Payment Service Selection System for Non-Integrated Payment Diversity
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Solution Overview
Problem
Users are limited to payment options provided by online shops due to retailer agreements with only a finite number of payment services, restricting their ability to use preferred payment services for purchases.
Innovation Solution
A system and method that detects a purchase initiation, performs a risk evaluation, and allows users to select from non-integrated payment services based on offers, enabling the use of virtual payment devices for transactions through a backend server, independent of the retailer's integrated payment services.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Device complexity
If retailers enter into agreements with only a finite number of payment services, then integration complexity is reduced, but payment service diversity is limited
Solution Approach 1:
The patent introduces a payment service selection system that acts as an intermediary between the online shop and multiple payment services. This system receives purchase information from the online shop, evaluates multiple non-integrated payment services, and selects the most suitable one, thereby enabling diverse payment options without requiring direct integration between the retailer and each payment service provider
Solution Approach 2:
The payment service selection system performs multiple functions: receiving purchase information, evaluating risk factors, comparing offers from different payment services, and selecting the optimal payment service. This multi-functional approach allows a single system to handle diverse payment needs without requiring separate integrations for each payment service
2Reliability
If users are limited to integrated payment services, then transaction security is maintained, but user payment flexibility is reduced
Solution Approach 1:
The system incorporates risk evaluation that analyzes user information and provides feedback to the payment service selection process. This feedback mechanism ensures that even when selecting from diverse payment services, transactions meeting security criteria are approved, thereby maintaining transaction security while expanding payment flexibility
Solution Approach 2:
The system performs preliminary risk evaluation and payment service assessment before the actual transaction occurs. By evaluating user information and comparing payment service offers in advance, the system identifies secure payment options that meet both security requirements and user flexibility needs before the purchase is finalized
3Adaptability or versatility
If multiple non-integrated payment services are evaluated, then payment service diversity is increased, but system complexity increases
Solution Approach 1:
The system segments the payment service evaluation process into distinct components: receiving purchase information, evaluating risk factors, comparing payment service offers, and selecting the optimal service. This segmentation allows the system to handle multiple payment services systematically without becoming unmanageably complex
Data Source
AI summary
Initiation of a purchase at an online shop or other retailer can be detected. In addition to, or instead of a payment method integrated with the online shop, one or more alternative payment services that are not integrated with the online shop or retailer can be considered for selection. A non-integrated payment service can be selected based on terms offered by the non-integrated payment service. The selected goods or services can be paid for by the non-integrated payment service using a virtual credit card. The user can reimburse the non-integrated payment service under the terms offered by the non-integrated payment service.