System for executing payment transaction with transaction module determining fees and storing terms and conditions

摘要

System comprises a module allowing the buyer to create or approve the payment transaction, a transaction processing module handling the buyer and seller accounts and storing terms and conditions, while cooperating with the issuer and acquirer and determining fees. A module receives the invoice from the seller, and the buyer, seller, issuer and acquirer are authorised to modify the terms and conditions. There are Independent claims for: (1) An invoice payment system (2) A method of processing a payment transaction (3) A method of processing invoices.