Systems and methods for determining taxes owed for financial transactions conducted over a network
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United States of America Patent
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Jan 17, 2012
Grant Date -
Oct 25, 2007
app pub date -
Dec 12, 2006
filing date -
Apr 25, 2006
priority date (Note) -
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Abstract
Various embodiments of the invention provide a more secure financial transaction system for e-commerce sectors that (1) more securely processes payment transactions, (2) helps to protect merchants and banks against fraudulent transactions, money laundering, and underage gambling, and (3) helps to limit other abuses in areas of e-commerce that are perceived to pose special risks, such as Internet gaming, travel, and consumer purchasing of electronic goods. To accomplish the above goals, various embodiments of the financial transaction system (1) establish operating and transaction processing protocols for merchants, Internet payment service providers, acquiring banks, and card schemes and (2) provide automated systems for monitoring and securely processing payment and financial transactions.
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