1. Field of the Invention
This invention relates to receiving payment for online purchases.
2. Background of the Invention
In ecommerce transactions, the typical payment method is a credit or debit card. Other electronic accounts may also be used to pay for an online purchase, but these accounts are typically linked to some sort of bank or credit account. These payment methods result in additional costs due to transaction processing, fraud processing, and chargeback exposure.
There are also many “unbanked” and “under-banked” customers that do not have a credit or debit card and do not qualify for alternatives, but want to purchase items online. These customers typically pay with cash for in-store transactions. In addition, many potential customers are not comfortable entering their credit card information on a web site. In a third party survey of online users, 12-18% did not shop online. Of these users, 44% cited not wanting to share financial information online as the reason for refraining from online shopping.
USPTO Backgrounds
USPTO Backgrounds