ATM Transaction Fee Modification via Voucher Issuance
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Solution Overview
Problem
Customers face unexpected transaction fees when using out-of-network ATMs due to in-network ATM unavailability, such as being out of cash or malfunctioning, leading to inconvenience and additional charges.
Innovation Solution
A method implemented on an electronic computing device that receives a request for an ATM transaction, authenticates the customer, and issues a fee modification, such as a voucher or one-time passcode, to waive or reduce transaction fees at an alternative out-of-network ATM, allowing fee modification through direct or indirect mechanisms.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If customers use out-of-network ATMs when in-network ATMs are unavailable, then transaction accessibility is improved, but transaction fees increase
Solution Approach 1:
The patent converts the harmful effect of out-of-network transaction fees into a benefit by issuing vouchers that waive these fees. When in-network ATMs are unavailable, customers would normally face fees at out-of-network ATMs, but the system now provides vouchers that eliminate these fees, turning the previously harmful situation into a beneficial one.
Solution Approach 2:
The system performs preliminary action by issuing vouchers to customers before they use out-of-network ATMs. The voucher is generated and provided in advance (via SMS, email, or display at the ATM), so that when the customer subsequently uses an out-of-network ATM, the fee waiver is already in place, preventing the harmful fee from being charged.
2Object-generated harmful factors
If in-network ATMs are made available everywhere, then transaction fee avoidance is improved, but system complexity and cost increase
Solution Approach 1:
The patent introduces an intermediary mechanism (the voucher system) between the customer and the out-of-network ATM transaction. Instead of requiring physical in-network ATM presence, the voucher acts as a mediator that enables fee-free transactions at out-of-network locations, achieving the same effect without expanding the physical ATM infrastructure.
Solution Approach 2:
The voucher system provides universal access to fee-free transactions across any out-of-network ATM location. Rather than requiring customers to find specific in-network ATMs, the voucher can be used at any out-of-network ATM, making the solution universally applicable without requiring expanded in-network coverage.
Data Source
AI summary
A method implemented on an electronic computing device includes receiving a request for an automated teller machine (ATM) transaction from an ATM. Authentication credentials are received of a customer of the ATM. The authentication credentials are associated with the request for the ATM transaction. A notification is received of a failure to execute the ATM transaction at the ATM. In response to the receiving a notification of the failure, a fee modification is issued to the customer of the ATM. The fee modification permits modification of a transaction fee associated with a subsequent ATM transaction at an alternative ATM.