The patent badge is an abbreviated version of the USPTO patent document. The patent badge does contain a link to the full patent document.
The patent badge is an abbreviated version of the USPTO patent document. The patent badge covers the following: Patent number, Date patent was issued, Date patent was filed, Title of the patent, Applicant, Inventor, Assignee, Attorney firm, Primary examiner, Assistant examiner, CPCs, and Abstract. The patent badge does contain a link to the full patent document (in Adobe Acrobat format, aka pdf). To download or print any patent click here.
Patent No.:
Date of Patent:
Sep. 16, 2013
Filed:
Aug. 11, 2010
Brian Paul Boesch, Herndon, VA (US);
Stephen David Crocker, Bethesda, MD (US);
Donald Eggleston Eastlake, Iii, Carlisle, MA (US);
Alden Sherburne Hart, Jr., Arlington, VA (US);
Andrew Jackson, Falls Church, VA (US);
Robert A. Lindenberg, Sudburn, MA (US);
Denise Marie Paredes, Centreville, VA (US);
Brian Paul Boesch, Herndon, VA (US);
Stephen David Crocker, Bethesda, MD (US);
Donald Eggleston Eastlake, III, Carlisle, MA (US);
Alden Sherburne Hart, Jr., Arlington, VA (US);
Andrew Jackson, Falls Church, VA (US);
Robert A. Lindenberg, Sudburn, MA (US);
Denise Marie Paredes, Centreville, VA (US);
Paypal, Inc., San Jose, CA (US);
Paypal International Limited, Dublin, IE;
Abstract
A system and method for determining approval of a multi-currency transaction between a customer and a merchant over a network. The system includes a customer computer which is connected to a communication network, a merchant computer which is connected to the communication network, and a server connected to both the customer computer via the communication network and to the merchant computer via the communication network. The customer computer includes a first set of data which contains an amount the customer is willing to pay the merchant for a product in a first currency. The merchant computer includes a second set of data which contains a product price at which the merchant agrees to sell the product in a second currency. The server receives the first set of data and the second set of data. The server then converts the amount in the first currency into a converted amount in the second currency. The server approves the transaction if the converted amount in the second currency is within a risk range of the product price in the second currency in accordance with current exchange rates. Once the transaction is approved, the approving entity may settle the transaction at its discretion thereby bearing the risk associated with currency exchange. The parties, however, incur no risk. The customer will pay the amount in the first currency and the merchant will receive the price in the second currency. These are values known and agreed to by the parties at the time of the transaction.