Payment processing system, method and computer program product

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

AI Technical Summary

Benefits of technology

[0009]Embodiments of the present invention address deficiencies of the art in respect to payment processing and provide a novel and non-obvious method and computer program product for least cost routing in payment processing. In an embodiment of the invention, a payment processing method 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

Problems solved by technology

Specifically, the use of a merchant account can result in the occurrence of a var

Method used

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  • Payment processing system, method and computer program product
  • Payment processing system, method and computer program product
  • Payment processing system, method and computer program product

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Embodiment Construction

[0018]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.

[0019]Therea...

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Abstract

Embodiments of the present invention provide a method and computer program product for least cost routing in payment processing. In an embodiment of the invention, a payment processing method 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 computing a cost of processing the proposed transaction for each of multiple different payment processors based upon the received transaction profile. The method yet further can include selecting one of the different payment processors corresponding to a lowest cost of processing computed for the received transaction profile. Finally, the method can include routing the proposed transaction to the selected one of the different payment processors.

Description

BACKGROUND OF THE INVENTION[0001]1. Field of the Invention[0002]The present invention relates to the field of payment processing and more particularly to debit card and credit card processing of retail transactions.[0003]2. Description of the Related Art[0004]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 debit account. Even more recent advancements in payment systems process gift cards and other accounts of stored value. Each of credit cards, debit cards and gift cards require the coordination of an intermediary merchant account in which credit and debit card payments can be accepted by a merchant, and a paymen...

Claims

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Application Information

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IPC IPC(8): G06Q20/00G06K5/00
CPCG06Q20/10G06Q20/20G06Q30/0238G06Q20/204G06Q20/202
Inventor FERNANDEZ, JORGE
Owner FERNANDEZ JORGE
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