Account locking using transaction codes

A computer-implemented method of authorizing a transaction that uses a payment service, comprising:

• generating a transaction code for the transaction that is initiated with a payment service subaccount, the transaction code including transaction information, the transaction code providing uniform transaction information as interpreted by a plurality of modules on a server in a closed-loop payment system;
• determining whether to place a lock on the transaction;
• if, based on the determining step, the lock should be placed on the transaction:
• placing the lock on the transaction,
• identifying an administrator of the payment service subaccount using an account hierarchy and a hierarchical position of the payment service subaccount in the account hierarchy, the account hierarchy defining a set of accounts in the closed-loop payment system,
• transmitting an authorization request including the transaction code to a portable electronic device of the administrator, and
• removing or maintaining the lock based on an authorization response received from the portable electronic device of the administrator in response to the authorization request;
• and
• if, based on the determining step, the lock should not be placed on the transaction:
• allowing the transaction to proceed.

A computer-based payment system comprising:

• a transaction code generator configured to generate a transaction code for a transaction that is initiated with a payment service subaccount, the transaction code including information identifying a merchant of the transaction;
• an administrator identifying unit configured to identify an administrator of the payment service subaccount using an account hierarchy and a hierarchical position of the payment service subaccount in the account hierarchy;
• an interface generator configured to generate a control interface that allows the administrator to use the transaction code to create a locking rule for a future transaction;
• a data access layer configured to store the locking rule;
• and
• a transaction authorization unit configured to apply the locking rule to the future transaction;
• and wherein the computer-based payment system is a closed-loop system configured to enroll a plurality of merchants and categorize the merchants.

A computer-based payment system comprising:

• a transaction code generator configured to generate a transaction code for a transaction that is initiated with a payment service subaccount, the transaction code including transaction information;
• an administrator identifying unit configured to identify an administrator of the payment service subaccount;
• a transmission unit configured to transmit an authorization request;
• and
• a transaction authorization unit configured to determine whether to place a lock on the transaction such that
• if the transaction authorization unit determines that the lock should be placed on the transaction, (i) the transaction authorization unit places the lock on the transaction, (ii) the administrator identifying unit identifies the administrator using an account hierarchy and a hierarchical position of the payment service subaccount in the account hierarchy, (iii) the transmission unit transmits the authorization request including the transaction code to a portable electronic device of the administrator, and (iv) the transaction authorization unit removes or maintains the lock based on an authorization response received from the portable electronic device of the administrator in response to the authorization request, and
• if the transaction authorization unit determines that the lock should not be placed on the transaction, the transaction authorization unit allows the transaction to proceed;
• and wherein the computer-based payment system is a closed-loop system configured to enroll a plurality of merchants and categorize the merchants.