Payment Account Selection System with Incentive Prioritization
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Solution Overview
Problem
Current payment systems lack efficiency in selecting the optimal payment method among multiple accounts, often leading to inadequate payment options and complex promotional terms, which can result in suboptimal transactions for both payors and payees.
Innovation Solution
A method and system that retrieve information on multiple payment accounts, prioritize them based on incentives such as cost, promotions, and security features, and suggest alternative accounts for payment, allowing seamless transactions between payors and payees.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If multiple payment accounts are offered to the user, then payment options and incentives are improved, but the complexity of selecting the optimal account increases
Solution Approach 1:
The system automatically retrieves account information, evaluates incentives, and prioritizes accounts without requiring manual user analysis. The payment enabler performs self-service by autonomously comparing promotional points, cash back offers, and account balances across multiple payment accounts, then presenting the optimal selection to the user.
Solution Approach 2:
The payment enabler acts as an intermediary between the user and multiple payment accounts. It retrieves information from various account sources, evaluates promotional incentives, and mediates the selection process by prioritizing accounts based on computed metrics, thereby simplifying the user's decision-making while maintaining access to diverse payment options.
2Loss of information
If detailed promotional terms are provided, then information completeness is improved, but ease of understanding deteriorates
Solution Approach 1:
The system extracts only the essential promotional elements (promotional points, cash back percentages, insurance coverage) from detailed term booklets and isolates them for evaluation. By pulling out these key incentives and comparing them computationally, the system presents simplified account prioritizations without requiring users to parse lengthy legal terms.
Solution Approach 2:
The system transforms qualitative promotional descriptions into quantitative parameters that can be objectively compared. By converting promotional terms into measurable metrics (points earned, cash back amounts, insurance values) and computing overall incentives, the system changes the parameter representation from difficult-to-understand legal text to clear numerical comparisons.
3Ease of operation
If manual account selection is required, then user control is improved, but transaction time increases
Solution Approach 1:
The system performs preliminary actions by automatically retrieving account information, evaluating promotional incentives, and prioritizing payment accounts before the user needs to make a selection. This pre-computation of account rankings eliminates the time-consuming manual analysis phase while preserving user control, as users can still review and override the automated suggestions.
Data Source
AI summary
According to the invention, a method for a payor paying a payee using a payment account is disclosed. In one step, information on a number of payment accounts is retrieved. The payment accounts comprise a first payment account and a second payment account. Selection of the first payment account is received. It is determined that the first payment account is inadequate in some respect to pay the payee. A second payment account is suggested to the payor. Which second payment account is suggested could come from the payor's and/or payee's preferences in various embodiments. The payee is paid with the second payment account.