Method and system for merchant indemnification for online financial transactions
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United States of America Patent
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N/A
Issued Date -
Feb 16, 2006
app pub date -
Aug 27, 2004
filing date -
Aug 11, 2004
priority date (Note) -
Abandoned
status (Latency Note)
Importance
Abstract
A method and system enable indemnification of funds transferred electronically to an end merchant. An intermediary service having a server in communication with an automated clearinghouse system and having a client interface provides an online account for committing an irrevocable transfer of funds to the merchant account of a participating end merchant at the request of a client. Preferably, the intermediary verifies the client's identify and authorization to access the client's source account. In particular, the intermediary can provide an irrevocable transfer of funds to an end merchant substantially instantly upon the request of the payor client.
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