Proxy Card Payment Account Selection After Transaction Initiation

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Solution Overview

Problem

Consumers face inconvenience when carrying multiple payment cards, leading to potential misuse of less preferred payment options due to the burden of choosing the correct card at the time of purchase.

Innovation Solution

A proxy card system that links multiple financial accounts, allowing consumers to make payments using any associated account, with the option to change the payment account after the initial transaction, using a mobile device.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Adaptability or versatility

If consumers carry multiple payment cards to access different financial accounts, then payment account versatility is improved, but wallet complexity and ease of operation deteriorate due to overstuffed wallets and difficulty in finding the correct card

Engineering Contradiction:

Improvepayment account versatilityVSAvoidease of finding and using correct payment card

Core Design Contradiction:

Adaptability or versatilityVSEase of operation

Solution Approach 1:

The patent combines multiple payment cards into a single proxy card that can access multiple financial accounts. The proxy card is swiped at the point of sale to initiate payment, and the consumer then selects the specific financial account to use through a mobile device interface, eliminating the need to physically carry and search through multiple cards.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The patent introduces a mobile device as an intermediary between the proxy card and the financial accounts. The mobile device receives a notification about the initiated payment and presents the consumer with options to select which financial account should be used, serving as a mediator that resolves the conflict between having multiple accounts and easy selection.

Inventive Principle:

Principle #24Intermediary (Mediator)

2Speed

If consumers must choose the correct payment card at the time of purchase, then transaction speed is improved, but payment optimization deteriorates when the preferred card is not immediately accessible

Engineering Contradiction:

Improvetransaction speedVSAvoidability to select preferred payment account

Core Design Contradiction:

SpeedVSAdaptability or versatility

Solution Approach 1:

The system performs preliminary action by initiating the payment process with the proxy card before the consumer needs to select the specific financial account. The proxy card swipe quickly initiates the transaction, and then the consumer has a window of opportunity to select the preferred account before the payment is finalized, combining speed with optimization capability.

Inventive Principle:

Principle #10Preliminary action

Solution Approach 2:

The patent makes the payment system dynamic by allowing the consumer to change the selected financial account after the initial proxy card swipe but before the payment is completed. The system transitions from a static card-swipe model to a dynamic selection process where the final payment account can be changed based on the consumer's changing preferences or circumstances.

Inventive Principle:

Principle #15Dynamics

3Adaptability or versatility

If the payment system allows account changes after initiation, then payment flexibility is improved, but system complexity deteriorates due to additional processing steps

Engineering Contradiction:

Improvepayment account flexibilityVSAvoidpayment system complexity

Core Design Contradiction:

Adaptability or versatilityVSDevice complexity

Solution Approach 1:

The system implements self-service by allowing the consumer to independently select and change the payment account through the mobile device interface without requiring additional assistance from merchants or complex manual interventions. The automated notification system and account selection interface enable the consumer to manage their own payment preferences easily.

Inventive Principle:

Principle #25Self-service

Solution Approach 2:

The mobile device serves multiple functions: it acts as a notification receiver, account selection interface, and communication bridge between the consumer and the payment processing system. This multi-functionality reduces the need for separate dedicated devices or complex manual procedures for account changes.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Data Source

PatentUS10885515B1System and method for canceling a payment after initiating the payment using a proxy card

Publication Date: 2021.01.05 BLOCK INC

AI summary

Apparatuses and methods for changing a financial account after initiating a payment using a proxy object, such as a proxy card, are disclosed. The proxy card is associated with multiple financial accounts, such as accounts associated with credit cards, debit cards, and pre-paid gift cards. A consumer presents the proxy card to a merchant to make a payment, and the merchant swipes the proxy card and processes the payment by sending transaction information to a financial system. A computer system associated with the financial system selects a payment account associated with the proxy card to use for the payment, and an authorization for the transaction is obtained. Later, the consumer is given a limited time within which he may change the financial account used for the payment, such as by using his mobile device to select a different account associated with the proxy card to use to obtain funds for the payment.