Secure and efficient payment processing system

Abstract

A method for carrying out commercial transactions includes establishing a transaction processing system on an electronic communications network, and establishing an account within the transaction processing system for a corresponding account holder. One or more descriptions of acceptable future commercial transactions related to the account are obtained from the account holder. Commercial transactions carried out via the transaction processing system are administered, and it is verified that administered commercial transactions related to the account meet one or more of the descriptions obtained.

1 . A method for carrying out commercial transactions, said method comprising the steps of:
 (a) establishing a transaction processing system on an electronic communications network;   (b) establishing an account within the transaction processing system for a corresponding account holder;   (c) obtaining from the account holder one or more descriptions of acceptable future commercial transactions related to the account;   (d) administering commercial transactions carried out via the transaction processing system; and,   (e) verifying that administered commercial transactions related to the account meet one or more of the descriptions obtained.   
     
     
         2 . The method according to  claim 1 , wherein step (c) comprises:
 obtaining from the account holder an identity of a designated merchant with whom it is acceptable to carry out commercial transactions related to the account; and, obtaining from the account holder a designated amount that is an acceptable cost limit for commercial transactions with the designated merchant.   
     
     
         3 . The method according to  claim 1 , wherein step (c) comprises:
 obtaining from the account holder an identity of a designated merchant with whom it is acceptable to carry out commercial transactions related to the account; and, obtaining from the account holder a designated time frame within which it is acceptable for commercial transactions to be carried out with the designated merchant.   
     
     
         4 . The method according to  claim 1 , further comprising the steps of:
 (f) denying authorization for completion of an administered commercial transaction when the transaction is does not meet one or more of the descriptions obtained; and,   (g) authorizing completion of an administered commercial transaction when the transaction does meet one or more of the descriptions obtained.   
     
     
         5 . The method according to  claim 4  , further comprising the step of;
 (h) reporting denied authorizations to the corresponding account holder. 
 
     
     
         6 . The method according to  claim 5 , further comprising the steps of:
 (i) receiving from the account holder and override request in response to a denied authorization report; and,   (j) authorizing completion of the corresponding commercial transaction.