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Tynax ~ Patent Library

Patent for Sale:

Portfolio for Electronic Payments for E-Commerce    

Three Patents and Two Applications That Describe An Alternative Electronic Payment System to PayPal

Overview

The credit card issuer has additional authentication measures when dealing with their clients. Seller does something that requires the purchaser to utilize the card issuer authentication measures. Typically the information the issuing bank requires is not anything attached to the physical credit card, it is something that is a secret known only to the bank and their client.

Seller alters something in the credit card transaction that the purchaser cannot know without contacting their bank.Seller does not finalize the transaction until the customer provides us with that information known only to their bank. They obtain that information from their bank, provide it to us, we verify the information and then approve the transaction.

Instead of validating a purchaser account, seller validates the transaction.

Primary Application of the Technology

Online sales of high value products such as electronics, jewelry, etc.

Online sales of products that are age restricted. Most card issuers only give cards to adults.

The Problem Solved by the Technology

The technology was designed to allow seller to safely sell gold coins (or any other high value products) over the internet without getting taken by massive amounts of credit card fraud. The technology allows users to ensure that the person making the purchase is indeed the card holder.

Competitive Advantage

The only comparable technology is the PayPal deposits into a bank account. They connect the bank account to the PayPal user, then allow transactions. Seller’s technology skips the account to user step and just allows or disallows the transaction. The PayPal technology requires that Paypal send funds to the user account, which costs money. Our technology uses the purchase and thus incurs no additional costs, we don’t give money away to approve a transaction.

The seller may consider selling these patents individually.

Patent Summary

U.S. Patent Classes & Classifications Covered in this listing:

Class 705: Data Processing:Financial, Business Practice, Management, Or Cost/Price Determination

This is the generic class for apparatus and corresponding methods for performing data processing operations, in which there is a significant change in the data or for performing calculation operations wherein the apparatus or method is uniquely designed for or utilized in the practice, administration, or management of an enterprise, or in the processing of financial data. It also provides for apparatus and corresponding methods for performing data processing or calculating operations in which a charge for goods or services is determined.

Subclass 35: Finance (e.g., banking, investment or credit)
Subclass 39: Including funds transfer or credit transaction
Subclass 40: Bill distribution or payment
Subclass 44: Requiring authorization or authentication

Class 235: Registers

Machines employed for ascertaining the number of movements of various devices or machines; also, indicating devices where the purpose is to disclose the numerical extent or quantity of movement of a machine and where the device is separate and independent of the machine whose movements are to be noted; also organized machines, such as, cash-registers, fare-registers, voting machines and calculators having registering or counting devices as essential or important elements and having in addition certain other features necessary to make up the complete machines for the purposes desired.

Subclass 379: Banking systems