Single Payment Device Managing Multiple Funding Sources

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Solution Overview

Problem

Buyers are inconveniently required to carry and use multiple payment devices for different funding sources, as existing systems do not allow for payments to be made from a selected one of a plurality of funding sources using a single payment device.

Innovation Solution

A system and method where a payment service provider stores buyer information associating multiple payment source accounts and PINs, enabling a single payment device to authorize and effect transfers from a selected account to a seller's account, using a database and transaction devices to facilitate electronic fund transfers.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Adaptability or versatility

If a buyer uses multiple payment devices for different funding sources, then the ability to fund different purchases from different sources is improved, but the convenience and simplicity of the payment process deteriorates

Engineering Contradiction:

Improveability to fund purchases from different sourcesVSAvoidconvenience of payment process

Core Design Contradiction:

Adaptability or versatilityVSEase of operation

Solution Approach 1:

The patent combines multiple funding sources into a single payment device (debit card). The system stores multiple account identifiers and associated PINs in a database, allowing the buyer to select different funding sources through a single interface on the payment device, eliminating the need to carry multiple cards while maintaining the ability to fund purchases from different sources.

Inventive Principle:

Principle #5Merging (Combining)

Solution Approach 2:

The payment device is designed to perform multiple functions by accessing different funding sources. The system allows a single debit card to be used for various payment types (debit, credit, pre-paid) by retrieving different account identifiers from the database based on user selection, making the single device universal for all payment needs.

Inventive Principle:

Principle #6Universality (Multi-functionality)

2Ease of operation

If a single payment device is used for multiple funding sources, then the convenience and simplicity of the payment process is improved, but the complexity of the payment system increases

Engineering Contradiction:

Improveconvenience of payment processVSAvoidcomplexity of payment system

Core Design Contradiction:

Ease of operationVSDevice complexity

Solution Approach 1:

The patent introduces a payment service provider as an intermediary between the buyer and multiple funding sources. The service provider's database stores and manages multiple account identifiers and PINs, acting as a mediator that handles the complexity of managing multiple accounts while presenting a simple interface to the buyer through the single payment device.

Inventive Principle:

Principle #24Intermediary (Mediator)

Solution Approach 2:

The system creates a virtual representation of multiple accounts within the single payment device interface. Instead of physically having multiple cards, the system copies the functionality of multiple accounts into a single digital interface, allowing selection and management of different funding sources without the physical complexity of multiple devices.

Inventive Principle:

Principle #26Copying

3Adaptability or versatility

If multiple payment devices are carried, then the ability to select specific funding sources is improved, but the portability and simplicity for the buyer deteriorates

Engineering Contradiction:

Improveselection of funding sourcesVSAvoidnumber of cards to carry

Core Design Contradiction:

Adaptability or versatilityVSWeight of moving object

Solution Approach 1:

The patent merges the functionality of multiple payment cards into a single debit card. The payment service provider's database consolidates multiple account identifiers and associated PINs, allowing the buyer to access different funding sources from one card, thereby reducing the physical burden of carrying multiple cards while maintaining full selection capability.

Inventive Principle:

Principle #5Merging (Combining)

Data Source

PatentUS8255303B2Systems and methods for making payments from selected funding sources

Publication Date: 2012.08.28 PAYPAL INC

AI summary

Systems and methods for operating a payment service provider include storing information associating the identity of a buyer with a plurality of the buyer's payment source accounts and a plurality of personal identity numbers (PINs) respectively associated therewith in a database of the payment service provider. Upon receipt of an authorization from the buyer that includes a specified payment amount and the associated PIN of the selected buyer's account from which the payment is to be made, a transaction device of the service provider is operable to effect a transfer of the specified payment amount from the selected buyer's account to the designated seller's account.