Virtual Purchasing Card Transaction Automation
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Solution Overview
Problem
The existing electronic credit-card-based transaction process is inefficient and prone to errors due to the need for customers to repeatedly enter identical customer and billing information for each merchant, leading to time consumption and potential errors.
Innovation Solution
The implementation of a virtual purchasing instrument that allows customers to execute transactions using a virtual credit or debit card, which provides authentication, funds availability, and authorization, enabling the transmission of encrypted customer and account information for secure and efficient transactions without the need for manual input of customer information.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Productivity
If customers use traditional credit cards for online transactions, then transactions can be processed, but customers must repeatedly enter identical customer and billing information for each merchant, which is time-consuming and prone to errors
Solution Approach 1:
The patent uses a virtual purchasing card that stores copies of customer and billing information. Instead of entering data manually at each transaction, the system retrieves pre-stored copies from the virtual card, dramatically reducing entry time and errors while maintaining transaction functionality
Solution Approach 2:
The virtual purchasing card acts as an intermediary between the customer and multiple merchants. It holds a copy of the customer's account information and enables automatic transmission of this information to merchants during transactions, eliminating the need for repeated manual entry
2Reliability
If customers manually enter customer and billing information for each transaction, then transactions can be completed, but the process is prone to errors and time-consuming
Solution Approach 1:
The system creates and stores accurate copies of customer and billing information in the virtual purchasing card. These pre-validated copies are automatically retrieved and transmitted to merchants, eliminating manual typing errors and ensuring consistent, accurate data across all transactions
Solution Approach 2:
Customer and billing information is entered and validated once during initial virtual card setup, before actual transactions occur. This preliminary action ensures accuracy is established upfront, and the pre-validated information is automatically used in subsequent transactions without repeated manual input
3Productivity
If a virtual purchasing instrument is used, then repetitive data entry is reduced and transaction efficiency is improved, but the system requires encryption and secure transmission mechanisms
Solution Approach 1:
The virtual purchasing card stores encrypted copies of sensitive customer and billing information. By working with these pre-encrypted copies rather than transmitting raw data, the system achieves efficient transactions while maintaining security through encryption throughout the storage and transmission lifecycle
Solution Approach 2:
The virtual purchasing card serves as a secure intermediary that handles encryption and secure transmission of customer information between customers and merchants. This centralized security mechanism simplifies the overall system architecture by consolidating security functions in one component rather than requiring complex distributed security infrastructure
Data Source
AI summary
Apparatus and methods for the execution of a transaction between a customer and a merchant using a virtual purchasing instrument. The apparatus and methods may involve receiving from the customer a request to pay funds or draw credit from an account based on the customer's electronic presentation of the virtual purchasing instrument to the merchant.