Michael J Mccormack

US Patent:

7660768, Feb 9, 2010

Filed:

Nov 7, 2003

Appl. No.:

10/704342

Inventors:

Philip D. Beck - Lido Beach NY, US
Paul Noblett - Fort Lauderdale FL, US
Michael McCormack - Fort Lauderdale FL, US

Assignee:

Planet Payment, Inc. - Long Beach NY

International Classification:

G06Q 40/00
G06K 5/00

US Classification:

705 44, 705 39, 235380

Abstract:

Providing a time-of-transaction currency conversion from a merchant's local currency to a cardholder's credit card currency uses a conversion rate developed by reference to the particular merchant, acquirer, card association and issuer. After a merchant has generated an authorization request in the merchant's currency for a transaction by a cardholder in a different currency, the transaction amount in the authorization is converted from the merchant's currency to the currency of the cardholder's issuing currency, and optionally modified to include additional fees. The converted authorization request is then transmitted to the appropriate card association and then to the issuing bank for authorization, with a response returned to the merchant. The cardholder sees and approves the transaction in the cardholder's currency, and in an amount identical to the amount for which he will be billed.

US Patent:

8626660, Jan 7, 2014

Filed:

Feb 8, 2010

Appl. No.:

12/702234

Inventors:

Philip D. Beck - Lido Beach NY, US
Paul Noblett - Fort Lauderdale FL, US
Michael H. McCormack - Fort Lauderdale FL, US

Assignee:

Planet Payment, Inc. - Long Beach NY

International Classification:

G06Q 40/00
G06K 5/00

US Classification:

705 44, 705 39, 235380

Abstract:

Providing a time-of-transaction currency conversion from a merchant's local currency to a cardholder's credit card currency uses a conversion rate developed by reference to the particular merchant, acquirer, card association and issuer. After a merchant has generated an authorization request in the merchant's currency for a transaction by a cardholder in a different currency, the transaction amount in the authorization is converted from the merchant's currency to the currency of the cardholder's issuing currency, and optionally modified to include additional fees. The converted authorization request is then transmitted to the appropriate card association and then to the issuing bank for authorization, with a response returned to the merchant. The cardholder sees and approves the transaction in the cardholder's currency, and in an amount identical to the amount for which he will be billed.