Method of providing secure payment and transaction reconciliation
A method of paying a merchant for a transaction associated with a program. The method including the steps of receiving a request from a merchant for a payment associated with a purchase, generating a payment identifier, generating a payment number having a predetermined limit amount and a predetermined expiration date, associating the payment identifier with the payment number and transmitting the payment number to the merchant for payment of the request.
1. A system for a payment variance notification on program contracts, wherein the payment variance notification system communicates with a program administrator and a financial institution computer via a network, and wherein the system comprises a memory storing an instruction set and data related to an authorized program payment having a load amount set by the program administrator and a processor for running the instruction set, the processor being in communication with the memory and the network, wherein the processor is operative to facilitate reconciliation and payment deviation notifications to the program administrator by the operations of:
receiving a first transaction identifier for the authorized program payment;
receiving a second transaction identifier matching the first transaction identifier and a payment transaction amount from the financial institution computer;
comparing the load amount and the payment transaction amount;
transmitting a substantially contemporaneous payment variance notification to the program administrator responsive to detecting multiple payment transactions against the payment limit load amount, wherein the detection of a second or subsequent payment transaction triggers a transmission of a first notification to the program administrator, the first notification comprising the first transaction identifier and the payment transaction amount; and
detecting refunds against settled payment transactions corresponding to the load amount, wherein the detection of the refund triggers a transmission of a second notification to the program administrator, the second notification comprising the first transaction identifier and the refund amount.
2. A payment variance notification system as recited in claim 1 , wherein the processor is further operative to transmit an authorization to a merchant, the authorization comprising a payment card number and an authorization amount, wherein the payment card number is operable in a card processor system and the authorization amount corresponds to the load amount.
3. A payment variance notification system as recited in claim 1 , wherein the notification further comprises the payment transaction amounts of prior payment transactions against the authorized load amount.
4. A payment variance notification system as recited in claim 1 , wherein the notification further comprises the amount of the settled payment transaction.
5. A system for a payment variance notification on program contracts, wherein the payment variance notification system communicates with a program administrator and a financial institution via a network, and wherein the system comprises a memory storing an instruction set and data related to an authorized program payment having a first set of transaction parameters set by the program administrator and a processor for running the instruction set, the processor being in communication with the memory and the network, wherein the processor is operative to facilitate reconciliation and payment deviation notifications to the program administrator by the operations of:
receiving a first transaction identifier for the authorized program payment, the first set of transactional parameters of the authorized program payment selected from the group consisting of load amount, merchant category, payment expiration, and single transaction restriction;
receiving a second transaction identifier matching the first transaction identifier and a second set of transactional parameters from the financial institution computer, the second set of transactional parameters selected from the group consisting of load amount, merchant category, payment expiration, and single transaction restriction;
comparing the first transactional parameters with the second transactional parameters;
transmitting a substantially contemporaneous payment variance notification to the program administrator responsive to a deviation between the first transactional parameters and the second transactional parameters;
detecting multiple payment transactions against the load amount, wherein the detection of a second or subsequent payment transaction triggers a transmission of a second notification to the program administrator, the second notification comprising the first transaction identifier and the payment transaction amount; and
detecting refunds against settled payment transactions corresponding to the load amount, wherein the detection of the refund triggers a transmission of a third notification to the program administrator, the third notification comprising the first transaction identifier and the refund amount.
6. A system for a payment variance notification on program contracts, wherein the payment variance notification system communicates with a program administrator and a financial institution computer via a network, and wherein the system comprises a memory storing an instruction set and data related to an authorized program payment having a load amount set by the program administrator and a processor for running the instruction set, the processor being in communication with the memory and the network, wherein the processor is operative to facilitate reconciliation and payment deviation notifications to the program administrator by the operations of:
receiving a first transaction identifier for the authorized program payment;
receiving a second transaction identifier matching the first transaction identifier and a payment transaction amount from the financial institution computer;
comparing the load amount and the payment transaction amount;
transmitting a substantially contemporaneous payment variance notification to the program administrator responsive to detecting refunds against settled payment transactions corresponding to the load amount, wherein the detection of the refund triggers a transmission of notification to the program administrator, the notification comprising the first transaction identifier, the refund amount, and the payment transaction amount.