Secure and efficient payment processing system

A system for facilitating session-based authentication for a plurality of e-commerce transactions for an account holder, comprising at least one processor configured to:

• register a plurality of account holders, each account holder of the plurality of account holders corresponding to an account holder record containing account privilege information;
• receive, from an account holder of the plurality of account holders, user input setting the account privilege information for an account corresponding to the account holder;
• receive a transaction request for an e-commerce transaction between the account holder and a merchant, the transaction request comprising transaction details including a transaction value and a transaction time;
• in response to the transaction request, perform an authentication process comprising:
• (i) prompting the account holder to input authentication data in response to the transaction request;
• (ii) comparing the inputted authentication data to the account holder record corresponding to the account holder;
• and
• (iii) authenticating the account holder in response to matching the inputted authentication data to the account holder record corresponding to the account holder;
• process the e-commerce transaction in response to completing the authentication process;
• receive at least one subsequent transaction request for at least one subsequent e-commerce transaction between the account holder and the merchant or at least one other merchant, the at least one subsequent transaction request comprising transaction details including a transaction value and a transaction time;
• determine to bypass the authentication process for the at least one subsequent transaction based on the transaction value of the e-commerce transaction, the transaction time of the e-commerce transaction, the transaction value of the at least one subsequent e-commerce transaction, and the transaction time of the at least one subsequent e-commerce transaction;
• and
• in response to determining to bypass the authentication process, process the at least one subsequent e-commerce transaction without requiring the authentication process to be completed again.

A method for facilitating session-based authentication for a plurality of e-commerce transactions for an account holder, comprising:

• registering, with at least one computer system, a plurality of account holders, each account holder of the plurality of account holders corresponding to an account holder record containing account privilege information;
• receiving, from an account holder of the plurality of account holders, user input setting the account privilege information for an account corresponding to the account holder;
• receiving a transaction request for an e-commerce transaction between the account holder and a merchant, the transaction request comprising transaction details including a transaction value and a transaction time;
• in response to the transaction request, performing, with at least one computer system, an authentication process comprising:
• (i) prompting the account holder to input authentication data in response to the transaction request;
• (ii) comparing the inputted authentication data to the account holder record corresponding to the account holder;
• and
• (iii) authenticating the account holder in response to matching the inputted authentication data to the account holder record corresponding to the account holder;
• processing the e-commerce transaction in response to completing the authentication process;
• receiving at least one subsequent transaction request for at least one subsequent e-commerce transaction between the account holder and the merchant or at least one other merchant, the at least one subsequent transaction request comprising transaction details including a transaction value and a transaction time;
• determining to bypass the authentication process for the at least one subsequent transaction based on account privilege information set by the account holder and at least one of the following parameters:
• the transaction value of the e-commerce transaction, the transaction time of the e-commerce transaction, the transaction value of the at least one subsequent e-commerce transaction, the transaction time of the at least one subsequent e-commerce transaction, or any combination thereof;
• and
• in response to determining to bypass the authentication process, processing the at least one subsequent e-commerce transaction without requiring the authentication process to be completed again.