Multi-Account Payment Consolidation via Rule-Based Apportionment
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Solution Overview
Problem
Current payment systems restrict consumers from seamlessly utilizing multiple financial accounts for transactions at a point-of-sale, leading to inconvenience, increased risk of penalties, and security vulnerabilities due to limitations in accepted payment methods and inadequate security measures.
Innovation Solution
A multi-account payment consolidation system that allows users to register multiple external financial accounts and apply customized rules for transactions, enabling seamless access and apportionment of funds across accounts, while enhancing security through stringent authentication protocols.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumers use multiple payment methods simultaneously at a point-of-sale, then payment flexibility and account utility are improved, but transaction complexity and processing time increase
Solution Approach 1:
The patent merges multiple payment methods and accounts into a single unified payment processing system. The payment consolidation system integrates credit cards, debit cards, cash, and other payment methods into one cohesive infrastructure that automatically handles multi-account transactions without requiring separate processing steps for each payment method, thereby reducing transaction complexity while maintaining payment flexibility
Solution Approach 2:
The system performs self-service by automatically selecting and apportioning payment methods based on pre-configured rules and account balances. The payment consolidation system autonomously determines which accounts to draw from and how to split the transaction amount, eliminating the need for manual intervention and reducing the complexity burden on consumers and cashiers
2Productivity
If consumers are limited to single payment method per transaction, then processing speed is maintained, but financial penalty risk increases
Solution Approach 1:
The system performs preliminary actions by pre-configuring payment rules, account selections, and apportionment strategies before the transaction occurs. Consumers can set up preferred payment methods and priority orders in advance, allowing the system to automatically execute penalty-avoiding payment combinations without requiring real-time manual intervention, thus maintaining processing speed while reducing penalty risk
Solution Approach 2:
The payment consolidation system incorporates feedback mechanisms that monitor account balances, transaction amounts, and penalty thresholds in real-time. The system continuously adjusts payment apportionment based on feedback from account status changes, ensuring that consumers remain within credit limits and avoid penalties while maintaining efficient processing speeds
3Device complexity
If retailers accept only certain credit card types, then payment arrangement complexity is reduced, but consumer payment options and utility are limited
Solution Approach 1:
The patent implements universality by creating a payment consolidation system that accepts multiple credit card types, debit cards, cash, and other payment methods through a single unified infrastructure. The system provides multi-functional capability by automatically routing transactions to appropriate payment methods and accounts, allowing consumers to use any accepted payment method without requiring separate arrangements with different card issuers, thus expanding consumer options while maintaining manageable complexity for retailers
4Ease of manufacture
If traditional card security measures are used, then implementation simplicity is maintained, but security against fraud and identity theft is insufficient
Solution Approach 1:
The system employs nested security measures by implementing multiple layers of authentication and protection within the payment processing infrastructure. The payment consolidation system nests traditional card security measures within enhanced verification protocols, encryption layers, and monitoring systems, providing robust protection against fraud and identity theft while maintaining the simplicity of the overall payment process for consumers and retailers
Data Source
AI summary
A multi-account payment consolidation system and process, including a central computer system operatively coupled to a payment terminal through a network connection. A plurality of external financial accounts are registered and associated with a user. At least one user-defined customized rule-set for processing a payment associated with the user is stored. A request to initiate payment of a transaction is received from the payment terminal. The payment is automatically processed in accordance with the customized rule-set by accessing the external financial accounts, wherein the customized rule-set directs at least a rule that the payment of the transaction be apportioned between more than one of the external financial accounts.