Shared-Database Payment Management for Automatic Source Selection
Find Innovative SolutionsGenerate Solutions
Solution Overview
Problem
Consumers face burdens in selecting and managing multiple payment sources for transactions, leading to inconsistent accounting and a need for a unified management system.
Innovation Solution
A system utilizing shared databases and user interfaces to manage supplemental payment sources, linking them to a primary account for seamless transaction processing, with preference settings and block chain technology for centralized accounting.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumers use multiple separate payment sources for transactions, then payment flexibility is improved, but account management complexity increases
Solution Approach 1:
The patent combines multiple supplemental payment sources (gift cards, store credits, loyalty points) under a single primary account umbrella. The system merges these disparate payment vehicles into one unified account structure, allowing consumers to manage all payment sources through a single interface rather than separately managing multiple accounts.
Solution Approach 2:
The primary account is designed to serve multiple functions simultaneously: it acts as a default payment method, a management hub for supplemental payment sources, and an automatic selector for payment combinations. This universal account structure eliminates the need for separate management systems for each payment type.
2Adaptability or versatility
If consumers manage multiple supplemental payment sources separately, then payment source diversity is improved, but transaction processing time increases
Solution Approach 1:
The system performs preliminary actions by pre-configuring payment preferences and automatic selection rules before transactions occur. Consumers set their payment hierarchy and preferences in advance, allowing the system to automatically select the optimal payment combination without requiring real-time consumer input during transactions.
Solution Approach 2:
The system provides self-service functionality by automatically selecting and combining payment sources based on pre-set preferences. The automated payment selection engine independently determines the optimal payment mix without requiring consumer intervention, thereby reducing transaction processing time.
3Adaptability or versatility
If multiple payment sources are used without centralized management, then payment options are improved, but accounting consistency deteriorates
Solution Approach 1:
The primary account serves as an intermediary between multiple supplemental payment sources and the transaction processing system. It mediates the accounting by centralizing the tracking and reconciliation of all payment sources, ensuring consistent and accurate record-keeping across diverse payment types.
Data Source
AI summary
Systems and methods are disclosed for managing a plurality of supplemental payment sources of a user. One method includes: receiving a primary payment source account of a user for a purchase transaction originating at the merchant, the primary payment source account having an identifier associated with one or more supplemental payment source accounts; receiving supplemental payment source accounts of a user for applying to a payment transaction originating at the merchant; receiving, from a user device, preference settings to apply one or more of the supplemental payment source accounts to a payment transaction; receiving a transaction authorization request from the merchant or merchant acquirer for a transaction amount; and determining a combination of payment source accounts to use in the payment transaction, from a group comprising one or more supplemental payment source accounts and the primary payment source account, and any of one or more preference settings.