I wouldn't go for WebPhone. That name of a company/product is already copyrighted.
Yours ideas are interesting, at least, but you might need to think them through a lot more before even contemplating their release. For example, let me point out a few things:
You said: "The system would also allow merchants to report fraud by calling in and entering there WebPhone pin and then speaking a IP/Credit Card #/Date and Reason for reporting it the system will send the information to law enforcement in real-time and cross check it in multiple fraud databases and list it in them."
Ok, so let's say I have an account with you that I opened up recently. A week later I decide to screw with a customer who just dropped me as their Nethost and decide to submit their credit card through your database that submits it to law enforcement, etc. Now, that customer didn't do anything at all wrong, but if his/her number is listed as being a stolen CC in tons of databases immediately then they are not going to be able to do online (or offline in some instances) purchasing because of some dickhead who used your system to submit their number.
What that sort of system does is essentially *assume* that what is sent is true. Without verification and solid information, the law enforcement is not going to do anything, no decent fraud database is going to accept your claims, and people are going to constantly be considered guilty until they prove themselves innocent, which is a HUGE wrong-doing to them. No one deserves bullcrap like that, and it could be very harmful if they are a businessperson.
Now, the full order verification system is a great idea, but as you said, it's already been done 100 times over and is pretty much perfected as of now. Besides inital cost problems, I see no real reason of developing such a product because the market it, bluntly, pretty worn out and full of these types of things. In short, there's no money left in it unless you're extremely innovative and awesome.
I really, really urge you to think through your thoughts again before you spend a lot of time and/or money on developing something like this. I'm telling you from a very non-biased and straight-forward business point of view, NO ONE is going to buy it with the holes I have just pointed out, and the law enforcement and databases are going to laugh at you for trying to submit data that is not verifiably true. If this worked out, it would be like me going on television and saying, "Britney Spears is a homosexual and has sex with big African tribe leaders" and everyone immediately believing me... it wouldn't happen, because there is no *proof* of this. Do you get where I'm coming from? I'm truly trying to be helpful to you here, so please take no offense to any blunt comments I've said. Everything I'm saying is completely meant to help you out and point you in a better direction than where you're currently heading.