Centralized Payment Method and System for Online and Offline Transactions

Abstract

Embodiments described herein include an electronic transaction service network (also referred to herein as a centralized electronic transaction (CET) service)=According to an embodiment, a financial management system hosts multiple CET web sites on behalf of multiple merchants. All transactions through any CET web site are executed and managed by the financial management system. Merchants may customize their web sites to include a branded look and feel. The merchant web sites are part of a CET service for which customer can register. Registered customers can then view and pay invoices from any merchants having CET web sites, whether purchases were made online or offline. Customers specify preferences for the CET service including choosing existing customer accounts from which the financial management system is to pay invoices on behalf of the customer. This eliminates the need for the customer to open and fund a separate payment account as in traditional methods.

1 . A central electronic transaction method, comprising:
 a financial management system hosting a web site on behalf of a payee, wherein the web site displays information to customers of the payee, the information comprising invoices and payment options;   the financial management system receiving input from a customer of the payee, the input comprising:   customer information comprising an identification of at least one payment account, wherein the at least one payment account comprises an existing customer bank account;   a request to view customer invoices on the web site; and   and a request to pay a customer invoice; and   the financial management system executing a transaction in response to the received input, comprising transferring funds from the at least one payment account to a predetermined payee account.   
     
     
         2 . The method of  claim 1 , wherein the financial management system hosts multiple web sites on behalf of multiple payees. 
     
     
         3 . The method of  claim 1 , further comprising:
 the payee customizing the web site, including placing branding indicia on the web site; and   the payee designating one or more accounts to receive funds transferred by the financial management system on behalf of customers.   
     
     
         4 . The method of  claim 1 , wherein the customer information comprises verification information for the at least one payment account, including personal customer identification information and password information. 
     
     
         5 . The method of  claim 1 , further comprising the customer accessing the web site via a link in an email from the payee. 
     
     
         6 . The method of  claim 1 , further comprising the customer accessing the web site via a link on a web site of the financial management system. 
     
     
         7 . The method of  claim 1 , further comprising receiving a customer registration in a central electronic transaction (CET) service that enables the customer to pay multiple payees via the CET service, wherein paying multiple payees comprises viewing payee invoices on specific payee web cites and viewing multiple invoices from different payees on a CET web site. 
     
     
         8 . The method of  claim 1 , wherein executing the transaction comprises the financial management system:
 executing a first debit transaction to withdraw funds from the at least one payment account at a first financial institution;   executing a first credit transaction to deposit the funds in an intermediate account at a second financial institution;   executing a second debit transaction to withdraw funds from the intermediate account; and   executing a second credit transaction to deposit the funds in the predetermined payee account at a third financial institution.   
     
     
         9 . The method of  claim 8 , wherein the first debit transaction and the first credit transaction are executed using a first network. 
     
     
         10 . The method of  claim 8 , wherein the second debit transaction and the second credit transaction are executed using a second network. 
     
     
         11 . The method of  claim 9 , wherein the first network is chosen from a group comprising: an automatic clearing house (ACH) network; a debit network; and an automated teller machine (ATM) network. 
     
     
         12 . The method of  claim 10 , wherein the second network is chosen from a group comprising: an automatic clearing house (ACH) network; a debit network; and an automated teller machine (ATM) network. 
     
     
         13 . A financial management system comprising:
 a plurality of servers configurable to communicate with a plurality of financial institutions via at least one network; and   a plurality of storage devices, comprising,
 databases that store customer information, merchant information, and financial institution information; and 
 memory devices that store instructions that when executed, cause a central electronic transaction method to be executed, the method comprising,
 a financial management system hosting a web site on behalf of a merchant, wherein the web site displays information to customers of the merchant, the information comprising invoices and payment options; 
 the financial management system receiving input from a customer of the merchant, the input comprising,
 customer information comprising an identification of at least one payment account, wherein the at least one payment account comprises an existing customer bank account; 
 a request to view customer invoices on the web site; and 
 and a request to pay a customer invoice; and 
 
 the financial management system executing a transaction in response to the received input, comprising transferring funds from the at least one payment account to a predetermined merchant account. 
 
   
     
     
         14 . The financial management system of  claim 13 , wherein the financial management system hosts multiple web sites on behalf of multiple merchants. 
     
     
         15 . The financial management system of  claim 13 , wherein the central electronic transaction method further comprises:
 the merchant customizing the web site, including placing branding indicia on the web site; and   the merchant designating one or more accounts to receive funds transferred by the financial management system on behalf of customers.   
     
     
         16 . The financial management system of  claim 13 , wherein the customer information comprises verification information for the at least one payment account, including personal customer identification information and password information. 
     
     
         17 . The financial management system of  claim 13 , wherein the central electronic transaction method further comprises the customer accesses the web site via a link in an email from the merchant. 
     
     
         18 . The financial management system of  claim 13 , wherein the central electronic transaction method further comprises the customer accesses the web site via a link on a web site of the financial management system. 
     
     
         19 . The financial management system of  claim 13 , wherein the central electronic transaction method further comprises receiving a customer registration in a central electronic transaction (CET) service that enables the customer to pay multiple merchants via the CET service, wherein paying multiple merchants comprises viewing merchant invoices on specific merchant web cites and viewing multiple invoices from different merchants on a CET web site. 
     
     
         20 . The financial management system of  claim 13 , wherein executing the transaction comprises the financial management system:
 executing a first debit transaction to withdraw funds from the at least one payment account at a first financial institution;   executing a first credit transaction to deposit the funds in an intermediate account at a second financial institution;   executing a second debit transaction to withdraw funds from the intermediate account; and   executing a second credit transaction to deposit the funds in the predetermined merchant account at a third financial institution.   
     
     
         21 . The financial management system of  claim 20 , wherein the first debit transaction and the first credit transaction are executed using a first network. 
     
     
         22 . The financial management system of  claim 21  wherein the second debit transaction and the second credit transaction are executed using a second network. 
     
     
         23 . The financial management system of  claim 21 , wherein the first network is chosen from a group comprising: an automatic clearing house (ACH) network; a debit network; and an automated teller machine (ATM) network. 
     
     
         24 . The financial management system of  claim 22 , wherein the second network is chosen from a group comprising: an automatic clearing house (ACH) network; a debit network; and an automated teller machine (ATM) network. 
     
     
         25 . A method for central electronic transaction management, the method comprising:
 creating and hosting a merchant web site for each of multiple merchants;   receiving merchant customization information for a merchant web site comprising a look and feel for the merchant web site;   receiving merchant preferences comprising at least one designated merchant account in which funds are to be deposited by the financial management system on behalf of customers of the merchant in payment of merchant invoices;   receiving registration input from a customer comprising customer personal information and customer payment account information;   receiving input from the customer comprising,
 a request from the customer to view merchant information comprising merchant invoices, wherein the request is entered by the customer from at least one of the merchant web site and a central financial management system web site; and 
 a request to pay a merchant invoice; and 
   executing a transaction in response to the request to pay comprising transferring funds from the customer payment account to one of the at least one designated merchant accounts.