Transaction Split Fees
a technology of transaction fees and split fees, applied in the field of online payment fees, can solve the problems of adding additional costs for the purchase, ensuring payment by the seller and the receipt of the purchased item by the buyer, and pos transactions, so as to achieve the effect of more transparency of the total cost of the transaction and higher likelihood of the transaction being completed
Inactive Publication Date: 2013-11-14
PAYPAL INC
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- Description
- Claims
- Application Information
AI Technical Summary
Benefits of technology
This approach provides buyers with clear fee information, allows sellers to shift fees to buyers, and increases transparency, leading to a higher likelihood of transaction completion by ensuring all parties are aware of the total costs involved.
Problems solved by technology
However, one disadvantage with on-line transactions, as opposed to physical point of sale (POS) transactions, is the assurance of payment by the seller and receipt of the purchased item by the buyer.
For this service, though, payment providers typically charge a fee for the seller and / or the buyer.
As a result, the seller sometimes lists or offers items for slightly more to cover that additional fee or the seller may add additional costs for the purchase, such as a shipping and handling charge.
Such buyers may not be aware of the additional charge imposed by the payment provider, which benefits both the seller and the buyer.
As a result, potential buyers viewing the listings may pass on a purchase because they believe the seller has too high a shipping and handling cost or the item is priced too high.
Method used
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Embodiment Construction
[0019]FIG. 1 is a flowchart 100 showing a process for making a payment by splitting transaction fees according to one embodiment of the present disclosure. At step 102, a transaction between at least two parties is identified. In a typical transaction, a buyer locates a desired item on a merchant or seller site. This can be done through any device with an Internet browser, such as a smart phone, PDA, PC, etc. Thus, an item can be located by browsing the Internet, finding an appropriate merchant or retailer site, and selecting the item for purchase. The purchase may also be through an auction site or classified site. In addition to physical goods, the transaction may be for an application or digital good from an on-line store. Such items are simply downloaded onto a consumer or recipient device, as opposed to a physical good that is received at a physical location. Examples of digital goods include an image, such as to send to someone else on a networking site or for personal use, su...
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A transaction fee imposed by a payment provider may be allocated between the parties to an on-line transaction in any way and at any time. This adds flexibility to the transaction and allows the parties to allocate the transaction fee on a per transaction basis that best suits the parties.
Description
CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application is a continuation application of U.S. patent application Ser. No. 12 / 886,959, filed on Sep. 21, 2010. The contents of the previously filed application are hereby incorporated by reference in their entirety.BACKGROUND[0002]1. Field of the Invention[0003]The present invention generally relates to on-line payments and more particularly to on-line payment fees.[0004]2. Related Art[0005]More and more consumers are purchasing items and services over electronic networks, such as the Internet. Consumers routinely search for and purchase products and services from merchants and individuals alike. The transactions can take place directly between an on-line merchant or retailer and the consumer, where payment is typically made by entering credit card or other financial information. Purchasing through the Internet from the convenience of a consumer's home, office, or virtually anywhere (with mobile devices) is one main reason why on-...
Claims
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IPC IPC(8): G06Q20/10
CPCG06Q20/102G06Q10/00G06Q20/10G06Q30/0613G06Q30/0641G06Q40/00G06Q20/00G06Q20/24G06Q20/26
InventorVADHRI, SRINIVASCERAN, JENNIFER
OwnerPAYPAL INC