Alternative payment method for online transactions using interactive voice response
View Patent ↗A method for performing payments in remote transactions between a buyer and a vendor is provided. The method includes receiving buyer information from a vendor's network outlet when the buyer indicates a desire to purchase a selection at a later time through an Interactive Voice Response (IVR) center; providing a token to the buyer; receiving information about the token from the buyer through the IVR center; verifying the information about the token; transferring funds from a buyer account to a vendor account. Also provided is a system for processing payments in remote transactions including an IVR center to: receive a request for token from a buyer to purchase products from a vendor, and to receive information about the product; provide the token to the buyer; access a database, the database including information from vendor's and buyer's accounts; transfer funds from buyer's account to vendor's account upon buyer confirmation.
1. A method for performing payment transactions between a buyer and a vendor, the method comprising:
receiving, electronically by a processor of a service provider, purchase information including a purchase selection selected by the buyer and an identification of the buyer;
generating a token associated with the purchase selection of the buyer, the token having an expiration time and a geographic restriction;
transmitting the token to a buyer's communication device;
receiving a payment request for the purchase selection and the token from the buyer via an Interactive Voice Response (IVR) system;
processing, electronically by the processor of the service provider, a payment to the vendor for the purchase selection based on whether the payment request is received before the token expires; and
canceling the payment to the vendor when the payment request and the token are received via the IVR system from a location geographic restriction of the token.
2. The method of claim 1 , further comprising:
verifying the token received via the IVR system with the token generated for the purchase selection; and
canceling the payment to the vendor when the token is not verified.
3. The method of claim 1 , further comprising:
verifying the identification of the buyer received with an identification of the buyer stored in a memory of the service provider; and
canceling the payment to the vendor when the identification of the buyer is not verified.
4. The method of claim 3 , wherein the identification of the buyer is one of a telephone number and an e-mail address associated with the buyer.
5. The method of claim 1 , wherein the token includes a plain language description of the purchase selection.
6. The method of claim 1 , further comprising:
receiving a passcode associated with the buyer via the IVR system;
verifying the passcode received via the IVR system with a passcode associated with the buyer stored in a memory of the service provider; and
canceling the payment to the vendor when the passcode of the buyer is not verified.
7. The method of claim 1 , wherein the expiration time of the token is determined based on a preference set by the vendor.
8. A system for processing payment transactions between a buyer and a vendor, the system comprising:
a server comprising a processor operable to:
receive purchase information including a purchase selection selected by the buyer and an identification of the buyer;
generate a token associated with the purchase selection of the buyer, the token having an expiration time and a geographic restriction;
transmit the token to a buyer's communication device;
receive a payment request for the purchase selection and the token from the buyer via an Interactive Voice Response (IVR) system;
process a payment to the vendor for the purchase selection based on whether the payment request is received before the token expires; and
cancel the payment to the vendor when the payment request and the token are received via the IVR system from a location outside of the geographic restriction of the token.
9. The system of claim 8 , the processor of the server is further operable to:
verify the token received via the IVR system with the token generated for the purchase selection; and
cancel the payment to the vendor when the token is not verified.
10. The system of claim 8 , wherein
a memory coupled to the server stores an identification of the buyer; and
the processor of the server is further operable to:
verify the identification of the buyer received with the identification of the buyer stored in the memory; and
cancel the payment to the vendor when the identification of the buyer is not verified.
11. The system of claim 10 , wherein the identification of the buyer is one of a telephone number and an e-mail address associated with the buyer.
12. The system of claim 8 , wherein the token includes a plain language description of the purchase selection.
13. The system of claim 8 , wherein
a memory coupled to the server stores a passcode associated with the buyer; and
the processor of the server is further operable to:
receive a passcode associated with the buyer via the IVR system;
verify the passcode received via the IVR system with the passcode associated with the buyer stored in the memory; and
cancel the payment to the vendor when the passcode of the buyer is not verified.
14. The system of claim 8 , wherein the expiration time of the token is determined based on a preference set by the vendor.
15. A computer program product comprising a non-transitory computer readable medium having computer readable and executable code for instructing a processor in a service provider to perform a method, the method comprising:
receiving purchase information including a purchase selection selected by a buyer and an identification of the buyer;
generating a token associated with the purchase selection of the buyer, the token having an expiration time and a geographic restriction;
transmitting the token to a buyer's communication device;
receiving a payment request for the purchase selection and the token from the buyer via an Interactive Voice Response (IVR) system;
processing a payment to the vendor for the purchase selection based on whether the payment request is received before the token expires; and
canceling the payment to the vendor when the payment request and the token are received via the IVR system from a location outside of the geographic restriction of the token.
16. The computer program product of claim 15 , wherein the method further comprising:
verifying the token received via the IVR system with the token generated for the purchase selection; and
canceling the payment to the vendor when the token is not verified.
17. The computer program product of claim 15 , wherein the expiration time of the token is determined based on a preference set by the vendor.