Method and apparatus for facilitating online payment transactions in a network-based transaction facility using multiple payment instruments

Abstract

A method and apparatus for facilitating online payment transactions between participants in a network-based transaction facility are described. In one embodiment, user interface information that identifies various payment instruments available for processing online payment transactions is communicated to and received by a first participant via a communications network. Payment option information indicating the willingness of the first participant to accept a payment from a second participant via one of the various payment instruments is passed to the second participant via the communications network. Personal billing information concerning a selected payment instrument from the various payment instruments is accepted from the second participant to facilitate an online payment transaction between the first participant and the second participant.

1 . A computer-implemented method comprising:
 using one or more computer processors, receiving, from a first user, payment option information identifying a selection of a first group of payment instrument s comprising at least one payment instrument from a plurality of payment instruments;   determining, based on a risk management operation, that the first user is qualified to accept at least one of the first group of payment instruments;   using information pertaining to a second user and received from one of a first group of providers consisting of third party risk analysis providers and peers of the second user, to evaluate a risk level of an online payment transaction between the first user and the second user;   receiving a selection from the second user that identifies a payment instrument from the first group of payment instruments, the risk level used to determine that the second user is qualified to use a payment instrument selected by the second user from the identified payment instrument; and   processing the online payment transaction based on the risk level.   
     
     
         2 . The computer-implemented method of  claim 1  further comprising:
 accepting personal billing information associated with the selected payment instrument that the second user is qualified to use; and 
 encrypting the personal billing information. 
 
     
     
         3 . The computer-implemented method of  claim 2  further comprising:
 communicating, via a communications network, the personal billing information to a financial institution to process the online payment transaction; and 
 notifying the first user responsive to completion of the online payment transaction. 
 
     
     
         4 . The computer-implemented method of  claim 2 , wherein the personal billing information is not disclosed to the first user unless permitted by the second user. 
     
     
         5 . The computer-implemented method of  claim 1 , wherein the evaluating of the risk level includes using a scoring algorithm based on criteria specified by the first user. 
     
     
         6 . The computer-implemented method of  claim 1  wherein the evaluating a risk level is performed dynamically at a first stage that is included in a plurality of stages of the online payment transaction. 
     
     
         7 . The computer-implemented method of  claim 6 , wherein the performing the evaluating includes using information associated with the first user and the second user, the information including payment information stored by a payment processing system and risk information obtained from at least one third party risk analysis provider. 
     
     
         8 . The computer-implemented method of  claim 1  further comprising:
 accepting multiple payments issued to the first user in a course of business transactions conducted by the first user; 
 accumulating the multiple payments over a period of time as a single accumulated payment; and 
 disbursing the single accumulated payment to the first user. 
 
     
     
         9 . The computer-implemented method of  claim 1  further comprising:
 enabling the first user to initiate the online payment transaction via a communications network; 
 communicating to the first user an invoice form interface to obtain invoice information from the first user; 
 determining that the first user is qualified to initiate the online payment transaction described by terms included in the invoice information; and 
 passing the invoice information to the second user. 
 
     
     
         10 . The computer-implemented method of  claim 1  further comprising:
 enabling the second user to initiate the online payment transaction via a communications network; 
 communicating to the first user information indicating a willingness of the second user to use at least one of the plurality of payment instruments; and 
 presenting a billing information interface to the second user to obtain personal billing information concerning the at least one of the plurality of payment instruments that the second user is qualified to use. 
 
     
     
         11 . A machine-readable storage device having embedded therein a set of instructions which, when executed by the machine, causes the machine to execute the following operations:
 receiving, from a first user, payment option information identifying a selection of a first group of payment instruments comprising at least one payment instrument from a plurality of payment instruments;   determining, based on a risk management operation, that the first user is qualified to accept at least one of the first group of payment instruments;   using information pertaining to a second user and received from one of a first group of providers consisting of third party risk analysis providers and peers of the second user, to evaluate a risk level of an online payment transaction between the first user and the second user,   receiving a selection from the second user that identifies a payment instrument from the first group of payment instruments, the risk level used to determine that the second user is qualified to use a payment instrument selected by the second user from the identified payment instrument; and   processing the online payment transaction based on the risk level.   
     
     
         12 . The machine-readable storage device of  claim 11  the operations further including:
 accepting personal billing information associated with the selected payment instrument that the second user is qualified to use; and 
 encrypting the personal billing information. 
 
     
     
         13 . The machine-readable storage device of  claim 12  further comprising:
 communicating, via a communications network, the personal billing information to a financial institution to process the online payment transaction; and 
 notifying the first user responsive to completion of the online payment transaction. 
 
     
     
         14 . The machine-readable storage device of  claim 12 , wherein the personal billing information is not disclosed to the first user unless permitted by the second user. 
     
     
         15 . The machine-readable storage device of  claim 11 , wherein the evaluating of the risk level includes using a scoring algorithm based on criteria specified by the first user. 
     
     
         16 . The machine-readable storage device of  claim 11  wherein evaluating a risk level is performed dynamically at a first stage that is included in a plurality of stages of the online payment transaction. 
     
     
         17 . The machine-readable storage device of  claim 16 , wherein the performing the evaluating includes using information associated with the first user and the second user, the information including payment information stored by a payment processing system and risk information obtained from at least one third party risk analysis provider. 
     
     
         18 . The machine-readable storage device of  claim 11  further comprising:
 accepting multiple payments issued to the first user in a course of business transactions conducted by the first user; 
 accumulating the multiple payments over a period of time as a single accumulated payment; and 
 disbursing the single accumulated payment to the first user. 
 
     
     
         19 . The machine-readable storage device of  claim 11  further comprising:
 enabling the first user to initiate the online payment transaction via a communications network; 
 communicating to the first user an invoice form interface to obtain invoice information from the first user; 
 determining that the first user is qualified to initiate the online payment transaction described by terms included in the invoice information; and 
 passing the invoice information to the second user. 
 
     
     
         20 . The machine-readable storage device of  claim 11  further comprising:
 enabling the second user to initiate the online payment transaction via a communications network; 
 communicating to the first user information indicating a willingness of the second user to use at least one of the plurality of payment instruments; and 
 presenting a billing information interface to the second user to obtain personal billing information concerning the at least one of the plurality of payment instruments that the second user is qualified to use. 
 
     
     
         21 . A network-based system comprising:
 one or more computer processors configured to:
 receive, from a first user, payment option information identifying selection of a selected group comprising at least one of a plurality of payment instruments; 
 receive, from a first user, payment option information identifying a selection of a first group of payment instruments comprising at least one payment instrument from a plurality of payment instruments; 
   determine, based on a risk management operation, that the first user is qualified to accept at least one of the first group of payment instruments;   using information pertaining to a second user and received from one of a first group of providers consisting of third party risk analysis providers and peers of the second user, evaluate a risk level of an online payment transaction between the first user and the second user,   receive a selection from the second user that identifies a payment instrument from the first group of payment instruments the risk level used to determine that the second user is qualified to use a payment instrument selected by the second user from the identified payment instrument; and   process the online payment transaction based on the risk level.   
     
     
         22 . The system of  claim 21 , wherein the network-based system is further to:
 accept personal billing information associated with the selected payment instrument that the second user is qualified to use; and   encrypt the personal billing information.   
     
     
         23 . The system of  claim 22 , wherein the payment processing system is configured to:
 communicate, via the communications network, the personal billing information to a financial institution to process the online payment transaction; and   notify the first user responsive to completion of the online payment transaction.   
     
     
         24 . The system of  claim 22 , wherein the personal billing information is not disclosed to the first user unless permitted by the second user. 
     
     
         25 . The system of  claim 21 , wherein the payment processing system comprises a risk management system to dynamically evaluate risk involved in the online payment transaction between the first user and the second user and the payment processing system is to restrict the online payment transaction based on the risk. 
     
     
         26 . A system for facilitating online payment transactions between users in a network-based transaction facility, the system comprising:
 means for receiving, from a first user, payment option information identifying a selection of a first group of payment instruments comprising at least one payment instrument from a plurality of payment instruments;   means for determining, based on a risk management operation, that the first user is qualified to accept at least one of the first group of payment instruments;   means for using information pertaining to a second user and received from one of a first group of providers consisting of third party risk analysis providers and peers of the second user, to evaluate a risk level of an online payment transaction between the first user and the second user;   means for receiving a selection from the second user that identifies a payment instrument from the first group of payment instruments, the risk level used to determine that the second user is qualified to use a payment instrument selected by the second user from the identified payment instrument; and   means for processing the online payment transaction based on the risk level.