QR Code Standing Instruction System for Recurring Payments
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Current methods for recurring customer payments are cumbersome, involving manual transfers and inconvenient for both customers and merchants, especially for frequent transactions, lacking an efficient digital solution for Standing Instructions (SI) across various payment types.
Innovation Solution
A system and method utilizing a Quick Response (QR) code with a Standing Instruction (SI) flag, generated by a server system, allowing customers to opt for recurring payments, which includes processing the first payment and facilitating subsequent payments using a unique identifier, enabling digital and automated transactions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If manual transfer of funds is used for recurring payments, then customers can settle bills periodically, but the process becomes cumbersome and inconvenient for both customers and merchants
Solution Approach 1:
The system performs preliminary action by obtaining customer authorization upfront through a QR code scan, storing the authorization data on the server. This preliminary authorization enables subsequent recurring payments to be processed automatically without requiring customer action at each payment point, thereby resolving the contradiction between ease of operation and time loss.
2Ease of operation
If cash transactions are used for recurring payments, then customers can settle bills physically, but merchants have to generate paper invoices and physically collect payments which is inconvenient
Solution Approach 1:
The system replaces the mechanical system of paper invoice generation and physical cash collection with an electronic/digital system. The server automatically generates payment records, processes electronic fund transfers, and maintains transaction histories, eliminating the need for manual paper-based operations and significantly improving ease of operation for merchants.
3Productivity
If automated recurring payment system is implemented, then manual efforts are reduced, but the system requires QR code generation and server infrastructure
Solution Approach 1:
The system achieves universality by designing a multi-functional platform that handles QR code generation, authorization storage, payment processing, and transaction record-keeping through a single integrated server system. This universal approach consolidates multiple functions into one system, improving productivity while managing device complexity through functional integration rather than proliferation of separate components.
Data Source
AI summary
A method and server system for facilitating recurring customer payments to merchants are provided. A Quick Response (QR) code including a Standing Instruction (SI) flag is generated. The SI flag is capable of offering customers of a merchant with an option to pay for respective recurring payments using SI. The generated QR code is provided by the merchant to at least one customer. A first payment from among a set of recurring payments from a customer to the merchant is processed based on an input related to the SI provided by the customer subsequent to a selection of the option in the QR code by the customer. A unique identifier associated with a processing of the first payment from the customer to the merchant is generated and stored. Each subsequent payment is processed using the unique identifier and the input related to the SI.