System and method for providing a financial transaction instrument with user-definable authorization criteria
View Patent ↗Authorization limits on the use of a financial transaction instrument, such as a credit card and the like, may be set by an owner of a financial account corresponding to the financial transaction instrument. The owner provides information identifying the owner, the financial account, and the financial transaction instrument corresponding to the financial account to a computer, and also provides an owner-defined authorization limit on use of the financial transaction instrument to the computer. The authorization limit is stored in a database, which is accessed when there is a request to authorize a purchase to be made with the financial transaction instrument. The owner may communicate with the computer via a Web site, an automated call program, a kiosk, or the like.
1. A method comprising:
receiving, by a computing device for granting an authorization, a request for the authorization of a transaction involving a transaction account, wherein the request for authorization comprises an employee identification number, an item identification number, an item category and a number of items; and
determining, by the computing device, whether to grant the request for authorization based on an unpaid balance of the transaction account, a price of the purchase associated with the request for authorization, a credit limit on the transaction account, an item identification number, a forbidden item category, an item category, and an authorization limit stored in the database and corresponding to the transaction account.
2. The method of claim 1 , wherein the authorization limits are independently definable for each one of the plurality of financial transaction instruments.
3. The method of claim 1 , further comprising verifying that a beneficiary of the transaction account is permitted to set authorization limits on use of the transaction account.
4. The method of claim 1 , wherein the authorization limit is at least one of:
a limit based on merchant type;
a limit based on merchant name;
a limit based on a dollar amount; and
a limit based on merchant location.
5. The method of claim 1 , wherein the authorization limit includes user-defined limits.
6. The method of claim 1 , wherein the authorization limit includes the forbidden item category.
7. An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a computer-based system for granting an authorization, cause the computer-based system to be capable of performing operations comprising:
receiving, by the computer-based system, a request for the authorization of a transaction involving a transaction account, wherein the request for authorization comprises an employee identification number, an item identification number, an item category and a number of items; and
determining, by the computer-based system, whether to grant the request for authorization based on an unpaid balance of the transaction account, a price of the purchase associated with the request for authorization, a credit limit on the transaction account, an item identification number, a forbidden item category, an item category, and an authorization limit stored in the database and corresponding to the transaction account.
8. The article of claim 7 , further comprising verifying that a beneficiary of the transaction account is permitted to set authorization limits on use of the transaction account.
9. The article of claim 7 , wherein the authorization limit is at least one of:
a limit based on merchant type;
a limit based on merchant name;
a limit based on a dollar amount; and
a limit based on merchant location.
10. The article of claim 7 , wherein the authorization limit includes user-defined limits.
11. The article of claim 7 , wherein the authorization limit includes the forbidden item category.
12. A system comprising:
a processor for granting an authorization,
a tangible, non-transitory memory configured to communicate with the processor,
the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause the processor to be capable of performing operations comprising:
receiving, by the processor, a request for the authorization of a transaction involving a transaction account, wherein the request for authorization comprises an employee identification number, an item identification number, an item category and a number of items; and
determining, by the processor, whether to grant the request for authorization based on an unpaid balance of the transaction account, a price of the purchase associated with the request for authorization, a credit limit on the transaction account, an item identification number, a forbidden item category, an item category, and an authorization limit stored in the database and corresponding to the transaction account.
13. The system of claim 12 , wherein the authorization limits are independently definable for each one of the plurality of financial transaction instruments.
14. The system of claim 12 , further comprising verifying that a beneficiary of the transaction account is permitted to set authorization limits on use of the transaction account.
15. The system of claim 12 , wherein the authorization limit is at least one of:
a limit based on merchant type;
a limit based on merchant name;
a limit based on a dollar amount; and
a limit based on merchant location.
16. The system of claim 12 , wherein the authorization limit includes user-defined limits.
17. The system of claim 12 , wherein the authorization limit includes the forbidden item category.