Interchange optimization for payment processing

a technology of exchange optimization and payment processing, applied in the field of payment processing, can solve problems such as the occurrence of a variety of fees

Inactive Publication Date: 2011-05-05
CENPOS
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

AI Technical Summary

Problems solved by technology

Specifically, the use of a merchant account can result in the occurrence of a variety of fees, some periodic, and others charged on a per-item or percentage basis.

Method used

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  • Interchange optimization for payment processing
  • Interchange optimization for payment processing
  • Interchange optimization for payment processing

Examples

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Embodiment Construction

[0019]Embodiments of the invention provide transaction optimization for payment processing. In accordance with an embodiment of the invention, payment in satisfaction of a purchase from a merchant by a purchaser can be processed through the coordinate use of a card processing terminal and a credit card, debit card or other stored value card. A card association for a swiped card in the card processing terminal can be determined and criteria requisite to a lowest rate charged by the card association can be loaded. As well, optimization criteria pre-specified preferentially by the merchant can be loaded. The card association criteria and the optimization criteria can be mapped to required data for a transaction and the merchant can be prompted to provided the required data through the card processing terminal or a computer display coupled to the card processing terminal. Only once the required data is provided, the processing of a transaction on the swiped card can proceed.

[0020]Therea...

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Abstract

Embodiments of the present invention provide a method, system and computer program product for interchange optimization for payment processing. In an embodiment of the invention, an interchange optimization method for payment processing can include receiving a transaction profile for a proposed transaction as payment for a purchase by a purchaser from a merchant at a card processing terminal configured to identify a card number for a card. The method further can include determining a card association for the card number and retrieving criteria for a lowest interchange rate for the card association. The method yet further can include prompting the merchant to provide data required by the retrieved criteria and assembling a transaction for the proposed transaction with the required data. Finally, the method can include routing the assembled transaction to a selected payment processor.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application is a Continuation under 35 U.S.C. §120 of U.S. patent application Ser. No. 12 / 608,794, filed Oct. 29, 2009, entitled “PAYMENT PROCESSING SYSTEM, METHOD AND COMPUTER PROGRAM PRODUCT,” the entire teachings of which are incorporated herein by reference.BACKGROUND OF THE INVENTION[0002]1. Field of the Invention[0003]The present invention relates to the field of payment processing and more particularly to debit card and credit card processing of retail transactions.[0004]2. Description of the Related Art[0005]For centuries, the retail sale of goods and services has permitted not just payment in hard currency, but also payment by way of a promise to provide hard currency. Raw forms of credit result from a mere promise—an account or “tab”. Modern sophisticated forms of credit include credit accounts, such as those represented by a credit card. More recent advancements in payments systems include the notion of a debit account or ...

Claims

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Application Information

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Patent Type & Authority Applications(United States)
IPC IPC(8): G06K5/00
CPCG06Q20/10G06Q20/20G06Q30/0238G06Q20/204G06Q20/202
Inventor FERNANDEZ, JORGE
Owner CENPOS
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