Method and system for engaging in a transaction between a consumer and a merchant
First Claim
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1. A method for providing instant credit by a credit issuer to a consumer at a point-of-sale of a merchant, the method comprising the steps of:
- initiating or engaging in a transaction between the consumer and the merchant at the point-of-sale;
obtaining a consumer/transaction data set including a plurality of data fields populated with data reflecting the consumer, the merchant, the transaction, the credit issuer or any combination thereof;
analyzing at least a portion of the consumer/transaction data set;
based upon the results of the analysis;
(i) offering instant credit by the credit issuer to the consumer at the point-of-sale;
or(ii) preventing an offer of instant credit by the credit issuer to the consumer at the point-of-sale; and
if instant credit is offered to the consumer;
(i) accepting, by the consumer, the offer of instant credit; and
(ii) consummating the transaction between the consumer and the merchant using the provided instant credit.
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Abstract
Disclosed is a method for engaging in a transaction between a consumer and a merchant. In particular, the present invention is directed to a method and system for providing instant credit by a credit issuer to the consumer at a point-of-sale of the merchant. In addition, the present invention is directed to a method and system for identifying at least one optimal credit product from a plurality of credit products of at least one credit issuer to a consumer.
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Citations
49 Claims
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1. A method for providing instant credit by a credit issuer to a consumer at a point-of-sale of a merchant, the method comprising the steps of:
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initiating or engaging in a transaction between the consumer and the merchant at the point-of-sale; obtaining a consumer/transaction data set including a plurality of data fields populated with data reflecting the consumer, the merchant, the transaction, the credit issuer or any combination thereof; analyzing at least a portion of the consumer/transaction data set; based upon the results of the analysis; (i) offering instant credit by the credit issuer to the consumer at the point-of-sale;
or(ii) preventing an offer of instant credit by the credit issuer to the consumer at the point-of-sale; and if instant credit is offered to the consumer; (i) accepting, by the consumer, the offer of instant credit; and (ii) consummating the transaction between the consumer and the merchant using the provided instant credit. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A method for identifying at least one optimal credit product from a plurality of credit products of at least one credit issuer to a consumer, the method comprising the steps of:
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providing a credit issuer selection data set including a plurality of data fields to a central optimization database; providing a consumer selection data set including a plurality of data fields to the central optimization database; determining at least one optimal credit product to be offered by the at least one credit issuer to the consumer based upon;
(i) at least one data field in the credit issuer selection data set;
(ii) at least one data field in the consumer selection data set, or any combination thereof; andoffering at least one optimal credit product, by the at least one credit issuer, to the consumer. - View Dependent Claims (17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47)
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48. An apparatus for providing instant credit by a credit issuer to a consumer at a point-of-sale of a merchant, the apparatus comprising:
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a storage mechanism including an central database; at least one input mechanism for transmitting a consumer/transaction data set including a plurality of data fields populated with data reflecting the consumer, the merchant, the transaction, the credit issuer or any combination thereof, to the central database; a processor mechanism configured to; (i) analyze at least a portion of the consumer/transaction data set; and (ii) based upon the results of the analysis; (a) offer instant credit by the credit issuer to the consumer at the point-of-sale;
or(ii) prevent an offer of instant credit by the credit issuer to the consumer at the point-of-sale; and an output mechanism for offering the instant credit to the consumer at the point-of-sale.
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49. An apparatus for identifying at least one optimal credit product from a plurality of credit products of at least one credit issuer to a consumer, the apparatus comprising:
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a storage mechanism including a central optimization database; at least one input mechanism for transmitting a credit issuer selection data set including a plurality of data fields to a central optimization database and for transmitting a consumer selection data set including a plurality of data fields to the central optimization database; a processor mechanism configured to determine at least one optimal credit product to be offered by the at least one credit issuer to the consumer based upon;
(i) at least one data field in the credit issuer selection data set;
(ii) at least one data field in the consumer selection data set, or any combination thereof; andan output mechanism for offering at least one optimal credit product, by the at least one credit issuer, to the consumer.
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Specification