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
US20110101091A1Inactive Publication Date: 2011-05-05CENPOS
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Patent Information

Authority / Receiving Office
US · United States
Patent Type
Applications(United States)
Current Assignee / Owner
CENPOS
Publication Date
2011-05-05
Estimated Expiration
Not applicable · inactive patent

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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.
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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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