Payment Key Engagement Channel for Customer Data Access
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Solution Overview
Problem
Existing payment systems lack an efficient method to facilitate customer interaction and data exchange between buyers and sellers, relying on voluntary customer data and failing to target new or unknown customers, with limitations in handling diverse transaction data and location-specific information.
Innovation Solution
A computer-implemented method and system that determines a payment key associated with a specific company, location, and device, enabling the creation of an engagement channel between customers and companies based on matched transaction data, allowing for enhanced data exchange and communication without requiring prior customer consent or personally identifiable information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If voluntary customer data collection through loyalty programs is used, then existing customer tracking is improved, but the ability to reach new or unknown customers deteriorates
Solution Approach 1:
The patent introduces an intermediary system that processes payment transaction data without requiring direct customer participation or data provision. This intermediary extracts and utilizes transaction information from the payment network to enable seller engagement with customers, whether known or unknown, thereby resolving the contradiction between tracking existing customers and reaching new ones
Solution Approach 2:
The system enables automatic customer identification and engagement channel creation based on payment transaction data, without requiring customer action or consent. The transaction data itself serves as the key, eliminating the need for voluntary opt-in while still enabling targeted communication
2Adaptability or versatility
If broad reach mass market advertising is used, then new customer acquisition is improved, but effectiveness in reaching targeted customers deteriorates
Solution Approach 1:
The patent applies local quality by using specific attributes from payment transaction data (such as transaction amount, frequency, and patterns) to create highly targeted engagement channels for individual customers or specific customer segments, rather than using uniform mass marketing approaches
3Reliability
If payment systems focus on monetary accuracy and security, then transaction reliability is improved, but customer interaction capability deteriorates
Solution Approach 1:
The patent makes the payment system multi-functional by enabling it to serve both its traditional purpose of secure monetary transfer and a new function of customer identification and engagement. The same payment transaction data that ensures reliable processing is also utilized to create engagement channels, adding customer interaction capability without compromising transaction reliability
Solution Approach 2:
The patent merges the previously separate functions of payment processing and customer communication into a unified system. By combining payment transaction data with engagement channel creation, it eliminates the need for separate customer data collection systems while maintaining both transaction reliability and interaction capability
Data Source
AI summary
A computer-implemented method, a server, and a computer use an enhanced customer interaction channel based on a predetermined payment key associated with a specific company and location. The predetermined payment key uniquely identifies the specific company and location and enables the enhanced customer interaction channel based on existing payment processing systems. The specific company may use the enhanced customer interaction channel to reach customers who were previously unknown to the specific company for a variety of purposes such as rewards, coupons, offers, product information, and the like.