System and method for effecting payment for an electronic commerce transaction

A person-to-person payment method for effecting a payment by a payment system for a network-based electronic commerce transaction, said method comprising:

• determining, by at least one processor of the payment system, a tax jurisdiction corresponding to a payer;
• calculating by the at least one processor a tax amount based on a transaction amount corresponding to the network-based electronic commerce transaction and the determined tax jurisdiction;
• calculating by the at least one processor a total transaction amount, which is the sum of at least the calculated tax amount and the transaction amount, corresponding to the network-based electronic commerce transaction;
• receiving a funds transfer request by the at least one processor, the fund transfer request being transmitted from a computing device operated by the payer via a communications network, wherein the funds-transfer request is for a transfer of funds from at least one payment account corresponding to the payer to at least one payment account corresponding to a payee to effect payment for the network-based electronic commerce transaction, wherein the payee is associated with a non-email related alias;
• and
• storing within a database of the payment system a plurality of payment accounts storing actual funds therein and information corresponding to each of the plurality of payment accounts, including storing within the database the at least one payment account corresponding to the payer and the at least one payment account corresponding to the payee, including storing within the database information corresponding to the at least one payment account corresponding to the payer and the at least one payment account corresponding to the payee;
• executing a set of programmable instructions by at least one processor of the payment system for:
• obtaining funds equal to at least a portion of the calculated total transaction amount corresponding to the network-based electronic commerce transaction from actual funds stored within the at least one payment account corresponding to the payer;
• loaning funds if the funds stored within the at least one payment account corresponding to the payer are less than the amount of funds corresponding to the calculated total transaction amount for effecting payment for the network-based commerce transaction even when there are not sufficient funds in the at least one payment account corresponding to payer;
• transferring at least a portion of the obtained and/or loaned funds to the at least one payment account corresponding to the payee;
• and
• transmitting a payment acknowledgment message to the computing device operated by the payer and to a computing device operated by the payee, wherein at least one computing device and the database storing the plurality of payment accounts are maintained by the payment system,
• wherein the database includes a first data structure storing a first set of a plurality of identifiers each respectively corresponding to one identifier of a second set of a plurality of identifiers stored by a second data structure of a database of an electronic commerce system, said electronic commerce system having at least one computing device maintaining an electronic commerce website which is accessible for purchasing at least one item and paying for said at least one item by using said at least one payment account corresponding to the payer, wherein said at least one payment account corresponding to the payer is identified by mapping an identifier of the second set of the plurality of identifiers stored by the second data structure to a corresponding identifier of the first set of the plurality of identifiers stored by the first data structure, and
• determining if the at least one payment account corresponding to the payer should be automatically replenished from at least one payment source following the execution of the transfer of funds by determining if the at least one processor had received instructions prior to the network-based electronic commerce transaction to automatically replenish the at least one payment account corresponding to the payer when an amount of actual funds stored therein following a transfer of funds falls below a predetermined threshold.

A fund transfer method comprising:

• determining, by at least one processor an electronic payment system, a tax jurisdiction corresponding to a first party;
• calculating by the at least one processor a tax amount based on a transaction amount corresponding to an electronic commerce transaction and the determined tax jurisdiction;
• calculating by the at least one processor a total transaction amount, which is the sum of at least the calculated tax amount and the transaction amount, corresponding to the electronic commerce transaction based on the tax amount and the transaction amount;
• receiving by the at least one processor at least one fund transfer instruction transmitted from a computing device corresponding to a first party via a communications network, the at least one fund transfer instruction being received following display by the computing device corresponding to the first party of an amount of funds corresponding to a commerce transaction;
• identifying, by the at least one processor, a first payment account storing actual funds therein and corresponding to the first party;
• identifying, by the at least one processor, at least one second payment account corresponding to a second party;
• and
• executing, by the at least one processor, a transfer of funds equal to at least a portion of the calculated total transaction amount from the first payment account to the at least one second payment account if the first payment account is determined by the at least one processor to have actual funds therein that are greater than or equal to the calculated total transaction amount, wherein the step of executing the transfer includes loaning funds, if the first payment account does not have actual funds greater than or equal to the calculated total transaction amount such that the transfer of funds occurs even when there are not sufficient actual funds in the first payment account corresponding to the first party,
• wherein the electronic payment system includes a database storing the first payment account and a payment account of the at least one second payment account,
• wherein the electronic payment system is in operative communication with an electronic commerce system in which the commerce transaction originated,
• wherein payment information related to said commerce transaction is communicated to said electronic payment system by said electronic commerce system,
• wherein said payment information is displayed by the computing device corresponding to the first party prior to the at least one processor receiving the at least one fund transfer instruction, and
• wherein the database includes a first data structure storing a first set of a plurality of identifiers each respectively corresponding to one identifier of a second set of a plurality of identifiers stored by a second data structure of a database of said electronic commerce system, said electronic commerce system having at least one computing device maintaining an electronic commerce website which is accessible for purchasing at least one item and paying for said at least one item by using said first payment account, wherein said first payment account is identified by mapping an identifier of the second set of the plurality of identifiers stored by the second data structure to a corresponding identifier of the first set of the plurality of identifiers stored by the first data structure, and
• determining if the first payment account corresponding to the first party should be automatically replenished from at least one payment source following the execution of the transfer of funds by determining if the at least one processor had received instructions prior to the electronic commerce transaction to automatically replenish the first payment account corresponding to the first party when an amount of actual funds stored therein following a transfer of funds falls below a predetermined threshold.