Prepaid Wallet Payment System Instant Transaction Processing
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Solution Overview
Problem
Existing online commerce systems often fail to provide flexible payment methods, leading to lost sales opportunities when buyers cannot instantly pay for selected products.
Innovation Solution
A system that allows users to create a pre-paid merchant wallet using a private account service provider, enabling users to store funding instrument information, access accounts, display wallet details on merchant websites, and process payments securely, thereby facilitating remote purchasing and increasing sales opportunities.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If traditional payment methods are used in online commerce, then payment processing is straightforward, but buyers cannot complete purchases instantly when they are interested in the product
Solution Approach 1:
The system performs preliminary actions by pre-approving payment methods and storing funding instrument information before the actual purchase is made. When a buyer selects a product, the payment is already authorized and ready to process instantly, eliminating delays associated with traditional payment verification processes.
Solution Approach 2:
The patent introduces a payment provider as an intermediary between the buyer and merchant. This intermediary pre-authores payment methods and manages funding instruments, enabling instant purchase completion while maintaining security and flexibility. The intermediary resolves the contradiction by handling payment verification in advance.
2Reliability
If payment verification is performed in real-time, then transaction security is maintained, but sales opportunities are lost when buyers cannot instantly pay
Solution Approach 1:
Payment methods are pre-verified and approved before the purchase transaction occurs. The system performs security checks and validates funding instruments in advance, so that when a buyer wants to make a purchase, the transaction can be completed instantly without compromising security.
Solution Approach 2:
The system dynamically adjusts the payment verification process based on pre-approved methods. For pre-authorized payments, the verification is streamlined and instantaneous, while maintaining security through the pre-established approval framework. This dynamic approach prevents sales opportunities from being lost.
3Adaptability or versatility
If multiple payment methods are supported, then buyer flexibility increases, but system complexity increases
Solution Approach 1:
The payment provider acts as an intermediary that manages multiple funding instruments and payment methods. This intermediary handles the complexity of supporting various payment types (credit cards, debit cards, bank accounts) while presenting a simplified interface to buyers and merchants, thus increasing flexibility without proportionally increasing system complexity.
Solution Approach 2:
The patent creates a universal payment system that can handle multiple types of funding instruments through a single integrated platform. The payment provider's system is designed to universally process different payment methods through standardized interfaces, reducing overall system complexity while maintaining high adaptability.
Data Source
AI summary
A system including a memory storing user account information with a payment provider associated with specific merchants, and a method for use of the system are provided. The system includes one or more processors in communication with the memory and adapted to: receive login information from a user from a merchant website; access an account of the user with the payment provider; cause information for the account of the user to be displayed on the merchant website; and process a payment to the merchant from the account of the user.