Real-Time Price Matching and Payment Authorization System
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Solution Overview
Problem
Retail customers face difficulties in finding the best prices for items across different retailers, as they need to manually compare prices from various advertisements and coupons, which is time-consuming and inconvenient, and existing payment methods, such as cash or credit cards, raise security concerns and are cumbersome.
Innovation Solution
A system and method that allows customers to use a mobile device to authorize payment for orders by comparing prices in real-time with a price comparison system, aggregating credits, and applying them to the order, thereby ensuring competitive pricing and simplifying the payment process.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Measurement precision
If customers manually compare prices from various advertisements and coupons, then they can find the best deals, but it is time-consuming and inconvenient
Solution Approach 1:
The system enables automatic price comparison where the computer system autonomously retrieves pricing information from multiple retailers, compares prices, and identifies the best deal without requiring customer intervention. The system self-services the price comparison task that previously required manual customer effort.
Solution Approach 2:
The manual mechanical process of customers physically comparing advertisements and coupons is replaced by an automated electronic system that retrieves, processes, and compares price data from multiple retailers through computer networks and databases.
2Ease of operation
If customers use traditional payment methods like cash or credit cards, then payment can be processed, but security issues arise and the process is cumbersome
Solution Approach 1:
The system introduces an intermediary automated payment processing mechanism that acts as a mediator between the customer and the payment network. The computer system automatically retrieves payment information, processes the transaction, and coordinates with payment networks without requiring direct customer handling of cash or credit cards.
Solution Approach 2:
The physical mechanical processes of handling cash or manually inserting/swiping credit cards are replaced by an automated electronic payment system that processes transactions through computer networks, eliminating the need for physical payment instrument handling.
Data Source
AI summary
Techniques related to retail transaction are disclosed. The techniques involve comparing the prices associated with a customer order with the prices being charged by competitors prior to the transaction being completed. The customer is given the opportunity to apply a credit based on the difference in prices being charged by the retailer and competitors, to the transaction.