Apparatus, method, and system for facilitating swiped magnetic card-present financial transactions using any mobile telephone
OwnerRyan P. Malloyinventor
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Abstract
The present invention relates generally to financial processing systems. Specifically, this invention relates to mobile transaction processing utilizing existing voice network infrastructure and installed handsets. In a preferred embodiment, a payment card is swiped through a card-reader apparatus that is adapted to transmit data to a central processing system, via the handset. The system also interacts with the financial network in order to complete financial transactions. The system then passes the reply, if any from the financial network. Responses from the caller or apparatus may then be passed back to the system. This process repeats itself until all data is gathered or the call is terminated.
Claims2
I claim to have invented a system to attempt a financial transaction wherein the buyer provides financial account information by a means of swiping and reading the account data as intended by the card issuer comprising:
- (a) an apparatus to gather credit card magnetic swipe data;
- capable of communicating the data to a central computer network utilizing the existing wireless voice infrastructure, providing a broad range of handsets additional abilities comprising:
- i. a method of reliably communicating the data required to process the financial transaction, to a central computer network via existing wireless voice telephone infrastructure;
- ii. a method of receiving the transported data as well as collecting additional data, in an attempt to form and transmit a data packet or packets to a predetermined destination on the financial network dictated by the card issuer;
- and
- iii. a method of communicating a response to the transaction attempt, computed using logic and previously gathered data.
Dependencies are inferred from the claim text.