Electronic Credit/Debit Cardless Payment Processing System and Method PSM

An ecommerce electronic payment system from shopper to merchant comprising one or more of the following in any combination, or all of the following in any combination:

• i. At least one shopper computer for making an on-line purchase transaction;
• ii. At least one merchant computer for selling goods or services on-line;
• iii. A credit merchant or financial institution payment server of a system payment solutions provider operationally connected with said shopper for establishing, maintaining, and replenishing an online account and operationally connected with said merchant for making payment from a shopper to a merchant from said online account;
• iv. Wherein said online account is capable of being credited (increased) with an amount of value (credit) by the credit merchant;
• v. Wherein said online account is capable of being credited (increased) by over the counter cash payments, Automated Teller Machine transactions, check deposits, money and, bank transfers by the shopper;
• vi. Wherein said online account is capable of being debited with an amount of value upon receiving instructions from said merchant in response to said initiated transaction;
• vii. Wherein said online account is capable of being debited with an amount of value upon receiving instructions from said credit merchant provider in response to an initiated transaction;
• viii. Wherein the servers of a credit provider merchant or financial institution are operationally connected to an external database for the purpose of conducting background and, credit checks on individuals and organizations;
• ix. Wherein the credit provider merchant or financial institution determines and sets up credit limits to the shopper based on the results of background checks and credit history.

An ecommerce payment processing system for creating and maintaining at least one merchant account comprising one or more of the following in any combination, or all of the following in any combination:

• i. Connecting (linking) the servers of a credit provider merchant or financial institution to a third party database for the purpose of conducting background and, credit checks on individuals and organizations;
• ii. Collecting and entering at least one merchant's data such as Name of Merchant, Type of Business, Tax ID, Address, Dun & Bradstreet Number, Bankers, etc in the servers of a credit provider merchant or financial institution;
• iii. Registering and creating an electronic account in the servers of a credit provider merchant or financial institution for at least one merchant based on the satisfactory review of the information obtained from the merchant and, information obtained from background and credit checks;
• iv. Assigning a null value as the opening balance of the merchant's electronic account;
• v. Crediting merchants' electronic account with the amount debited to a user account minus applicable fees.