SYSTEM AND METHOD FOR CONSUMER CONTROL OVER CARD-BASED TRANSACTIONS
A system and method for consumer control over card-based transactions and associated accounts. An interface is provided between a merchant or the merchant's bank and the bank or banks at which the consumer has accounts for card-based transactions. The interface acts as an intermediary, accessible to the consumer so that the consumer may place a variety of controls on card-based transactions. Multiple transaction cards may be linked to a single credit account with each card having a different credit limit, such that the controls comprise restricting each transaction card to a particular merchant, linking, by the consumer, several credit and/or debit accounts to a single transaction card, and pre-selecting a criteria to be utilized for directing charges for a particular transaction to be applied the different accounts. The consumer may access the interface via a web site or telephone for making changes and receiving account information.
1 . A system for managing transactions within an account associated with a transaction card, comprising:
an account holder interface configured to receive pre-selected criteria from an account holder associated with said account, said pre-selected criteria including at least one payment condition and at least one payment method associated with said payment condition;
an account transaction record storing at least one settlement record, said settlement record corresponding to a payment transaction performed using said transaction card account; and
an automated processing system, coupled to said account holder interface and to said account transaction record, said automated processing system engine configured to determine whether said payment transaction satisfies said payment condition and to automatically initiate payment for said payment transaction using said at least one payment method when the result of said determining is that said payment condition is satisfied.
2 . The system of claim 1 , wherein said payment method comprises making said payment from at least one additional account selected from the group consisting of: line of credit, debit, brokerage, credit card and savings.
3 . The system of claim 2 , wherein said at least one additional account is a plurality of additional accounts.
4 . The system of claim 1 , wherein said payment condition is rules set by an account holder within said interface.
5 . The system of claim 1 , wherein said payment condition is based upon an amount of the transaction.
6 . The system of claim 1 , wherein said payment condition is based upon a type of goods or services purchased.
7 . The system of claim 1 , wherein said payment condition is based upon an identity of the merchant.
8 . The system of claim 1 , wherein said payment condition is identified based upon a current account balance.
9 . The system of claim 1 , wherein the interface comprises a web server for allowing the consumer to access the interface via the world wide web.