Electronic Wallet Payment Method Sequencing
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Solution Overview
Problem
In electronic commerce, customers face difficulties in updating payment information and retailers risk losing sales when requiring separate entry of payment methods, leading to inefficiencies in transaction fulfillment.
Innovation Solution
A system and method that utilize an electronic wallet with a customer-specific sequence of financial instruments, allowing automatic attempts to collect payments from multiple financial service providers if the initial payment is denied, ensuring seamless transaction fulfillment.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Reliability
If the retailer requires the customer to separately enter payment method data before fulfilling a transaction, then the retailer can ensure accurate payment information, but the customer convenience deteriorates and the transaction process becomes more complex
Solution Approach 1:
The system performs preliminary actions by storing multiple payment method data items in an electronic wallet associated with the customer account before the transaction occurs. When a transaction is initiated, the system automatically selects and uses the appropriate payment method from the pre-stored options, eliminating the need for the customer to re-enter payment information at the time of purchase.
2Productivity
If the retailer stores payment information for future transactions, then the transaction process is simplified, but the risk of using outdated or cancelled payment methods increases
Solution Approach 1:
The system implements dynamic payment method selection by maintaining an electronic wallet that can store multiple payment method data items with different statuses. The system dynamically evaluates the validity and applicability of each stored payment method at the time of transaction, automatically selecting from among the plurality of stored payment method data items based on current conditions such as whether the card is still active or has been cancelled.
3Reliability
If the system automatically attempts to collect payment from multiple financial service providers, then the transaction fulfillment reliability improves, but the system complexity increases
Solution Approach 1:
The system performs preliminary actions by pre-storing multiple payment method data items in the electronic wallet, each associated with different financial service providers. When payment collection is attempted and the first financial service provider denies the payment, the system automatically proceeds to attempt collection from the second financial service provider using the pre-stored payment method data, eliminating the need for manual customer intervention.
Data Source
AI summary
A method is disclosed that includes receiving a request for a transaction from a customer at a seller server system via an electronic-commerce website and identifying a customer account stored at the seller server system based on an identity of the customer. A plurality of financial instruments is associated with the customer account. The plurality of financial instruments has a customer-specific sequence including at least a first financial instrument pre-selected by the customer and a second financial instrument. The method includes automatically attempting to collect a particular payment associated with the transaction from a first financial service provider corresponding to the first financial instrument and automatically attempting to collect the particular payment from a second financial service provider corresponding to the second financial instrument in response to data received at the seller server system indicating a denial of the payment.