Systems and methods for dynamic receipt generation with environmental information
A new approach is proposed that contemplates systems and methods to enable an individual to complete a financial transaction by swiping a magnetic stripe card through a card reader connected to a mobile device. The size of the card reader is miniaturized to be portable for connection with the mobile device. The card reader is configured to reliably read data encoded in a magnetic strip of the card with minimum error in a single swipe and provide a signal that corresponds to the data read to the mobile device, which then decodes the incoming signal from the card reader and acts as a point-of-sale device to complete the financial transaction. Such an approach enables a person to become either a micro-merchant (payee) or a buyer/customer (payer) without having to purchase expensive card reader devices or software.
1 . A system, comprising:
a transaction engine running on a host, which in operation,
accepts information of a financial transaction and card information used for the financial transaction;
communicates with third party financial institution to authorize the transaction;
capture additional data associated with the transaction;
generates a dynamic receipt for the transaction wherein the dynamic receipt incorporates the additional data captured.
2 . The device of claim 1 wherein the host is a mobile device.
3 . The device of claim 2 wherein the mobile device is one of a cell phone, Apple's iPhone, iPod, iPad, iTouch, and Google's Android device.
4 . The system of claim 1 wherein the financial transaction is an electronic transaction conducted over the Internet or a card present point-of-sale transaction where the buyer makes the purchase at a store front, other “brick-and-mortar” location, or simply in presence of a merchant.
5 . The system of claim 1 wherein the information of the financial transaction includes one or more of: amount of the transaction, additional notes related to the transaction, authorization and/or signature of the buyer.
6 . The system of claim 1 wherein the card information includes one or more of card number, card holder's name, expiration date, and security code.
7 . The system of claim 1 wherein the dynamic receipt includes information pertaining to environmental information of the transaction.
8 . The system of claim 7 wherein the dynamic receipt includes physical coordinates/location of the transaction captured via a Global Positioning System (GPS) receiver.
9 . The system of claim 8 wherein the transaction engine records and uses physical location of the point of sale to verify the transaction.
10 . The system of claim 7 wherein the transaction engine uses the environmental information included in the dynamic receipt to assess risk associated with the transaction.
11 . The system of claim 1 wherein the dynamic receipt includes photo and/or a video and/or an audio recording of the product or service involved in the transaction or link/reference to such data.
12 . The system of claim 1 wherein the dynamic receipt includes fingerprint or palm print of the buyer and/or merchant.
13 . The system of claim 1 wherein the dynamic receipt includes certain information associated with the transaction, wherein such information includes how quickly the buyer swipes the card and the angle at which the card is swiped.
14 . The device of claim 1 wherein the dynamic receipt includes special characteristics of the card being swiped.
15 . The device of claim 1 wherein the dynamic receipt is in electronic form that can be accessed electronically or online.
16 . The device of claim 1 wherein the transaction engine uses biometric information scanned and included in the dynamic receipt for identity verification purposes to prevent identity theft and credit fraud.
17 . The device of claim 1 wherein the transaction engine uses the dynamic receipt as a non-intrusive way to communicate with the buyer and/or the merchant.
18 . The device of claim 1 wherein the transaction engine notifies the buyer and/or the merchant of the receipt via an electronic message.
19 . The device of claim 18 wherein the electronic message is one of an email message, a Short Message Service (SMS) message, Twitter, or other forms of electronic communication.
20 . The device of claim 18 wherein recipient of the electronic message retrieves a complete itemized dynamic receipt online via a telephone number.
21 . The device of claim 18 wherein the electronic message includes an indication that a recipient of the electronic message can use to retrieve the electronic receipt online as an alternative or in combination with a telephone number.
22 . A method, comprising:
accepting information of a financial transaction and card information used for the financial transaction;
communicating with third party financial institution to authorize the transaction;
capturing additional data associated with the transaction;
generating a dynamic receipt for the transaction wherein the dynamic receipt incorporates the additional data captured.
23 . The method of claim 22 , further comprising:
recording and using physical location of the point of sale included in the dynamic receipt to verify the transaction.
24 . The method of claim 22 , further comprising:
using the environmental information included in the dynamic receipt to assess risk associated with the transaction.
25 . The method of claim 22 , further comprising:
using biometric information scanned and included in the dynamic receipt for identity verification purposes to prevent identity theft and credit fraud.
26 . The method of claim 22 , further comprising:
notifying the buyer and/or the merchant of the receipt via an electronic message.
27 . The method of claim 22 , further comprising:
retrieving a complete itemized dynamic receipt online via a telephone number.
28 . The method of claim 22 , further comprising:
retrieving the electronic receipt online using an indication included in the electronic message as an alternative or in combination with a telephone number.