Clearing House System for Universal Payment Indicia Recognition
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Solution Overview
Problem
New payment methods are not universally accepted, leading to slower transactions and uncertainty due to limited recognition by merchants, with only developers or proprietors of the technology able to read and complete transactions effectively.
Innovation Solution
A clearing house system that directs, receives, reads, and communicates readable indicia between merchants, users, and vendors, allowing any readable indicia to be recognized and used for transactions, by identifying and converting between different types of indicia, and establishing communication links between parties.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If new payment methods are introduced, then payment diversity and user choice are improved, but universal acceptance and transaction speed deteriorate because only developers or proprietors can read and complete transactions
Solution Approach 1:
The patent introduces a clearing house system that acts as an intermediary between merchants and various payment providers. The clearing house receives readable indicia from users, identifies the associated payment provider, and establishes communication links to complete transactions. This mediator resolves the incompatibility between diverse payment methods and merchant systems, enabling universal acceptance without requiring merchants to integrate with multiple payment providers directly.
2Adaptability or versatility
If multiple readable indicia vendors are supported, then payment options are improved, but system complexity increases requiring a clearing house to manage multiple vendors and formats
Solution Approach 1:
The clearing house is designed as a universal system that can handle readable indicia from multiple different vendors and payment providers through a single interface. It maintains a database of payment providers and their associated indicia formats, automatically identifying and routing transactions to the appropriate provider. This multi-functional design allows the system to support diverse vendors without requiring separate integration processes for each.
3Adaptability or versatility
If readable indicia are converted between different formats, then universal recognition is improved, but processing time increases during the conversion and routing process
Solution Approach 1:
The clearing house pre-establishes communication links and routing information for multiple payment providers in advance. When a transaction is initiated, the system quickly identifies the payment provider associated with the readable indicia and retrieves pre-configured communication parameters, avoiding time-consuming format conversions and link establishment during the actual transaction. This preliminary setup significantly reduces processing time while maintaining universal compatibility.
Data Source
AI summary
Embodiments of the invention include systems, methods, and computer-program products for a clearing house for creating and directing readable indicia to/from merchants, users, and/or vendors. As such, merchants, users, and vendors may all be able to recognize, read, and complete transactions using a created universal readable indicia, irrespective of the entities associated with the transaction. The invention may create and provide a universal readable indicia that may be read and/or scanned by any of a user, merchant, or vendor. Subsequently, upon scanning, the system may recognize the appropriate vendor associated with the scan, based on information about the user or merchant derived from the scan. As such, the invention may be able to convert the universal readable indicia to one or more indicia accepted by a vendor that may complete the transaction with the user and/or merchant.