Device and methods for secure transactions
View Patent ↗Embodiments of the present invention provide users with apparatus and methods for managing user data and for making and accepting payments. A system for enabling secure payment transactions comprises user hardware, recipient hardware, and a data system, in accordance with an embodiment of the present invention. The data system comprises a database and a database manager. The database includes storage means adapted to store user data. The database manager is adapted for controlling and managing access to the data in the database. The database manager is adapted for communication with the user hardware, recipient hardware, and the payment processing space, including financial institutions and other suppliers of data.
1. A transaction method comprising:
communicating with a database comprising user data;
selecting a payment account;
programming a data storage device with payment account information; and
communicating the payment account information from the data storage device to a data storage device reader; wherein communicating with a database of user data comprises:
activating a communications device;
communicating with a database manager;
wherein selecting a payment account comprises:
retaining the properties of a magnetic stripe card to a previous rewrite state if no communication with the database manager;
logging into the database manager via a user interface (UI);
obtaining a current status of one or more accounts from which a payment may be made, the database updated by the database manager communicating with the user's financial institutions in order to query and update the status of the user's accounts;
selecting an account of a financial institution the user wishes to use to fund the payment, notifying the database manager that one or more transactions from that account is being scheduled;
wherein programming data storage device with payment account information comprises:
inputting specific transaction information into the UI in communication with the database manager;
communicating an authorization request from the database manager to the financial institution associated with the account designated by the user;
authorizing the transaction and creating an authorization code;
downloading the authorization code to the database manager;
downloading the authorization code to the card writer;
writing the authorization code on the magnetic stripe via the card writer;
wherein communicating the payment account information from the data storage device to a data storage device reader comprises:
swiping the magnetic stripe in the magnetic stripe card reader communicating the authorization from the card to the magnetic stripe card reader; and
completing the transaction following the prompts on the POS terminal.
2. A transaction method comprising:
communicating with a database comprising user data;
selecting a payment account;
programming a data storage device with payment account information; and
communicating the payment account information from the data storage device to a data storage device reader; wherein communicating with a database of user data comprises:
activating a communications device;
communicating with a database manager;
wherein selecting a payment account comprises:
retaining the properties of a magnetic stripe card to a previous rewrite state if no communication with the database manager;
logging into the database manager via a user interface (UI);
obtaining a current status of one or more accounts from which a payment may be made, the database updated by the database manager communicating with the user's financial institutions in order to query and update the status of the user's accounts;
selecting an account of a financial institution the user wishes to use to fund the payment, notifying the database manager that one or more transactions from that account is being scheduled;
wherein programming data storage device with payment account information comprises:
inputting a payment limit;
creating a unique transaction code;
communicating the unique transaction code to the card writer;
communicating the unique transaction code to the magnetic stripe; and
wherein communicating the payment account information from the data storage device to a data storage device reader comprises:
swiping the magnetic stripe in the magnetic stripe card reader;
communicating an authorization request from the magnetic card reader to the database manager obtaining authorization for the transaction, denying the transaction if the payment limit is exceeded, authorizing the transaction and sending an authorization code indicating that the transaction is authorized to the database manager;
communicating the authorization code to the magnetic card reader; and
completing the transaction following the prompts on the POS terminal.
3. A transaction method comprising:
communicating with a database comprising user data via a database manager;
obtaining a current status of one or more payment accounts from which a payment may be made wherein the database manager communicates with a user's financial institution to query and update payment account information of the payment accounts;
programming a data storage device with payment account information;
selecting a payment account from the user data;
communicating specific transaction information into the data storage device;
communicating the specific transaction information from the data storage device
to the database manager;
communicating an authorization request from the database manager to the financial institution associated with the account designated by the user;
authorizing the transaction;
communicating an authorization code to the database manager;
communicating the authorization code to the data storage device, the data storage device including a card writer;
storing the authorization code on a magnetic stripe using the card writer;
communicating the authorization code from the magnetic stripe to a magnetic card reader; and
authorizing the transaction.
4. A transaction method comprising:
communicating with a database comprising user data via a database manager;
obtaining a current status of one or more payment accounts from which a payment may be made wherein the database manager communicates with a user's financial institution to query and update payment account information of the payment accounts;
programming a data storage device with payment account information including a payment limit;
selecting a payment account from the user data;
creating a unique transaction code based at least in part on the payment account and the payment limit;
communicating the unique transaction code to the data storage device, the data storage device including a card writer;
storing the unique transaction code on a magnetic stripe using the card writer;
communicating the unique transaction code from the magnetic stripe to a magnetic card reader;
communicating an authorization request comprising the unique transaction code from the magnetic card reader to the database manager obtaining authorization for the transaction, denying the transaction if the payment limit is exceeded, authorizing the transaction if the payment limit is not exceeded and sending an authorization code indicating that the transaction is authorized to the database manager;
communicating the authorization code to the magnetic card reader; and
authorizing the transaction.