Image Capture Payment Processing Reducing Card Handling
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current payment methods for customer transactions at retail and restaurant establishments are time-consuming, costly for merchants due to transaction fees, and vulnerable to identity theft as they require customers to surrender payment cards.
Innovation Solution
A method where customers capture images of transaction bills and payment cards using mobile devices, which are then processed through point-of-sale terminals to facilitate payment, reducing the need for physical card handling and lowering transaction fees.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If customers surrender payment cards to employees for processing, then payment transactions can be completed, but this creates opportunities for identity theft and increases security risks
Solution Approach 1:
The patent captures an image of the payment card to create a visual copy, which is then transmitted to the point-of-sale terminal for verification. This allows the system to process payment information without physically handling the actual card, thereby maintaining security while enabling transaction completion.
Solution Approach 2:
The patent replaces the mechanical handover of physical payment cards with an optical/image-based transmission system. Instead of physically surrendering the card to an employee, customers capture and transmit digital images of their cards through a mobile device, eliminating the need for physical card exposure to unauthorized parties.
2Productivity
If traditional card payment processing is used, then transactions can be completed, but this requires multiple time-consuming steps and increases processing time
Solution Approach 1:
The system pre-loads and stores payment card information in a database before the actual transaction occurs. When a customer wants to make a purchase, the stored card details are readily available for immediate processing, eliminating the need for manual card handling and data entry steps during the transaction.
Solution Approach 2:
Customers autonomously capture and transmit their own payment card images using mobile devices, eliminating the need for employee intervention in the card handling process. This self-service approach streamlines the transaction flow and reduces processing time by removing manual steps.
3Productivity
If card transactions are increased in frequency, then more transactions can be processed, but this increases transaction fees for merchants
Solution Approach 1:
By using image copies of payment cards instead of processing actual card transactions through traditional payment networks, the system eliminates or reduces interchange fees and other transaction costs associated with conventional card payments, while still enabling high-volume processing.
Data Source
AI summary
Various systems, methods, and apparatuses are described for facilitating payment for a transaction. One example method may comprise capturing an image comprising a transaction bill and a form of payment for providing payment for the transaction. The example method may further comprise posting payment for the transaction to a point-of-sale terminal based at least in part on the captured image. Similar and related methods, apparatuses, systems, and computer program products are also provided.