Pending Payment

Pending Payments (patent pending) is an innovative new identity verification and payment authorization technology that allows online ecommerce merchants to verify a person’s identity using the mFunds phone application, which virtually eliminates credit card fraud.

When cardholders make a retail purchase with a mFunds enabled commerce partner, the pending transaction is sent in real-time to the mFunds “Pending Payments” queue.  mFunds validates the information is accurate, the account is active, and adequate funds are available.  The entire round trip process can take less than 10 seconds and provides  merchants with a cost-effective means of eliminating fraud from their business.

Once verified, the transaction is sent to the mFunds Pending Payments queue, accessible via the customer’s mobile phone.  The cardholder then logs into their mFunds account from their mobile phone, selects Pending Payments, reviews the transaction and authorizes it by entering their PIN code and clicking approve.

mFunds then forwards payment authorization/approval to the Merchant, debits the mFunds Customer’s account and settles funds with the Merchant via automatic bank transfer. The entire transaction process can be completed in seconds.  The mFunds Pending Payments for Settlement Solution enables both online and brick and mortar merchants the ability to process mobile commerce payments with secure identity verification and direct funds settlement, thus eliminating credit card fraud and reducing interchange fees.