Key-Code Money Transfer for Cashless Gratuity Redemption
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Solution Overview
Problem
Customers often lack immediate access to cash to provide gratuities to employees and traditional payment transfer systems require employees to have mobile devices, leading to missed or delayed gratuities.
Innovation Solution
A key-code based money transfer system that allows users to generate a unique key code for a recipient to redeem a monetary amount using a computing device, which can be redeemed through a software application or merchant, ensuring secure and immediate transfer without requiring the recipient to have a mobile device.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If traditional payment transfer systems are used, then employees can receive fund transfers, but employees must have immediate access to a mobile device which may not be possible
Solution Approach 1:
The patent introduces a merchant device as an intermediary to receive and process key codes. Instead of requiring the employee to have a mobile device, the merchant's device acts as a mediator that can input the key code into their own software application or key-code application website, enabling fund transfer without the employee needing direct access to a mobile device.
Solution Approach 2:
The patent creates a copy of the redemption capability by allowing the merchant device to input the key code into their own system. The merchant's software application or key-code application website serves as a copy of the recipient's redemption interface, enabling the employee to receive funds through the merchant's device rather than requiring the employee's own mobile device.
2Speed
If customers want to provide immediate gratuities, then they can tip employees, but customers do not have immediate access to cash to provide the gratuity instantaneously
Solution Approach 1:
The patent enables preliminary action by allowing customers to generate a key code that represents the gratuity amount before having physical cash available. The key code can be immediately provided to the employee, and the funds are transferred electronically without requiring the customer to have cash on hand at the moment of tipping.
Solution Approach 2:
The patent replaces the mechanical system of physical cash handling with an electronic key code system. Instead of requiring the customer to physically hand over cash, the system uses a digital key code that can be generated, transmitted, and redeemed electronically, substituting the physical cash mechanism with a digital equivalent.
3Adaptability or versatility
If a key-code based transfer system is implemented, then customers can provide gratuities without immediate cash access, but the system complexity increases
Solution Approach 1:
The patent achieves universality by making the key code system compatible with multiple platforms and devices. The merchant device can input the key code into their existing software application or key-code application website, and the system works with various types of merchants and employees. This multi-functionality reduces the need for specialized equipment and simplifies the overall system complexity.
Data Source
AI summary
A system includes a processor and a non-transitory computer readable medium coupled to the processor. The non-transitory computer readable medium comprises code that when executed by the processor, causes the processor to receive a money transfer amount indicative of an amount of funds to be transferred to a recipient. The processor generates a key code associated with the money transfer amount that is provided to a user of the system and given to the recipient by the user. The key code is programmed by the processor to enable the recipient to use the key code to redeem the amount of funds associated with the money transfer amount.