System and method for multi-currency transactions
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United States of America Patent
Stats
-
Mar 20, 2001
Grant Date -
N/A
app pub date -
Dec 17, 1998
filing date -
Jun 14, 1996
priority date (Note) -
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Abstract
A system and method for determining approval of a multi-currency transaction between a customer and a merchant over a network. The system includes a customer computer which is connected to a communication network, a merchant computer which is connected to the communication network, and a server connected to both the customer computer via the communication network and to the merchant computer via the communication network. The customer computer includes a first set of data which contains an amount the customer is willing to pay the merchant for a product in a first currency. The merchant computer includes a second set of data which contains a product price at which the merchant agrees to sell the product in a second currency. The server receives the first set of data and the second set of data. The server then converts the amount in the first currency into a converted amount in the second currency. The server approves the transaction if the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates. Once the transaction is approved, the approving entity may settle the transaction at its discretion thereby bearing the risk associated with currency exchange. The parties, however, incur no risk. The customer will pay the amount in the first currency and the merchant will receive the price in the second currency. These are values known and agreed to by the parties at the time of the transaction.
First Claim
Family
- 15 United States
- 10 France
- 8 Japan
- 7 China
- 5 Korea
- 2 Other
Patent Owner(s)
- PAYPAL, INC.;PAYPAL INTERNATIONAL LIMITED
International Classification(s)
Inventor(s)
Inventor Name | Address | # of filed Patents | Total Citations |
---|---|---|---|
Boesch, Brian Paul | Herndon, VA | 5 | 869 |
Crocker, Stephen David | Bethesda, MD | 5 | 869 |
Eastlake, III Donald Eggleston | Carlisle, MA | 3 | 851 |
Hart, Jr Alden Sherburne | Arlington, VA | 3 | 851 |
Jackson, Andrew | Falls Church, VA | 102 | 1921 |
Lindenberg, Robert A | Sudbury, MA | 8 | 874 |
Paredes, Denise Marie | Centreville, VA | 5 | 869 |
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Fee | Large entity fee | small entity fee | micro entity fee | due date |
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Fee | Large entity fee | small entity fee | micro entity fee |
---|---|---|---|
Surcharge after expiration - Late payment is unavoidable | $700.00 | $350.00 | $175.00 |
Surcharge after expiration - Late payment is unintentional | $1,640.00 | $820.00 | $410.00 |
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