System and method for providing a financial transaction instrument with user-definable authorization criteria

Abstract

Authorization limits on the use of a financial transaction instrument, such as a credit card and the like, may be set by an owner of a financial account corresponding to the financial transaction instrument. The owner provides information identifying the owner, the financial account, and the financial transaction instrument corresponding to the financial account to a computer, and also provides an owner-defined authorization limit on use of the financial transaction instrument to the computer. The authorization limit is stored in a database, which is accessed when there is a request to authorize a purchase to be made with the financial transaction instrument. The owner may communicate with the computer via a Web site, an automated call program, a kiosk, or the like.

1 . A method comprising:
 receiving, by a computing device for granting an authorization, a request for the authorization of a transaction involving a transaction account, wherein the request for authorization comprises an item category and a number of items; and   determining, by the computing device, whether to grant the request for authorization based on at least one of an authorization limit, an unpaid balance of the transaction account, an item identification number, a forbidden item category, and an item category.   
     
     
         2 . The method of  claim 1 , wherein the authorization limit is independently definable for each one of the plurality of financial transaction instruments. 
     
     
         3 . The method of  claim 1 , wherein the determining is further based on at least one of a price of the transaction associated with the request for authorization, and a credit limit on the transaction account. 
     
     
         4 . The method of  claim 1 , wherein the authorization limit is stored in a database and corresponds to the transaction account. 
     
     
         5 . The method of  claim 1 , wherein the request for authorization further comprises at least one of an employee identification number and an item identification number. 
     
     
         6 . The method of  claim 1 , further comprising verifying that a beneficiary of the transaction account is permitted to set the authorization limit on use of the transaction account. 
     
     
         7 . The method of  claim 1 , wherein the authorization limit is at least one of:
 a limit based on merchant type;   a limit based on merchant name;   a limit based on a dollar amount; and   a limit based on merchant location.   
     
     
         8 . The method of  claim 1 , wherein the authorization limit includes user-defined limits. 
     
     
         9 . The method of  claim 1 , wherein the authorization limit includes the forbidden item category. 
     
     
         10 . An article of manufacture including a non-transitory, tangible computer readable storage medium having instructions stored thereon that, in response to execution by a computer-based system for granting an authorization, cause the computer-based system to be capable of performing operations comprising:
 receiving, by a computing device for granting an authorization, a request for the authorization of a transaction involving a transaction account, wherein the request for authorization comprises an item category and a number of items; and   determining, by the computing device, whether to grant the request for authorization based on at least one of an authorization limit, an unpaid balance of the transaction account, an item identification number, a forbidden item category, and an item category.   
     
     
         11 . The article of  claim 10 , wherein the authorization limit is independently definable for each one of the plurality of financial transaction instruments. 
     
     
         12 . The article of  claim 10 , wherein the determining is further based on at least one of a price of the transaction associated with the request for authorization, and a credit limit on the transaction account. 
     
     
         13 . The article of  claim 10 , wherein the authorization limit is stored in a database and corresponds to the transaction account. 
     
     
         14 . The article of  claim 10 , wherein the request for authorization further comprises at least one of an employee identification number and an item identification number. 
     
     
         15 . The article of  claim 10 , further comprising verifying that a beneficiary of the transaction account is permitted to set the authorization limit on use of the transaction account. 
     
     
         16 . The article of  claim 10 , wherein the authorization limit is at least one of:
 a limit based on merchant type;   a limit based on merchant name;   a limit based on a dollar amount; and   a limit based on merchant location.   
     
     
         17 . The article of  claim 10 , wherein the authorization limit includes user-defined limits. 
     
     
         18 . The article of  claim 10 , wherein the authorization limit includes the forbidden item category. 
     
     
         19 . A system comprising:
 a processor for granting an authorization,   a tangible, non-transitory memory configured to communicate with the processor,   the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause the processor to be capable of performing operations;   a receiving module in communication with the processor and configured to receive a request for the authorization of a transaction involving a transaction account, wherein the request for authorization comprises an item category and a number of items; and   an authorization module in communication with the processor and configured to determine whether to grant the request for authorization based on at least one of an authorization limit, an unpaid balance of the transaction account, an item identification number, a forbidden item category, and an item category.   
     
     
         20 . The system of  claim 19 , wherein the determining is further based on at least one of a price of the transaction associated with the request for authorization, and a credit limit on the transaction account.