System for electronic transaction settlement
View Patent ↗An electronic communication system associated with a settlement house for settling an electronic transaction between a customer and a merchant. The communication system is configured to receive through a first electronic communication path a first account identifier of a first account associated with the customer and a transaction amount from the merchant, contact the customer through a second electronic communication path to allow the customer to select a payment method, and send through a third electronic communication path the transaction amount and a second account identifier of a second account associated with the customer to a financial services provider associated with the payment method.
1. An electronic communication system associated with a settlement house for settling an electronic transaction between a customer and a merchant, the communication system configured to:
receive from the merchant through a first electronic communication path a first account identifier of a first account associated with the customer at the settlement house and a transaction amount;
contact the customer through a second electronic communication path to allow the customer to select a payment method; and
send through a third electronic communication path the transaction amount and a second account identifier of a second account associated with the payment method to a financial services provider associated with the payment method.
2. The communication system of claim 1 further configured to:
transmit an approval response from the financial services provider to the customer; and
transmit customer approval from the customer to the financial services provider.
3. The communication system of claim 2 further configured to send a transaction record to a bank associated with the merchant.
4. The communication system of claim 1 , wherein the second account identifier is one of a credit card number and a debit card number.
5. The communication system of claim 1 , wherein the financial service provider is a bank.
6. The communication system of claim 1 , wherein the financial services provider is not a bank or credit provider.
7. An electronic communication system associated with a settlement house for settling an electronic transaction between a customer and a merchant, the communication system configured to:
receive from the merchant through a first electronic communication path a first account identifier of a first account associated with the customer at the settlement house and a transaction amount;
contact the customer through a second electronic communication path to allow the customer to select a first payment method;
send through a third electronic communication path the transaction amount and a second account identifier of a second account associated with the first payment method to a first financial services provider associated with the first payment method;
transmit a denial response from the first financial services provider to the customer;
receive from the customer the selection of a second payment method; and
send the transaction amount and a third account identifier of a third account associated with the second payment method to a second financial services provider associated with the second payment method.
8. The communication system of claim 7 further configured to:
transmit an approval response from the second financial services provider to the customer; and
transmit a customer approval from the customer to the second financial services provider.
9. The communication system of claim 8 further configured to send a transaction record to a bank associated with the merchant.
10. The communication system of claim 7 , wherein the second account identifier is one of a credit card number and a debit card number.
11. The communication system of claim 7 , wherein the first financial services provider is a bank.
12. The communication system of claim 1 , wherein the first financial services provider is not a bank or credit provider.
13. An electronic communication system associated with a settlement house for settling an electronic transaction between a customer and a merchant, the communication system configured to:
receive from the merchant through a first electronic communication path a first account identifier of a first account associated with the customer at the settlement house and a transaction amount;
send through a second electronic communication path the transaction amount and a second account identifier of a second account associated with the customer to a financial services provider; and
contact the customer through a third electronic communication path to allow the customer to approve the electronic transaction.
14. The communication system of claim 13 further configured to:
transmit an approval response from the financial services provider to the customer.
15. The communication system of claim 14 further configured to send a transaction record to a bank associated with the merchant.
16. The communication system of claim 13 , wherein the second account identifier is one of a credit card number and a debit card number.
17. The communication system of claim 13 , wherein the financial services provider is a bank.
18. The communication system of claim 13 , wherein the financial services provider is not a bank or credit provider.