Payment Method Decision Engine for Multi-Currency Comparison
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Solution Overview
Problem
Users face difficulties in comparing and redeeming rewards from multiple reward programs, as they need to search across various merchants and providers to find the best value for their accumulated points, miles, or credits, due to the complexity of rules and varying redemption values across different programs.
Innovation Solution
A computerized comparison shopping engine that allows users to search for products or services across multiple payment currencies, including cash, credit card payments, reward program miles, points, and other units, by calculating and presenting results based on historical usage data, desired future usage, and user status, facilitating the comparison and redemption of rewards.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If users search manually across multiple merchants and providers to compare reward redemption values, then they may find the best value for their points, but the process requires significant time and effort
Solution Approach 1:
The patent introduces a comparison shopping engine as an intermediary system that automatically searches multiple merchants and providers, compares reward redemption values, and presents results to users. This mediator handles the complex multi-merchant searching and comparison process, delivering accurate results without requiring users to invest significant time in manual research.
Solution Approach 2:
The system performs preliminary actions by pre-calculating and storing redemption values, prices, and comparison data across multiple merchants before users need the information. The comparison engine maintains updated databases of reward values and automatically processes comparisons when users query, so the actual user interaction requires minimal time while still providing thorough analysis.
2Adaptability or versatility
If users participate in multiple reward programs to meet diverse needs, then they gain access to more providers and benefits, but tracking points and miles across programs becomes complex
Solution Approach 1:
The comparison shopping engine serves as a universal platform that handles multiple reward programs simultaneously. It can process queries across different airlines, hotel chains, credit card programs, and other providers through a single interface, eliminating the need for users to separately track each program. The system universally applies comparison logic across all programs, simplifying the user experience while maintaining access to diverse providers.
3Ease of manufacture
If merchants quote prices only in cash, then pricing is simple for merchants, but users must perform additional searches to find equivalent prices in reward currencies
Solution Approach 1:
The comparison engine acts as an intermediary that automatically performs the price conversion work. It takes merchant cash prices, calculates equivalent reward currency values based on current redemption rates, and presents both to users in a unified comparison display. This eliminates the need for users to manually search for reward equivalents while maintaining merchant simplicity in quoting cash prices.
Data Source
AI summary
A computerized system and method that enables identifying the best payment currency for a product or service is disclosed. Payment currencies include cash, reward programs and the unit or currency in which reward programs are denominated, and combinations thereof. A single product search request initiates searches of multiple payment currencies. Availability, discounts, prices, comparable costs, net values and relative values are determined and/or calculated per each payment currency. Comparable cost, relative value, or other criteria, may be used to determine the best payment method, that is, the lowest cost in a common currency, such as cash. Determination of the best payment currency is accomplished in “real-time” and has an advantage of leveraging quantitative and qualitative analysis in its determination. In addition, the search may be personalized by adding information unique to each user.