Payment Gateway for Real-Time Delivery Transactions
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Solution Overview
Problem
Current mobile POS devices are limited in conducting payment transactions on delivery, as they require association with a specific merchant and cannot process real-time payments at locations independent of the merchant's location, restricting entities like logistics or delivery entities from facilitating immediate payment authorization.
Innovation Solution
A computer-implemented method and system that determines the identity of a financial institution associated with a merchant based on transaction data received from a mobile POS device, allowing for real-time payment transaction authorization and processing, enabling entities not affiliated with the merchant to conduct payment on delivery transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If an MPOS device is required to be associated with a specific merchant, then the device can process payments securely at the merchant location, but entities not affiliated with the merchant cannot conduct payment on delivery transactions
Solution Approach 1:
The patent introduces a payment gateway system as an intermediary between the MPOS device and the financial institution. The payment gateway receives transaction data from the MPOS device, determines the merchant's financial institution, and processes the authorization request. This intermediary enables delivery entities to conduct payments without being directly associated with the merchant, while maintaining secure payment processing through the gateway's mediation.
2Productivity
If payment transactions are processed in batch at the end of the day, then the system can handle multiple transactions efficiently, but real-time payment authorization is not available during delivery
Solution Approach 1:
The patent implements a dynamic payment processing system that can operate in different modes. The payment gateway dynamically determines whether to process transactions in real-time or batch mode based on the specific transaction context. For payment on delivery transactions, the system provides real-time authorization during the delivery process, while maintaining the ability to process batch transactions for other scenarios, thus adapting the processing timing to the operational needs.
3Reliability
If the MPOS device cannot determine the financial institution associated with the merchant, then security is maintained through centralized processing, but real-time payment authorization cannot be obtained at the delivery location
Solution Approach 1:
The patent implements preliminary action by having the payment gateway determine the merchant's financial institution identity before processing the payment authorization. The gateway receives transaction data including merchant information, pre-determines the associated financial institution, and then routes the authorization request to the correct institution. This preliminary identification of the financial institution enables real-time payment authorization during delivery while maintaining security through centralized gateway control.
Data Source
AI summary
Provided is a system for conducting a payment transaction involving payment on delivery in real-time. The system may include at least one processor programmed or configured to receive transaction data associated with a payment transaction involving a merchant and a customer at a location that is independent of a merchant location, determine a financial institution of a plurality of financial institutions based on the transaction data associated with the payment transaction, communicate data associated with a request for authorization of the payment transaction involving the merchant and the customer, receive an indication of authorization of the payment transaction involving the merchant and the customer, and communicate data associated with authorization of the payment transaction involving the merchant and the customer. A method and computer program product are also provided.