Token-Based Payment Verification for Online Transactions
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Solution Overview
Problem
Existing online transaction systems face issues with credit card processing fees, limited payment options, and the lack of real-time funds availability verification, leading to potential inventory issues and incorrect transaction completions.
Innovation Solution
A method and system that supply content for display in a third-party website frame, allowing real-time transaction information sharing and token-based verification of funds availability, enabling the third-party to confirm transaction feasibility before proceeding.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of energy
If direct payment systems are used to avoid credit card fees, then transaction cost is reduced, but real-time funds availability verification is not provided leading to incorrect transaction completions
Solution Approach 1:
The system implements real-time feedback by continuously monitoring funds availability and communicating this information back to the transaction system. The payment mechanism receives updates about account balances and notifies the third-party system when funds are insufficient, allowing immediate transaction cancellation or modification.
Solution Approach 2:
The system performs preliminary verification of funds availability before completing the transaction. The payment mechanism checks whether sufficient funds exist in the buyer's account prior to authorizing the transfer, and only allows transactions to proceed when verification is successful.
2Reliability
If buyers are redirected away from the seller's website to perform funds transfer, then payment security is improved, but user convenience deteriorates
Solution Approach 1:
The system merges the payment processing functionality directly into the third-party website environment. The payment mechanism is integrated within the seller's website framework, allowing users to complete transactions without leaving the site while maintaining secure payment processing through the integrated system.
Solution Approach 2:
The payment mechanism serves as an intermediary that bridges the third-party website and the fund transfer system. It allows the website to initiate and monitor transactions without requiring users to navigate to separate payment sites, while still providing secure verification and execution of payments.
3Productivity
If transactions are completed without real-time funds verification, then transaction speed is improved, but inventory management reliability deteriorates
Solution Approach 1:
The system maintains continuous monitoring of funds availability throughout the transaction process. Rather than performing a single check at the beginning or end, the payment mechanism continuously verifies account status and maintains communication with the transaction system to ensure funds remain available throughout the entire transaction lifecycle.
Data Source
AI summary
Methods and systems for facilitating online transactions are disclosed. One method includes supplying content for display in a frame of a website, the website hosted by a third-party. The method also includes receiving transaction information from the third-party, and returning a token to the frame, the token including state information based on the transaction information. The method further includes passing the token from the frame to the third-party. The method optionally also includes receiving the token from the third-party and transferring funds from a first account to a second account based on the transaction information and the state information.