Payment processing method and system

• US 20060149671A1
• Filed: 06/27/2005
• Published: 07/06/2006
• Est. Priority Date: 06/25/2004
• Status: Abandoned Application

• Current Assignee: Heartland Payment Systems Incorporated (Global Payments Incorporated)
• Original Assignee: Heartland Payment Systems Incorporated (Global Payments Incorporated)
• Inventors: Jonnalagadda, Prasad, Mesarovich, Alek, Mondanaro, Jason, Micali, Silvio, Schachter, Jeffrey, Masters, Peter, Nix, Robert, Schwartz, Theodore, Rivest, Ronald
• Application Number:
  US11/169,075
• Publication Number:
  US 20060149671A1
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/04 Payment circuits
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/12 specially adapted for electronic shopping systems
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/24 Credit schemes, i.e. "pay after"
• CPC Class Codes: G06Q 20/29 characterised by micropayments
• CPC Class Codes: G06Q 20/38215 Use of certificates or encrypted proofs of transaction rights
• CPC Class Codes: G06Q 20/3825 Use of electronic signatures
• CPC Class Codes: G06Q 20/40 Authorisation, e.g. identification of payer or payee, verification of customer or shop credentials; Review and approval of payers, e.g. check credit lines or negative lists
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G07F 19/00 Complete banking systems; Coded card-freed arrangements adapted for dispensing or receiving monies or the like and posting such transactions to existing accounts, e.g. automatic teller machines data processing equipment for bank accounting G06Q40/02

Abstract

A payment processing system includes one transaction processor that aggregates cost data associated with low-priced sales transactions between a consumer and a merchant. The transaction processor sends data that represents the aggregated cost data to an acquiring banking entity associated with the merchant. The system also includes another transaction processor that stores data that represents each individual low-priced sales transaction. The stored data is accessible by one or more banking entities associated with the merchant.

Claims

1. A payment processing system, comprising:

a first transaction processor configured to aggregate cost data associated with low-priced sales transactions between a consumer and a merchant, the first transaction processor is further configured to send data that represents the aggregated cost data to an acquiring banking entity associated with the merchant; and

a second transaction processor configured to store data that represents each individual low-priced sales transaction, wherein the stored data is accessible by at least one banking entity associated with the merchant.

2. The payment processing system of claim 1, wherein the second transaction processor is located remote from the consumer and the merchant.

3. The payment processing system of claim 1, wherein the first transaction processor is further configured to aggregate cost data associated with low-priced sales transactions between with the merchant and at least two consumers.

4. The payment processing system of claim 1, wherein the first transaction processor is further configured to aggregate cost data associated with low-priced sales transactions associated with at least two merchants, wherein the merchants are associated with the same banking entity.

5. The payment processing system of claim 1, wherein the consumer pays the merchant for the low-priced sales transactions on a pay-per-use basis.

6. The payment processing system of claim 1, wherein the consumer pays the merchant for the low-priced sales transactions on a pre-paid basis.

7. The payment processing system of claim 1, wherein the consumer pays the merchant for the low-priced sales transactions on a subscription basis.

8. The payment processing system of claim 1, wherein the consumer pays the merchant for the low-priced sales transactions on a post-paid basis.

9. The payment processing system of claim 1, wherein the stored data that represents each individual low-priced sales transaction is accessible by the acquiring banking entity.

10. The payment processing system of claim 1, wherein the stored data that represents each individual low-priced sales transaction is accessible by an issuing banking entity associated with the consumer.

11. The payment processing system of claim 1, wherein the stored data that represents each individual low-priced sales transaction is accessible by the consumer.

12. The payment processing system of claim 1, wherein the first transaction processor is further configured to direct a consumer request to the second transaction processor for providing customer service.

13. The payment processing system of claim 1, wherein the first transaction processor is located at an issuing banking entity associated with the consumer.

14. The payment processing system of claim 1, further comprising:

a third transaction processor configured to track reconciling of a payment with at least one of the low-priced sales transactions.

15. The payment processing system of claim 14, wherein the third transaction processor is located at an acquiring banking entity.

16. The payment processing system of claim 1, further comprising:

a fourth transaction processor configured to translate the aggregate cost data into a format for a third party.

17. The payment processing system of claim 16, wherein the fourth transaction processor is located in a server that includes the first transaction processor.

18. The payment processing system of claim 1, wherein the stored data that represents each individual low-priced sales transaction includes a one-way hash of an account number associated with at least one of the transactions.

19. The payment processing system of claim 1, wherein stored data is decrypted for access.

20. The payment processing system of claim 1, wherein at least one of the low-priced sales transactions occurs at a kiosk device.

21. The payment processing system of claim 1, further comprising:

a third transaction processor configured to aggregate cost data associated with low-priced sales transactions between the consumer and a second merchant.

22. The payment processing system of claim 1, wherein the merchant provides the consumer with preferential treatment to encourage future transactions with the merchant.

29. The method of claim 21, wherein storing data associated with the first low-priced sales transaction includes applying a one-way hash to an account number associated with the first low-priced sales transaction.

23. A method of processing payments, comprising:

receiving data that represents a first low-priced sales transaction between a first consumer and a first merchant;

aggregating the cost of the first low-priced sales transaction and the cost of a second low-priced sales transaction between the consumer and the merchant;

storing data associated with the first low-priced sales transaction such that the data is accessible by at least one banking entity associated with the merchant; and

sending data that represents the aggregate cost to an acquiring banking entity associated with the merchant.

24. The method of claim 23, further comprising:

aggregating the cost of a low-priced sales transaction associated with the first consumer and the cost of a low-priced sales transaction associated with a second consumer.

25. The method of claim 23, further comprising:

aggregating the cost of a low-priced transaction associated with the first merchant and the cost of a low-priced sales transaction associated with a second merchant, wherein the first and second merchants are associated with the acquiring banking entity.

26. The method of claim 23, wherein the stored data associated with the first low-priced sales transaction is accessible by the acquiring banking entity.

27. The method of claim 23, wherein the stored data associated with the first low-priced sales transaction is accessible by an issuing banking entity associated with the consumer.

28. The method of claim 23, wherein the stored data associated with the first low-priced sales transaction is accessible by the consumer.

30. A computer program product residing on a computer readable medium having a plurality of instructions stored thereon which, when executed by a processor, cause that processor to:

receive data that represents a first low-priced sales transaction between a first consumer and a first merchant;

aggregate the cost of the first low-priced sales transaction and the cost of a second low-priced sales transaction between the consumer and the merchant;

store data associated with the first low-priced sales transaction such that the data is accessible by at least one banking entity associated with the merchant; and

send data that represents the aggregate cost to an acquiring banking entity associated with the merchant.

31. The computer program product of claim 30, further comprising instructions to:

aggregate the cost of a low-priced sales transaction associated with the first consumer and the cost of a low-priced sales transaction associated with a second consumer.

32. The computer program product of claim 30, further comprising instructions to:

aggregate the cost of a low-priced transaction associated with the first merchant and the cost of a low-priced sales transaction associated with a second merchant, wherein the first and second merchants are associated with the acquiring banking entity.

33. The computer program product of claim 30, wherein the stored data associated with the first low-priced sales transaction is accessible by the acquiring banking entity.

34. The computer program product of claim 30, wherein the stored data associated with the first low-priced sales transaction is accessible by an issuing banking entity associated with the consumer.

35. The computer program product of claim 30, wherein the stored data associated with the first low-priced sales transaction is accessible by the consumer.

36. The computer program product of claim 30, wherein storing data associated with the first low-priced sales transaction includes applying a one-way hash to an account number associated with the first low-priced sales transaction.