Real-Time Credit Negotiation Interface for Mobile Transactions
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Solution Overview
Problem
Existing methods fail to effectively alert users about credit availability and negotiate better credit terms without impacting their credit scores, especially in real-time transactions within retail environments.
Innovation Solution
A computer-based method that uses location tracking and credit negotiation graphical user interfaces on mobile devices to alert users of potential credit offers from entities, allowing real-time negotiations and counter-offers without credit bureau checks, thereby avoiding negative credit score impacts.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If real-time credit offers and negotiations are implemented, then user convenience and credit term optimization are improved, but system complexity and processing requirements increase
Solution Approach 1:
The system is divided into distinct functional modules: location tracking component, credit eligibility determination module, offer generation component, and negotiation interface. This segmentation allows each module to handle specific tasks independently, improving user convenience while managing system complexity through modular architecture.
Solution Approach 2:
The patent introduces an intermediary processing layer between the user and the credit decision-making system. This intermediary handles the complex processing of credit checks, offer generation, and negotiation communications, shielding the user from system complexity while providing convenient real-time interactions.
2Loss of time
If location tracking is used to trigger credit offers, then offer timing and relevance are improved, but user privacy concerns and data processing requirements increase
Solution Approach 1:
The system performs preliminary actions by obtaining user consent for location tracking before entering the store. Credit offers are triggered based on pre-established criteria and user preferences, allowing timely offers while respecting user privacy choices made in advance.
Solution Approach 2:
The patent applies local quality by using location tracking only in specific contexts (when users are in-store and have consented) rather than continuously. Credit offers are generated with specific relevance to the local shopping context, balancing timing accuracy with privacy protection through selective data collection.
Data Source
AI summary
In some embodiments, the present disclosure provides an exemplary technically improved method for providing real-time alerts about an app user's location and the possibility that a user may be contemplating a credit offer from a merchant for a specific credit transaction with the merchant; alerting the user of the entity's willingness to extend credit for the specific credit transaction(s) with a merchant; negotiating with the user in real-time about the credit terms that the entity may be able to provide in comparison to offers received from existing merchants; and if approved, providing the user with the same or better credit terms than those offered by the merchant for that particular transaction(s); and avoiding any negative impact to the user's credit scores from a hard inquiry by either the merchant or the entity of the user's credit history with a credit bureau.