Computing system implementing a network transaction service

1. A computing system implementing a network transaction service, the computing system comprising:

a network communication interface establishing wireless network connections with (i) a service application executing on computing devices of users of the network transaction service, and (ii) point-of sale (POS) terminals of merchants;

a memory storing (i) merchant identifiers of merchants associated with the network transaction service, and (ii) user identifiers each associated with a user of the network transaction service; and

one or more processors executing instructions stored in the memory, wherein the instructions, when executed by the one or more processors, cause the computing system to:

receive, over one or more wireless networks, a customer data set from the service application executing on a computing device of a given user of the network transaction service, the customer data set indicating a transaction by the given user with a current merchant, the customer data set comprising (i) a user identifier identifying the given user, and (ii) location data indicating a current location of the given user;

based on the location data, verify that the given user is located at a location of the current merchant;

receive, over the one or more wireless networks, a transaction data set from a POS terminal of the current merchant, the transaction data set indicating an amount of the transaction;

based on the transaction data set, execute an asynchronous transaction operation to fulfill the transaction without a transaction interaction between the given user and the current merchant, the asynchronous transaction operation comprising:

executing a first transfer operation to transfer funds, over the one or more wireless networks, from a shared funding source of the network transaction service to a funding account of the current merchant in the amount of the transaction;

transmitting, over the one or more wireless networks, a communication to the service application executing on the computing device of the given user, the communication identifying the amount of the transaction; and

executing a second transfer operation by accessing a customer account of the given user to transfer the amount of the transaction from the customer account to the shared funding source of the network transaction service.

2. The computing system of claim 1 , wherein the executed instructions further cause the computing system to:

prior to accessing the customer account of the given user, determine that the given user has pre-authorized the customer account for transactions using the network transaction service.

3. The computing system of claim 1 , wherein the executed instructions further cause the computing system to include an electronic receipt for the transaction in the communication.

4. The computing system of claim 3 , wherein the electronic receipt is generated on a user interface of the service application and enables the given user to provide an electronic signature for the transaction.

5. The computing system of claim 4 , wherein the electronic receipt further enables the given user to supplement the amount of the transaction with an additional amount.

6. The computing system of claim 1 , wherein the POS terminal of the current merchant comprises a computing device executing a merchant service application specific to the network transaction service.

7. The computing system of claim 1 , wherein the merchant identifier associated with the current merchant further includes a POS identifier indicating the POS terminal of the current merchant.

8. The computing system of claim 1 , wherein the merchant identifier associated with the current merchant comprises a geographic location of the current merchant.

9. The computing system of claim 1 , wherein the executed instructions cause the computing system to implement one or more security operations for the funding account of the current merchant, the one or more security operations precluding use of the funding account of the current merchant at any location other than the location of the current merchant.

10. A non-transitory computer readable medium storing instructions that, when executed by one or more processors of a computing system, cause the computing system to:

communicate, over one or more wireless networks, with (i) a service application executing on computing devices of users of a network transaction service, and (ii) point-of sale (POS) terminals of merchants;

store, in memory, (i) merchant identifiers of merchants associated with the network transaction service, and (ii) user identifiers each associated with a user of the network transaction service;

receive, over the one or more wireless networks, a customer data set from the service application executing on a computing device of a given user of the network transaction service, the customer data set indicating a transaction by the given user with a current merchant, the customer data set comprising (i) a user identifier identifying the given user, and (ii) location data indicating a current location of the given user;

based on the location data, verify that the given user is located at a location of the current merchant;

receive, over the one or more wireless networks, a transaction data set from a POS terminal of the current merchant, the transaction data set indicating an amount of the transaction;

based on the transaction data set, execute an asynchronous transaction operation to fulfill the transaction without a transaction interaction between the given user and the current merchant, the asynchronous transaction operation comprising:

executing a first transfer operation to transfer funds, over the one or more wireless networks, from a shared funding source of the network transaction service to a funding account of the current merchant in the amount of the transaction;

transmitting, over the one or more wireless networks, a communication to the service application executing on the computing device of the given user, the communication identifying the amount of the transaction; and

executing a second transfer operation by accessing a customer account of the given user to transfer the amount of the transaction from the customer account to the shared funding source of the network transaction service.

11. The non-transitory computer readable medium of claim 10 , wherein the executed instructions further cause the computing system to:

prior to accessing the customer account of the given user, determine that the given user has pre-authorized the customer account for transactions using the network transaction service.

12. The non-transitory computer readable medium of claim 10 , wherein the executed instructions further cause the computing system to include an electronic receipt for the transaction in the communication.

13. The non-transitory computer readable medium of claim 12 , wherein the electronic receipt is generated on a user interface of the service application and enables the given user to provide an electronic signature for the transaction.

14. The non-transitory computer readable medium of claim 13 , wherein the electronic receipt further enables the given user to supplement the amount of the transaction with an additional amount.

15. The non-transitory computer readable medium of claim 10 , wherein the POS terminal of the current merchant comprises a computing device executing a merchant service application specific to the network transaction service.

16. The non-transitory computer readable medium of claim 10 , wherein the merchant identifier associated with the current merchant further includes a POS identifier indicating the POS terminal of the current merchant.

17. The non-transitory computer readable medium of claim 10 , wherein the merchant identifier associated with the current merchant comprises a geographic location of the current merchant.

18. The non-transitory computer readable medium of claim 10 , wherein the executed instructions cause the computing system to implement one or more security operations for the funding account of the current merchant, the one or more security operations precluding use of the funding account of the current merchant at any location other than the location of the current merchant.

19. A computer-implemented method of implementing a network transaction service, the method being performed by one or more processors of a computing system and comprising:

communicating, over one or more wireless networks, with (i) a service application executing on computing devices of users of the network transaction service, and (ii) point-of sale (POS) terminals of merchants;

storing, in memory, (i) merchant identifiers of merchants associated with the network transaction service, and (ii) user identifiers each associated with a user of the network transaction service;

receiving, over the one or more wireless networks, a customer data set from the service application executing on a computing device of a given user of the network transaction service, the customer data set indicating a transaction by the given user with a current merchant, the customer data set comprising (i) a user identifier identifying the given user, and (ii) location data indicating a current location of the given user;

based on the location data, verifying that the given user is located at a location of the current merchant;

receiving, over the one or more wireless networks, a transaction data set from a POS terminal of the current merchant, the transaction data set indicating an amount of the transaction;

based on the transaction data set, executing an asynchronous transaction operation to fulfill the transaction without a transaction interaction between the given user and the current merchant, the asynchronous transaction operation comprising:

executing a first transfer operation to transfer funds, over the one or more wireless networks, from a shared funding source of the network transaction service to a funding account of the current merchant in the amount of the transaction;

transmitting, over the one or more wireless networks, a communication to the service application executing on the computing device of the given user, the communication identifying the amount of the transaction; and

executing a second transfer operation by accessing a customer account of the given user to transfer the amount of the transaction from the customer account to the shared funding source of the network transaction service.

20. The method of claim 19 , further comprising:

prior to accessing the customer account of the given user, determining that the given user has pre-authorized the customer account for transactions using the network transaction service.