Embedded Checkout Payment Flow With Rule-Based Rail Switching
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Solution Overview
Problem
Current e-commerce payment processing technologies are inefficient, requiring multiple steps and days for fund transfer, lack security, and impose undue delays on merchants operating multiple online stores, while also necessitating complex account creation and management across different platforms.
Innovation Solution
An integrated payment system that includes a front-end module for customer interaction, a processing module for rule-based transaction management, and a back-end module for direct communication with banks, enabling rapid, secure fund transfers and seamless account creation without user input, using a unified platform to manage transactions across multiple online stores.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If wallet-based solutions are implemented, then payment flexibility is improved, but user friction increases due to multiple selection steps
Solution Approach 1:
The system segments the payment interface into distinct selectable options (wallets, credit cards, debit cards) presented in a consolidated view, allowing users to choose their preferred method without navigating through multiple pages or steps
Solution Approach 2:
The payment system is designed to support multiple payment methods (wallets, credit cards, debit cards) within a single unified interface, making the system versatile while maintaining ease of use through a single-step selection process
2Reliability
If account creation is required for each store, then customer information storage is improved, but checkout complexity increases
Solution Approach 1:
The system merges the account creation process with the checkout flow, allowing customers to create accounts and complete purchases in a single unified process rather than requiring separate account setup before checkout
Solution Approach 2:
The system performs preliminary account creation during the checkout process itself, so that by the time the customer completes payment, their account is already established and their information is stored for future purchases
3Reliability
If traditional payment processing is used, then bank integration is improved, but transaction time increases to several days
Solution Approach 1:
The system introduces a real-time payment processing intermediary that facilitates immediate fund transfer between banks through integrated APIs, eliminating the traditional multi-day clearing process while maintaining secure bank connections
Data Source
AI summary
Computer-implemented methods and systems are disclosed for processing payment from a customer making a purchase in an online store. Embedded in the online store is an attachable element operable to provide a customer-side graphical user interface. The attachable element is enabled by a merchant application and receives contact information of the customer. Based on contact information from the customer, the customer may be identified as a new customer, and if so, a new user account is automatically created. Otherwise, if the customer is identified and verified as an existing customer, information from the customer's account is retrieved. A payment request from the customer is processed according to one or more rules configured through the merchant application. For example, the system may attempt to process the payment request through an instant payment rail, failing which the system attempts to complete the transaction through an alternative payment processor.