Transaction Processing System for Dynamic Payment Selection
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Solution Overview
Problem
Consumers face difficulties in choosing the optimal payment card for transactions due to the variety of cards with different attributes, rewards, and payment cycles, compounded by unique payment methodologies from financial institutions, merchants, and technology companies.
Innovation Solution
A system that uses a computer processor to select the most valuable attribute package and payment format for a transaction based on customized rules associated with user and merchant information, providing recommendations to the user and allowing for modification within a predetermined time frame.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Adaptability or versatility
If consumers use multiple payment cards with different attributes and methodologies, then they can access various rewards and payment options, but the complexity of selecting the optimal card and payment method increases
Solution Approach 1:
The patent introduces a payment card selection system that acts as an intermediary between the consumer and multiple payment cards. This system automatically analyzes transaction details, card attributes, rewards structures, and payment methodologies to recommend the optimal card combination, thereby reducing the consumer's selection burden while maintaining access to diverse payment options
Solution Approach 2:
The system enables self-service by allowing consumers to input their payment card information and transaction details once, after which the system autonomously performs card selection, reward calculation, and payment method optimization without requiring manual comparison or decision-making by the consumer
2Measurement precision
If the system provides detailed analysis and recommendations for payment card selection, then the accuracy of optimizing rewards and fees improves, but the time required to complete the transaction increases
Solution Approach 1:
The system performs preliminary actions by pre-storing and organizing payment card information, attributes, rewards structures, and payment methodologies in a database before transactions occur. When a transaction is initiated, the system quickly queries this pre-organized data rather than analyzing everything from scratch, thereby maintaining high accuracy while reducing processing time
Solution Approach 2:
The system dynamically adjusts analysis parameters based on transaction characteristics. For simple transactions, it uses simplified evaluation criteria to reduce processing time, while for complex transactions involving multiple cards and reward structures, it applies more detailed analysis parameters to maintain optimization accuracy
Data Source
AI summary
Methods, non-transitory computer readable media, and transaction management computing devices that assist with processing a transaction involving a merchant and a user using a system include receiving over at least one communication channel an indication of a user transaction. Location information indicating a location of the user transaction or merchant information indicating a merchant involved in the user transaction is determined. A first attribute package and a first payment format is identified and communicated to the client device. The user transaction is initiated upon receiving a confirmation indicating selection of the identified first payment format and the identified first attribute package. The user transaction is held open for a predetermined period of time to allow the user to modify the selected first payment format or the selected first attribute package for the user transaction to a different attribute package or a different payment format.