Advance Payment System for Mobile Premium Messages
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Solution Overview
Problem
Current mobile communication systems for facilitating online transactions lack efficiency in processing payments and providing funds to merchants in a timely manner, as they rely on telecommunication carriers for fund collection, which can lead to delays in merchant payments.
Innovation Solution
A system and method that utilize a memory to store transaction records and a processor to transmit premium messages to collect payments on behalf of merchants, identifying a portion of funds charged and offering them to merchants before the funds are available from telecommunication carriers, thereby accelerating payment processing and providing advance payments to merchants.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If the system waits for telecommunication carriers to provide funds from premium messages before paying merchants, then fund collection reliability is ensured, but payment processing time increases
Solution Approach 1:
The system performs preliminary actions by storing transaction records and calculating expected merchant payments in advance, before the telecommunication carrier provides the actual funds. This allows the system to offer advance payments to merchants based on projected revenue from premium messages, reducing the time lag between transaction completion and merchant payment while maintaining reliability through subsequent reconciliation.
2Productivity
If the system offers advance payments to merchants before funds are available, then merchant cash flow improves, but financial risk increases
Solution Approach 1:
The system implements feedback mechanisms by continuously monitoring the status of premium message transactions and comparing expected payments against actual funds received from telecommunication carriers. This feedback loop allows the system to adjust advance payment amounts dynamically, ensuring that merchants receive timely payments while the system maintains adequate reserves to cover any discrepancies between expected and actual revenue.
Data Source
AI summary
Systems and methods to accelerate transactions made via mobile communications. In one aspect, a system includes: a memory to store transaction records indicating actual amounts of funds collected via a first plurality of premium messages transmitted to a first plurality of phone numbers; and a processor coupled with the memory to transmit, to a second plurality of phone numbers, a second plurality of premium messages to collect payments on behalf of a merchant. Before funds collected via the second premium messages become available, the processor identifies a portion of a total amount of funds charged via the second premium messages, based at least in part on the transaction records stored in the memory, and offers to provide the portion to the merchant.