Systems and methods for financial transaction through card reader in communication with third party financial institution with encrypted information

摘要

A system is provided that includes a transaction engine running on a mobile device. In response to a financial transaction between a buyer and a seller, the transaction uses the mobile device to accept information selected including but not limited to information from financial transaction or information pertaining to financial transaction card used by the buyer in the transaction. At least a portion of this information is communicated with a third party financial institution or payment network to authorize the transaction. Encrypted information is sent to the third party payment system authorizing a financial transaction.

主权项

1. A system of payment, comprising:
a card reader configured to be coupled to a mobile device, the card reader including:
a housing,a read head positioned in the housing, the read head including a slot to allow swiping of a financial transaction card for reading data stored on a financial transaction card and producing a signal indicative of data stored on the financial transaction card,an encryption system configured to encrypt at least a portion of information associated with the signal wherein the encryption system is configured to communicate with the mobile device via a control unit, and wherein the control unit is coupled to the mobile device via a pathway subsystem configured to route signals to an audio plug of the mobile device; and a transaction engine of the mobile device, that in operation:
communicates at least a portion of information derived from the encrypted information to a third party payment system associated with a buyer's financial account,in response to the third party payment system authorizing a financial transaction, initiates transfer of funds from the buyer's financial account associated with the financial transaction card to an account of a merchant associated with the card reader, andprovides for communication of at least a portion of transaction information to the buyer.