Method and system to accept and settle transaction payments for an unbanked consumer

Number of patents in Portfolio can not be more than 2000

United States of America Patent

PATENT NO 8321342
APP PUB NO 20080052182A1
SERIAL NO

11843976

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ATTORNEY / AGENT: (SPONSORED)

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Abstract

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A system and method is provided to accept and settle transaction payments for an unbanked consumer. A consumer initiates a transaction with a merchant, and the merchant may transmit transaction information to a central processing unit using an initiating processing unit. The central processing unit may generate a unique transaction identifier or the merchant may generate the unique transaction identifier which complies with the systems rules and notifies the central processing unit of the transaction information and unique transaction identifier. The system may provide the merchant and consumer the nearest payment processing unit. At the payment processing unit, the consumer presents the unique transaction identifier, which is transmitted to the central processing unit for validation. The consumer may also validate the transaction information. The consumer makes payment at the payment processing unit, and the payment information is transmitted to the central processing unit. The system may generate a confirmation receipt for the consumer, and the central processing unit notifies the merchant of payment by the consumer. The merchant may then fulfill the transaction. The system remits the payment to the merchant.

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Patent Owner(s)

  • CHOICEPAY, INC.;PAY CASH NOW, LLC

International Classification(s)

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Inventor(s)

Inventor Name Address # of filed Patents Total Citations
Marshall, Roger Tulsa, US 20 1345

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Maintenance Fees

Fee Large entity fee small entity fee micro entity fee due date
11.5 Year Payment $7400.00 $3700.00 $1850.00 May 27, 2024
Fee Large entity fee small entity fee micro entity fee
Surcharge - 11.5 year - Late payment within 6 months $160.00 $80.00 $40.00
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