Payment Processing System with Tokenized Hyperlink Pre-population
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Solution Overview
Problem
Current payment processing methods, especially for non-profit transactions, are inconvenient and error-prone, leading to reluctance in using automated payment methods like credit card and direct bank debits due to the need for frequent data entry and lack of real-time validation, resulting in increased costs and payer frustration.
Innovation Solution
A payment processing system that emails a personalized hyperlink with a token to the payer, allowing pre-population of payment data fields, reducing the need for repeated data entry and enabling secure storage and recurring payments, while ensuring compliance with security standards.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If payers are required to login to an online system to display charges and make payment, then payment security and account verification are improved, but user convenience and likelihood of utilization deteriorate due to registration requirements and memory burden
Solution Approach 1:
The patent extracts the login requirement from the payment process, allowing payers to access their payment forms without authenticating. The system retrieves payer information directly from stored data using the payer's identifier from the email link, eliminating the authentication step while maintaining security through controlled data access.
Solution Approach 2:
The system provides self-service by automatically retrieving and displaying payer information from stored databases when the payer clicks the email link. The payer's account is automatically identified and their payment form is populated without requiring manual login or authentication actions.
2Ease of operation
If systems don't require login, then user convenience is improved, but data entry errors increase due to repeated manual entry of account information
Solution Approach 1:
The system performs preliminary action by pre-populating the payment form with the payer's stored account information (bank routing numbers, account numbers, billing address) before the payer submits the form. This eliminates the need for manual re-entry of this data, reducing errors while maintaining convenience.
Solution Approach 2:
The system creates and uses copies of the payer's account information stored in its database. Instead of requiring the payer to re-enter original data, the system retrieves and displays copied versions of this information in the payment form, reducing entry errors while maintaining security.
3Manufacturing precision
If real-time validation of account information is implemented, then transaction accuracy is improved, but system complexity and processing time increase
Solution Approach 1:
The system performs validation preliminarily by checking the payer's account information against stored records before the payment transaction is initiated. The pre-populated form allows the system to verify that the stored routing and account numbers match the payer's profile, providing validation without adding complexity to the transaction processing itself.
4Reliability
If manual check processing is used, then payer trust and agreement are maintained, but convenience and efficiency deteriorate for both payer and collecting organization
Solution Approach 1:
The system enables self-service electronic payments where the payer can independently initiate and complete payments through the web form. This eliminates the need for manual check processing while maintaining payer control and trust, as the payer directly authorizes the transaction through the simplified interface.
Data Source
AI summary
Provided is a method and system for payment processing, including emailing a billing statement including an online payment hyperlink to a payer by a biller. The online payment hyperlink includes a payer personalized URL and a token uniquely identifying the payer. The online payment hyperlink is selected by the payer, who is then presented with the biller's online payment form, including pre-populated data fields. The biller's online payment form is reviewed, completed and corrected by the payer, and sent to a secure payment form server.