Method and system for processing electronic payment transactions

Abstract

Systems and methods are provided for processing transactions, and more specifically for receiving, processing and transmitting electronic payment transaction information. The system and method accesses a transaction software engine that effectuates the authorization of electronic payment requests and the settlement of authorized electronic payments. The transaction software engine, in accordance with an embodiment of the invention, resides at a merchant's site and more specifically within the merchant's server or computer which is in communication with one or more network terminals. With such a system, authorization requests may be sent by a terminal as each transaction occurs. Batches of settlement requests are processed after a predetermined time, although the transactions are processed on a transaction-by-transaction basis. In addition, the software engine enables the transmission of data over the Internet. As a result, the amount of time to process payment authorization and settlement is reduced as compared with the exclusive use of traditional telephone lines. Moreover, the transaction software engine is capable of accepting data of varying formats and re-encoding such data so that it can be processed by the transaction software engine. As a result, the transaction software engine can process data that is received from and sent to a variety of terminals as well as data that is sent to and received from a variety of data transaction providers host.

Description

technical field [0001] The present invention relates to systems and methods for processing electronic transactions, and more particularly to systems and methods for receiving, processing and transmitting electronic payment transaction information. Background technique [0002] Merchants generally accept various forms of payment from consumers in the process of engaging in the sale of goods and / or services. Some of these transactions include payments by cash, check, debit card, credit card, etc. [0003] Many of these payment forms are electronic in nature (e.g., credit cards, debit cards, electronic check payments, stored value cards, loyalty points redemptions, electronic benefit transfers) and offer certain conveniences to consumers . For example, when electronic payments are accepted, consumers don't have to be sure they have enough cash with them, they often don't have to immediately transfer funds to a merchant, and they can sometimes purchase goods or services using ...

AI Technical Summary

Problems solved by technology

Such a setup causes a delay when carrying out the checkout process

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