Unified Payment Account Sync for Merchant Onboarding Privacy
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Solution Overview
Problem
Users face challenges with multiple merchant accounts requiring separate setup and lack of integration with payment providers, leading to missed opportunities for merchants to upsell and users to receive benefits, due to incomplete information sharing and lack of synchronized account features.
Innovation Solution
A unified payment account establishment process where merchants use a development kit to integrate a payment provider's interface, allowing users to create a provisional account that can be synchronized with their existing payment account, sharing profile, digital wallet, and transaction history, while keeping sensitive information private.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If users create separate merchant accounts for each transaction, then merchants can collect basic transaction information, but users face complexity in managing multiple accounts and merchants miss opportunities for personalized services
Solution Approach 1:
The patent merges the merchant account and payment provider account into a unified account structure. The user establishes a single account that serves both the merchant and payment provider, eliminating the need to manage separate accounts while enabling the merchant to access comprehensive user information for personalized services and upselling opportunities.
Solution Approach 2:
The unified account serves multiple functions simultaneously: it acts as both a merchant account for transactions and a payment provider account for managing payment instruments and benefits. This multi-functional account structure allows users to interact with multiple merchants through a single account while enabling merchants to provide specialized services.
2Adaptability or versatility
If users provide complete personal and financial information to merchants, then merchants can offer better services, but user privacy and security risks increase
Solution Approach 1:
The payment provider acts as an intermediary between the user and merchant. The user establishes a unified account with the payment provider, which then provides the merchant with access to necessary information through controlled interfaces. This intermediary structure enables merchants to provide personalized services while the payment provider maintains security controls and protects sensitive user information.
Solution Approach 2:
The system implements selective information sharing where different levels of access are provided to different merchants based on their specific needs. The merchant receives only the information necessary for providing their specific services, while sensitive information remains protected. This localized information access maintains both service quality and security.
3Loss of information
If users establish new payment accounts for each merchant, then merchants can access complete user information, but users lose accrued rewards and payment instruments from existing accounts
Solution Approach 1:
The unified account merges the user's existing payment provider account with the merchant account. This consolidation ensures that accrued rewards, payment instruments, and personal information are preserved in the unified account while enabling the merchant to access necessary information for providing personalized services and upselling opportunities.
4Productivity
If merchants use basic checkout processes, then transactions are completed quickly, but users miss opportunities to receive benefits and merchants miss upsell opportunities
Solution Approach 1:
The unified account enables continuous useful action by maintaining the account relationship across multiple transactions and merchants. Instead of completing transactions and losing the opportunity for future engagement, the unified account structure allows the merchant to continue providing personalized services, notifications about new payment instruments, and upsell opportunities across the user's entire relationship with the payment provider.
Data Source
AI summary
There is provided systems and method for unified payment account establishment and incorporation in a main payment account. A service provider, such as a payment provider, may offer merchants with a development kit that unifies payment methods between various merchants and the service provider so that users are provided with more easily established payment accounts with the merchants. The development kit may include an account establishment interface that may be utilized in a merchant ordering and payment application for a merchant. The interface may provide for establishment of a payment account with the merchant. When initially establishing the payment account, the user may generate a provisional account, which may be synchronized to a payment account the user has with the service provider. When synchronizing the two accounts, the user may transfer information to the merchant, which may be redacted to prevent the merchant from receiving sensitive information.