Stored Value Card Payment Gateway for Merchant Integration
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Solution Overview
Problem
Conventional electronic payment systems face challenges in harmonizing processing channels between third-party payment institutes, such as credit card companies and merchants, leading to inefficiencies in handling stored value card transactions due to incompatible systems and infrastructures.
Innovation Solution
The implementation of an SVC transaction application that provides a graphics interface linked to merchant websites, allowing users to purchase or add value to stored value cards through a payment service provider, which automatically extracts and processes payment information, even if the merchant's and issuer's systems are incompatible, using web browser extensions or mini-programs for seamless integration.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If conventional payment systems use multiple third-party payment institutes with different processing channels, then payment options are diverse, but system compatibility and transaction efficiency deteriorate
Solution Approach 1:
The patent introduces a payment gateway as an intermediary component that sits between the merchant's payment system and multiple third-party payment institutes. This gateway translates and mediates communication between incompatible systems, allowing diverse payment options to be supported without requiring changes to the merchant's existing infrastructure or the third-party systems.
2Device complexity
If existing infrastructures of third-party payment institutes are modified to reconcile with a payment system, then system compatibility improves, but implementation feasibility deteriorates
Solution Approach 1:
Instead of modifying the existing third-party payment institute infrastructures to reconcile with the payment system (which would be difficult and costly), the patent inverts the approach by making the payment gateway adapt to each third-party system. The gateway is designed to accommodate various payment institute protocols and interfaces, reversing the direction of adaptation to achieve compatibility without intrusive modifications.
3Adaptability or versatility
If multiple incompatible processing channels are used for electronic payment transactions, then payment institute diversity is maintained, but data processing efficiency deteriorates
Solution Approach 1:
The patent merges multiple incompatible processing channels into a unified payment gateway interface. The gateway consolidates communication with various third-party payment institutes through a single standardized interface, reducing the complexity of handling multiple separate channels and improving data processing efficiency by centralizing the integration logic.
Data Source
AI summary
Implementations of the present specification provide techniques for transacting a stored value card for payment in a separate transaction between a user and a merchant. A stored value card of a card issuer applicable to the transaction between a user and a merchant is determined. An SVC graphics interface for transacting the stored value card is presented to the user, which corresponds to a merchant graphics interface for the transaction between the user and the merchant. The SVC graphics interface enables a transaction on the stored value card using an account of the user with a payment system. An identification information of the stored value card transacted through the SVC graphics interface is inserted onto the merchant graphics interface so that the SVC card is used in the payment for the transaction between the user and the merchant.