Automated Merchant Account Creation via External Data
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Solution Overview
Problem
Current payment platforms require merchants to register and create accounts before accepting payments from customers, which can be cumbersome for unregistered merchants. Additionally, users face difficulties in identifying the current location for payments and entering payment amounts manually.
Innovation Solution
The system facilitates unregistered merchants in registering and creating merchant accounts upon receiving payments, automatically creating accounts and linking bank accounts. It also enables users to identify the current payment location and automatically fill in payment amounts within the payment interface.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If merchants are required to register and create accounts before accepting payments, then payment security and merchant verification are improved, but the complexity and time required for merchants to start accepting payments increases
Solution Approach 1:
The system performs preliminary actions by automatically creating merchant accounts using data from external sources (Google Places API, Facebook Graph API, Twitter API) before the merchant needs to accept payments. This pre-creation of merchant profiles with verified business information eliminates the need for merchants to manually register, while still ensuring verification through trusted external data sources.
Solution Approach 2:
The system enables self-service by automatically gathering merchant information from public sources and creating merchant accounts without requiring merchant intervention. The system autonomously completes what would traditionally require manual merchant registration, reducing the burden on merchants while maintaining verification standards.
2Measurement precision
If users must manually enter payment amounts, then payment accuracy is improved, but the time and effort required for payment completion increases
Solution Approach 1:
The system enables self-service by automatically detecting the current place using location services and retrieving the associated payment amount from the place's profile. This eliminates the need for users to manually enter payment amounts, as the system autonomously fills in the correct amount based on the detected location and stored place information.
Solution Approach 2:
The system performs preliminary actions by pre-storing payment amount information associated with each place in the database. When a user arrives at a place, the system has already prepared the payment amount data, allowing for instant retrieval and automatic filling without requiring user input or calculation.
3Measurement precision
If users must manually identify current location for payments, then location accuracy is improved, but the ease of operation decreases
Solution Approach 1:
The system enables self-service by automatically detecting the user's current location using mobile device location services (GPS, Wi-Fi positioning) and matching it with stored place data. This eliminates the need for users to manually search for or identify their current location, as the system autonomously determines and uses the location information for payment processing.
Solution Approach 2:
The system performs preliminary actions by pre-storing detailed location information for each place in the database, including geographic coordinates and address data. This preparation allows the system to quickly match detected user location with the correct place profile, enabling seamless automatic location identification without user effort.
Data Source
AI summary
The present disclosure relates to systems, methods, and graphical user interface for facilitates un-registered merchant in registering and creating merchant account after receiving notification regarding receiving of payments by payment service provider or server on behalf of selected place associated merchant from one or more customers. In another embodiment enabling un-registered merchant to get payment from payment hold account to merchant's bank account. In another embodiment automatically creating merchant account, notifying merchant about creation of merchant account and authorizing merchant to access merchant account, link bank account with merchant account, transfer funds from merchant account to merchant's bank account. In another embodiment facilitating users to scan QRcode and make payment to unregistered merchant associated with user selected place and enabling merchant to get payment or register, create and verify merchant account and get payment.