. Field of the Invention[0002]The subject disclosure relates to methods and systems for electronic payment via a distributed computing network, and more particularly to improved methods and systems for making electronic payments securely and conveniently without direct interaction on payment between the customer and the provider of goods and services.2. Background of the Related Art[0003]Commerce, at its core, is basically a series of informational exchanges that result in a transaction. A vendor offers its goods and services for sale from a location at a certain price. The location could be anywhere including, but not limited to, a brick & mortar store, the customers home, or a Web site on the internet. If the customer decides that he or she needs or wants the good...

AI Technical Summary

Benefits of technology

[0037]In view of the above, a need exists for systems and methods that quickly and easily provides consumers with the ability to attend to payment and otherwise purchase goods and services. The improved systems and methods would also reduce fraud and create a high level of consumer and vendor confidence.

[0038]The present disclosure is directed to a method and apparatus for increasing commerce and profitability by improving customer service resulting from faster order processing and delivery of goods and services, reduced queue times, and increased order accuracy. The order processing and other transactional costs are also reduced. Cyber security is increased by providing a more secure environment and process for digital payments. Still further, the ability of businesses to interact with their customers is improved.

[0042]Preferably, the subject technology uses a centralized payment system to process the transactions and remit the funds to the vendor or, alternatively, provide the vendor's gateway with the payment information necessary to process the payment utilizing the vendor's merchant account. In either case, the vendor never receives any confidential payment information. The payment processing and other features of the method and apparatus provide increased cyber security by: 1. establishing a secure and verifiable connection between the PCD of enrolled customers and the payment network; and 2. transferring order data from enrolled vendors to the payment network rather than payment information to the vendor. As a result, the need for enrolled customers to ever provide enrolled vendors with any confidential payment information is alleviated. Accordingly, vendors do not store any of the enrolled customers' confidential payment information.

[0043]By moving the point of sale to the PCD, and thus making the sale mobile, new services become available to customers. The method and apparatus has applications in both the traditional brick and mortar retail environment and the online shopping environment. Furthermore, the method and apparatus also improves the ability of enrolled vendors and enrolled customers, including, but not limited to, celebrities (e.g. athletes, rock stars, sports teams) to communicate, especially during ongoing events, which enables them to transact in commerce in a new and dynamic way.

Problems solved by technology

However, content rich Web sites designed for powerful computers utilizing broadband connections proved overwhelming for smartphones with smaller processors and wireless Internet connections.

As a result, connecting to a Web site and transacting commerce was an unsatisfactorily slow process initially.

If the merchandise was not as advertised, the buyer could give the seller a poor review.

While this didn't help the buyer much, it would eventually lead to the seller having poor eBay ratings, which in turn would help future buyers.

Some drawbacks are that GPS isn't as exact as other technologies so the picture of non-customers with square wallet passing by, or standing outside, often show up on the vendors screen and many point of sale devices do not have the capability to display the customers photo.

However, despite a promising future, adoption of digital / mobile wallet services by consumers has, in general, been disappointing to date.

Customers haven't found any significant benefit to paying with their mobile device rather than their credit card and with the digital / mobile wallet market so fragmented, vendors are reluctant to invest in expensive technology changes.

Fear of fraud partly explains the lack of adoption of easier payment methods.

While this technology has been widely adopted in Europe, the United States has yet to adopt this technology due to the massive investment it requires to retrofit ATM's and point of sale equipment.

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