Payment Link System for Automated Invoice Fund Transfers
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Solution Overview
Problem
Businesses face challenges in efficiently applying for and utilizing credit lines to pay invoices promptly, as existing systems lack a streamlined method for invoicers to receive payments quickly and invoicees to easily utilize credit lines for timely payments.
Innovation Solution
A payment system that allows invoicers to generate and share a link on invoices, enabling invoicees to pay using a credit line by clicking the link, which facilitates account setup, credit line application, and automatic fund transfers through a cash provider, streamlining the payment process for both parties.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If traditional invoice payment methods are used, then invoicees can pay invoices, but the payment process is time-consuming and lacks automation
Solution Approach 1:
The patent introduces a payment link as an intermediary mechanism between the invoice and the payment gateway. This link encapsulates all necessary payment information and directs the invoicee to a streamlined payment interface, enabling automated fund transfer without manual intervention and significantly reducing payment processing time
Solution Approach 2:
The patent replaces traditional manual payment mechanisms (physical checks, manual bank transfers) with an automated electronic system. The payment link triggers automatic authentication and fund transfer through digital infrastructure, eliminating the need for physical handling and manual processing steps
2Ease of operation
If credit lines are made available to invoicees, then they can pay invoices easily, but the system complexity increases
Solution Approach 1:
The payment link serves multiple functions: it provides payment initiation, authentication, credit line verification, and fund transfer in a single unified interface. This multi-functionality consolidates what would otherwise be separate complex systems into one streamlined mechanism, making payment easy while managing system complexity through integration
Solution Approach 2:
The system enables self-service payment where the invoicee automatically authenticates, checks credit availability, and completes the payment process without requiring manual approval or intervention from the invoicer or payment processor. The automated workflow handles complexity behind the scenes while presenting simplicity to the user
3Speed
If automated payment links are implemented, then payment speed increases, but the need for secure authentication and verification processes increases system complexity
Solution Approach 1:
The system performs authentication and verification actions in advance and automatically during the payment link activation process. Credit lines are pre-established and verified before payment is needed, and the authentication mechanisms are built into the link itself, allowing rapid payment execution without repeating complex verification processes at the time of payment
Data Source
AI summary
Disclosed are various embodiments for initiating fund transfers using links. Various embodiments can send an invoice to an invoicee device of an invoicee, such that the invoice comprises a link. Embodiments can handle the request for the content at the link's location and then send an invoice payment detail web page to the invoicee device that includes at least an amount input field to capture an invoice payment amount. Embodiments can then receive an invoice payment detail response that includes at least the invoice payment amount and then initiate a payment from a provider account to an invoicer account, the provider account being held by a provider and the invoicer account being held by the invoicer.