IVR Token System for Deferred Online Payment Security
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Solution Overview
Problem
In online commerce, buyers often face challenges in making immediate payments, leading to lost sales opportunities as existing systems do not allow for flexible payment methods, forcing buyers to either pay instantly or forfeit their purchases.
Innovation Solution
A method and system utilizing an Interactive Voice Response (IVR) center that enables buyers to select a 'Checkout Later' option, allowing them to receive a user-friendly token for delayed payment through their mobile phone, which is verified and processed by a private account service provider to transfer funds from the buyer's account to the vendor's account.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If immediate payment is required for online purchases, then transaction security is improved, but sales opportunities are lost when buyers cannot pay instantly
Solution Approach 1:
The system performs preliminary actions by issuing a token to the buyer at the time of product selection, allowing the transaction to be initiated and secured in advance. The buyer receives the token immediately, while the actual payment is deferred to a later time when the buyer contacts the IVR center, thus maintaining transaction security through pre-authorization while enabling delayed payment completion.
2Ease of operation
If flexible payment timing is allowed, then customer satisfaction is improved, but system complexity increases due to delayed verification
Solution Approach 1:
The patent introduces a token as an intermediary element that mediates between the buyer and the payment system. The token encapsulates the transaction details and serves as a placeholder that can be verified later without requiring the entire payment system to be accessible at the moment of product selection. This intermediary simplifies the interface for buyers while managing the complexity of delayed verification on the system side.
3Ease of operation
If personal financial information is shared with vendors, then payment processing is simplified, but buyer privacy is compromised
Solution Approach 1:
The patent extracts sensitive personal financial information from the direct interaction between buyer and vendor. Instead of the buyer sharing financial details with the vendor, the system issues a token that contains the necessary payment authorization. The vendor receives only the token, not the buyer's financial information, thus simplifying payment processing for the buyer while protecting their privacy by removing sensitive data from the vendor's access.
Data Source
AI summary
A method for performing payments in remote transactions between a buyer and a vendor is provided. The method includes receiving buyer information from a vendor's network outlet when the buyer indicates a desire to purchase a selection at a later time through an Interactive Voice Response (IVR) center; providing a token to the buyer; receiving information about the token from the buyer through the IVR center; verifying the information about the token; transferring funds from a buyer account to a vendor account. Also provided is a system for processing payments in remote transactions including an IVR center to: receive a request for token from a buyer to purchase products from a vendor, and to receive information about the product; provide the token to the buyer; access a database, the database including information from vendor's and buyer's accounts; transfer funds from buyer's account to vendor's account upon buyer confirmation.