Payment system and method
Number of patents in Portfolio can not be more than 2000
United States of America Patent
Stats
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N/A
Issued Date -
Mar 14, 2002
app pub date -
May 21, 2001
filing date -
May 19, 2000
priority date (Note) -
Abandoned
status (Latency Note)
Importance
Abstract
A system and method of making a payment to a payee upon presentation by the payee of a predefined code is described. A code is assigned for a specified payment transaction and is stored in association with the predefined payment amount. A payee requests payment and provides the previously-assigned code. The payor uses the code to look up the amount to be paid and makes payment to the payee. The system and method can incorporate security measures to reduce fraud. The system and method offer particular advantage in the context of the issuance of rebates and refunds.
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