Related party payment system

A system for processing payment requests for a supervised user, the system comprising:

• a computer readable storage device for storing computer executable programming modules;
• a processor communicatively coupled with a computer readable storage device for executing programmed modules stored therein;
• a payment processing module configured to process payment transactions from an escrow account including funds supplied by a first funding source and a subsequent funding source using third party payment processors including processing networks for credit cards;
• and
• an account manager module configured to
• create a user account for a first person, the user account having associated therewith a set of permissions,
• create a supervisory account for a supervisory contributor, the supervisory account having the ability to set the permissions associated with the user account and the ability to view a transaction history of the user account, wherein the first funding source is associated with the supervisory account, and
• create a contributor account for a second contributor, the second contributor account being associated with the second funding source.

A computer-implemented method for processing a payment request with a related party payment service, where one or more processors are programmed to perform steps comprising:

• holding a balance of funds in an escrow account for a user, the balance of funds being supplied by a supervisory contributor and a second contributor, wherein the second contributor is authorized by the supervisory contributor to supply funds to the escrow account;
• receiving an electronic payment request at the one or more processors from a vendor for a purchase of an item selected by the user;
• processing the payment request at the one or more processors for the purchase of the item selected by the user;
• funding a payment to the vendor from the escrow account for the user;
• and
• maintaining a transaction history accessible to the user and to the supervisory contributor.