Electronic payment methods and systems

Abstract

A server for facilitating commerce via a distributed computing network. The server memory stores an instruction set, customer data, vendor data, venue data, and server data related to a sponsoring entity. A processor is operative to: provide a portion of the vendor data to a first client based upon the client entering a venue, wherein the portion of the vendor data relates to the venue; receive an order for a product of a vendor from the first client, wherein the product is included in the portion of the vendor data; provide the order to a second client of the vendor so the vendor can fill the order; attend to collection of funds in payment for the order from the first customer by using a portion of the customer data; and attend to payment of funds for the order to the vendor by using a portion of the server data.

Description

CROSS-REFERENCE TO RELATED APPLICATION[0001]This application claims priority to U.S. Provisional Patent Application No. 61 / 683,184 filed Aug. 7, 2013, which is incorporated herein by reference.BACKGROUND OF THE INVENTION1. Field of the Invention[0002]The subject disclosure relates to methods and systems for electronic payment via a distributed computing network, and more particularly to improved methods and systems for making electronic payments securely and conveniently without direct interaction on payment between the customer and the provider of goods and services.2. Background of the Related Art[0003]Commerce, at its core, is basically a series of informational exchanges that result in a transaction. A vendor offers its goods and services for sale from a location at a certain price. The location could be anywhere including, but not limited to, a brick & mortar store, the customers home, or a Web site on the internet. If the customer decides that he or she needs or wants the good...

AI Technical Summary

Benefits of technology

The patent text describes a system and method that allows consumers to quickly and easily make purchases using a centralized payment system. The technology also reduces fraud, increases customer and vendor confidence, and improves the ability of businesses to interact with their customers. Additionally, the method and system prevent enrolled vendors from storing any confidential payment information, which further enhances cyber security. The mobile point of sale also enabled new services to customers, including famous individuals and sports teams. The technology has applications in both traditional and online shopping environments.

Problems solved by technology

However, content rich Web sites designed for powerful computers utilizing broadband connections proved overwhelming for smartphones with smaller processors and wireless Internet connections.

As a result, connecting to a Web site and transacting commerce was an unsatisfactorily slow process initially.

If the merchandise was not as advertised, the buyer could give the seller a poor review.

While this didn't help the buyer much, it would eventually lead to the seller having poor eBay ratings, which in turn would help future buyers.

Some drawbacks are that GPS isn't as exact as other technologies so the picture of non-customers with square wallet passing by, or standing outside, often show up on the vendors screen and many point of sale devices do not have the capability to display the customers photo.

However, despite a promising future, adoption of digital / mobile wallet services by consumers has, in general, been disappointing to date.

Customers haven't found any significant benefit to paying with their mobile device rather than their credit card and with the digital / mobile wallet market so fragmented, vendors are reluctant to invest in expensive technology changes.

Fear of fraud partly explains the lack of adoption of easier payment methods.

While this technology has been widely adopted in Europe, the United States has yet to adopt this technology due to the massive investment it requires to retrofit ATM's and point of sale equipment.

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