Financial card transaction security and processing methods

Abstract

Methods and systems for a secure financial transaction that can be processed through open loop or closed loop networks using electronically readable or visual data that is preferably provided or integrated into a financial card to determine network selection and card authentication and verification requirements.

1 .- 6 . (canceled) 
     
     
         7 . A system for conducting a financial card transaction, comprising:
 a reader for reading a financial card of the type that includes visual or electronic data that is stored within a data storage device of the financial card to be read by the reader in conducting a financial card transaction with a merchant, the visual or electronic data being sufficient to conduct a financial card transaction; and   a merchant point of sale system that is operatively connected with the reader and that is electronically connected with a network for processing of the financial card transaction, the merchant point of sale system also including software or firmware coded within the merchant point of sale system for changing the financial card's usage status within the merchant point of sale system from an on position to an off position as a result of a step of reading data if the financial card's usage status is in an on position at a time of financial card reading, the software or firmware also coded within the merchant point of sale system for receiving a verification input from a financial card user and after receiving the verification input for changing the financial card's usage status back to an on position so that the financial card transaction can be processed.   
     
     
         8 . The system of claim  1 , wherein the network is a private network. 
     
     
         9 . A financial card for use in conducting a financial transaction, the card comprising:
 a data storage device; and   data that is stored visually or electronically within the data storage device of the financial card to be read by a merchant point of sale system in conducting a financial transaction, the data including at least one character that indicates the usage of a secure transaction process in order to process financial aspects of the transaction, the data also including additional data that is sufficient to conduct a financial transaction including the usage of a network to process financial aspects of the transaction.   
     
     
         10 . A method of authorizing a financial card transaction at a merchant point of sale system, wherein the financial transaction is conducted from a location remote from the merchant point of sale system by way of a network connection, the method comprising:
 accepting, by a merchant point of sale system, input data of a financial card of a financial card user;   the received additional data being sufficient to conduct the financial card transaction;   utilizing software or firmware coded within the merchant point of sale system for initiating the processing of the financial transaction;   as a result of the step of reading the data, changing a status of the financial card from an on position, based upon the financial card status at a time of reading the data, to an off position utilizing the merchant point of sale system and the software or firmware coded within the merchant point of sale system, and then requiring a verification input from the financial card user at the location remote from the merchant point of sale system; and   after the verification input is received via the network from the financial card user within the merchant point of sale system, changing the status of the financial card to an on position within the merchant point of sale system followed by a processing of the financial transaction.   
     
     
         11 . The method of claim  3 , wherein the financial transaction is conducted by way of an interne connection and the merchant point of sale system is operatively in data connection with a merchant website.