Payment Token Mediator for Transaction Authorization
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Solution Overview
Problem
Current methods for requesting payment for selected items or services are inefficient, as they require the payer to know exact details of the transaction, leading to time-consuming processes and potential errors or extra costs, especially when the payer needs to directly engage with the merchant or deliver items.
Innovation Solution
A system that generates a payment token including transaction information, which can be transmitted to a payer for authorization, allowing the payer to decide on payment without needing to know the exact items or services, and includes features for handling invalid contact information and setting payment rules.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If the payer directly engages in the transaction to ensure proper completion, then the transaction reliability is improved, but the time consumption and complexity increase
Solution Approach 1:
The patent introduces a payment token as an intermediary that carries transaction information between the requester and payer. The token encapsulates item details, pricing, and transaction terms, allowing the payer to review and authorize without directly engaging with the merchant. This mediator approach ensures transaction reliability while reducing time consumption by eliminating the need for payer-merchant direct interaction.
Solution Approach 2:
The system performs preliminary actions by generating the payment token with all necessary transaction information before the payer makes a decision. The token is prepared in advance with complete details about items, prices, and terms, so the payer can make an informed authorization decision without needing to contact the merchant or verify details separately, thus reducing time while maintaining reliability.
2Manufacturing precision
If the payer directly engages in the transaction, then the transaction accuracy is improved, but the device complexity and operational difficulty increase
Solution Approach 1:
The payment token serves as a structured intermediary that encapsulates all transaction details in a standardized format. It includes item identifiers, pricing information, and transaction terms, ensuring accuracy by preventing miscommunication between parties. The token's structured nature reduces process complexity by providing a clear, standardized authorization mechanism that doesn't require the payer to navigate complex merchant systems.
Solution Approach 2:
The system creates a digital copy of the transaction details within the payment token, which replicates the essential information from the merchant's system in a payer-friendly format. This copy contains all necessary details for accurate authorization without requiring the payer to access the merchant's complex systems, thus maintaining transaction accuracy while reducing operational complexity.
3Measurement precision
If the payer needs to know exact items and services, then the transaction precision is improved, but the ease of operation deteriorates
Solution Approach 1:
The payment token acts as an intermediary that presents transaction details in a simplified, organized manner to the payer. It includes precise information about items, services, and pricing but formats this information for easy review and understanding. The payer can see exact details needed for informed decision-making without needing to navigate complex merchant interfaces or contact the merchant for clarifications, thus maintaining precision while improving ease of operation.
4Reliability
If the second user purchases items directly for the first user, then the transaction reliability is improved, but the loss of time and potential extra costs increase
Solution Approach 1:
The payment token serves as a mediator that enables the second user (payer) to authorize a transaction for the first user (requester) without the payer needing to directly engage with the merchant. The token contains all necessary information for the transaction to proceed reliably, including item details, pricing, and authorization terms. This approach maintains transaction reliability while eliminating the time and potential extra costs associated with the payer visiting the merchant or arranging direct purchase.
Data Source
AI summary
There are provided systems and methods for requesting payment for selected items or services using payment tokens. A first user, such as a requester for a transaction, may initiate a transaction with a merchant for at least one item or service. Upon checkout for the transaction, the first user may request that a second user complete payment for the transaction, such as a parent, spouse, or relative. A payment provider may generate a token for the transaction and instruct the merchant to hold the transaction for a period of time. The token may be communicated to the second user, a payer, for the transaction. The second user may then decide to authorize or decline payment for the transaction. The token may be kept valid for a period of time and the transaction may be cancelled with the merchant if the token is not paid for within the period.