Payment Entity Account Consolidating Multiple Payment Methods
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current credit card transaction processing systems require significant business involvement for payment initiation, tracking, and reconciliation, and are limited by the need for multiple issuer banks, leading to processing bottlenecks and disjointed payment processes.
Innovation Solution
A system that includes a payment entity device, database, and proprietary transaction processing network, allowing clients to establish accounts with preferred payment methods and creditors, enabling seamless payment and reconciliation across various payment types without direct involvement in the creditor's financial institution, using a payables profile to determine optimal payment methods and terms.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If multiple issuer banks are used in credit card transaction processing, then payment options and system reliability are improved, but processing complexity and bottlenecks increase
Solution Approach 1:
The patent introduces a payment entity as an intermediary that consolidates multiple payment methods and accounts under a single account number. This intermediary layer simplifies the transaction processing architecture by eliminating the need for multiple issuer banks while maintaining the ability to process various payment types through a unified interface, thus reducing processing complexity without sacrificing reliability
Solution Approach 2:
The payment entity device is designed to handle multiple payment methods (credit cards, debit cards, charge cards, stored-value cards, prepaid cards, etc.) through a single account number. This multi-functional approach allows the system to maintain diverse payment options while using a unified processing mechanism, reducing the complexity associated with managing multiple issuer banks
2Reliability
If traditional credit card processing systems are used, then payment authorization is reliable, but business involvement in payment initiation and tracking is excessive
Solution Approach 1:
The system enables automatic payment processing where the payment entity device autonomously handles payment initiation, selection of payment methods, and tracking without requiring direct business involvement. The payables profile automatically determines optimal payment methods and terms, allowing the system to serve itself in managing payment operations while maintaining reliable authorization through the proprietary transaction processing network
Solution Approach 2:
The payables profile is pre-configured with multiple payment methods, account information, and payment terms before transactions occur. This preliminary setup allows the system to automatically select and execute appropriate payment methods without requiring real-time business decision-making, thereby improving ease of operation while maintaining authorization reliability through pre-established payment protocols
3Adaptability or versatility
If multiple payment methods are integrated into a single system, then payment flexibility and options are improved, but system complexity increases
Solution Approach 1:
The patent combines multiple payment methods and accounts under a single account number managed by the payment entity device. This merging approach consolidates what would otherwise require separate processing systems into a unified architecture, enabling diverse payment options (credit, debit, charge, stored-value, prepaid cards) while maintaining simpler system management through centralized control at the payment entity level
Data Source
AI summary
A method begins with a payment entity device receiving payables process data from a client device. The payables process data includes a list of a plurality of creditors and associated payment data, wherein, for a creditor of the plurality of creditors, the associated payment data includes at least one payment scheme for paying at least a portion of debt owed to the creditor via at least one of: a client credit card, a funds transfer, commercial paper, tangible consideration, and a debit account. The method continues with the payment entity device determining level of service for a client associated with the client device. The method continues with the payment entity device generating a payables profile for the client based on the payables process data in accordance with the level of service.