Patents Assigned to VPay, Inc.
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Patent number: 11663582Abstract: A payment intermediary vaults credit card data of a consumer for regular, simplified payments to one or more merchants. Consumer authorizes intermediary to charge the credit card so that intermediary can, in turn, pay a selected merchant. Intermediary tracks the interchange fees incurred on the first card transaction (between consumer and intermediary) and then automatically selects a payment card account with a higher interchange rate than that incurred on the first card transaction to pay merchant.Type: GrantFiled: April 13, 2021Date of Patent: May 30, 2023Assignee: VPay, Inc.Inventor: Robert M. Allen
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Patent number: 11599885Abstract: Like many credit card payments, virtual card payments are subject to fraudulent transactions. To lower this possibility, data collected from a settlement transaction is stored including a merchant category code, a tax identification number, a merchant identification and an IP address of the processing terminal. Subsequent payments from the same payor to the same payee are verified against the previous settlement transaction data to minimize the possibility of fraud.Type: GrantFiled: July 16, 2021Date of Patent: March 7, 2023Assignee: Vpay, Inc.Inventor: Robert M. Allen
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Patent number: 11468442Abstract: A payment processor acting on behalf of a third party administrator to make payment on an adjudicated claim makes a straight through payment to an acquirer for a health care provider's merchant account. Via the authorization process, the payment processor generates an authorization code which is returned to the health care provider on its merchant statement for the payment. Concurrently, the remittance advice from the third party administrator is linked to the same authorization code as the payment by the payment processor which sends the advice in an 835-formatted transmission to the health care provider. Thus, the remittance advice may be linked (reconciled) with the payment on the merchant statement by the common authorization code.Type: GrantFiled: June 29, 2020Date of Patent: October 11, 2022Assignee: Vpay, Inc.Inventors: Robert M. Allen, Richard A. Maxwell
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Patent number: 11068898Abstract: Like many credit card payments, virtual card payments are subject to fraudulent transactions. To lower this possibility, data collected from a settlement transaction is stored including a merchant category code, a tax identification number, a merchant identification and an IP address of the processing terminal. Subsequent payments from the same payor to the same payee are verified against the previous settlement transaction data to minimize the possibility of fraud.Type: GrantFiled: September 4, 2019Date of Patent: July 20, 2021Assignee: VPay, Inc.Inventor: Robert M. Allen
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Patent number: 11004063Abstract: A payment intermediary vaults credit card data of a consumer for regular, simplified payments to one or more merchants. Consumer authorizes intermediary to charge the credit card so that intermediary can, in turn, pay a selected merchant. Intermediary tracks the interchange fees incurred on the first card transaction (between consumer and intermediary) and then automatically selects a payment card account with a higher interchange rate than that incurred on the first card transaction to pay merchant.Type: GrantFiled: March 9, 2016Date of Patent: May 11, 2021Assignee: VPay, Inc.Inventor: Robert M. Allen
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Patent number: 10878511Abstract: A method for facilitating the delivery of electronic funds and conveying an explanation of benefits (EOB) to a service provider is described herein. A claim for payment by a service provider (such as a physician's office) is adjudicated by a third party administrator which authorizations payment in an amount and also provides an EOB explaining the payment authorization. A virtual payment card is generated and transmitted to the provider or the merchant acquirer for the provider. When the service provider logs into its merchant portal to view and reconcile payment card deposits, the EOB is viewable with its associated payment deposit record.Type: GrantFiled: August 1, 2018Date of Patent: December 29, 2020Assignee: VPay, Inc.Inventor: Robert M. Allen
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Patent number: 10740755Abstract: A payment processor acting on behalf of a third party administrator to make payment on an adjudicated claim makes a straight through payment to an acquirer for a health care provider's merchant account. Via the authorization process, the payment processor generates an authorization code which is returned to the health care provider on its merchant statement for the payment. Concurrently, the remittance advice from the third party administrator is linked to the same authorization code as the payment by the payment processor which sends the advice in an 835-formatted transmission to the health care provider. Thus, the remittance advice may be linked (reconciled) with the payment on the merchant statement by the common authorization code.Type: GrantFiled: April 18, 2016Date of Patent: August 11, 2020Assignee: VPay, Inc.Inventors: Robert M. Allen, Richard A. Maxwell
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Patent number: 10445735Abstract: Like many credit card payments, virtual card payments are subject to fraudulent transactions. To lower this possibility, data collected from a settlement transaction is stored including a merchant category code, a tax identification number, a merchant identification and an IP address of the processing terminal. Subsequent payments from the same payor to the same payee are verified against the previous settlement transaction data to minimize the possibility of fraud.Type: GrantFiled: March 31, 2016Date of Patent: October 15, 2019Assignee: VPay, Inc.Inventor: Robert M. Allen
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Patent number: 10068295Abstract: A method for facilitating the delivery of electronic funds and conveying an explanation of benefits (EOB) to a service provider is described herein. A claim for payment by a service provider (such as a physician's office) is adjudicated by a third party administrator which authorizations payment in an amount and also provides an EOB explaining the payment authorization. A virtual payment card is generated and transmitted to the provider or the merchant acquirer for the provider. When the service provider logs into its merchant portal to view and reconcile payment card deposits, the EOB is viewable with its associated payment deposit record.Type: GrantFiled: August 24, 2015Date of Patent: September 4, 2018Assignee: VPay, Inc.Inventor: Robert M. Allen