Inventors:
Bradford D. Ress - Boca Raton FL, US
Victor Alan Bates - New Port Richey FL, US
International Classification:
G06Q 20/14
Abstract:
A system, method and stored program for processing payments and other financial transactions. The payment processing system of the present invention includes an input device for capturing information relevant to a customer's transaction (for example, credit card information) and storing that information securely associated with the customer. When it is determined that the customer owes a balance (for example, after an insurance company or other third party payor pays a portion of the customer's insurance claim), the balance remaining due is then calculated and submitted as a new financial transaction, using the stored information associated with the customer, e.g., in a new credit card charge, without having placed a hold on those funds as apart of an earlier transaction.