SYSTEM AND METHOD FOR SELECTION OF PAYMENT SYSTEMS FROM A PAYMENT SYSTEM DIRECTORY TO PROCESS A TRANSACTION

• US 20120089512A1
• Filed: 12/15/2011
• Published: 04/12/2012
• Est. Priority Date: 06/30/2003
• Status: Active Grant

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: American Express Travel Related Services Company, Inc. (American Express Company)
• Inventors: Armes, David, Bishop, Fred, Edelen, Jeffrey Alan, Schwarz, Bill
• Granted Patent: US 8,438,109 B2
• Time in Patent Office: Days
• US Class Current: 705/40
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• CPC Class Codes: G06Q 20/105 involving programming of a portable memory device, e.g. IC cards, "electronic purses"
• 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 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 30/0613 Third-party assisted
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

Dynamically enabling and facilitating businesses or other entities to locate and transact with payment systems for the purpose of processing payments. A customer interacts with a supplier of an item (e.g., goods or services), selects an item for purchase, and provides the supplier with payment criteria. The supplier queries a payment system directory to locate candidate payment systems for the transaction. The supplier then interacts directly with one or more of the payment systems to partially or fully process payment for the transaction. Alternatively, the supplier interacts with a gateway service, which queries a payment system directory to locate candidate payment systems and then interacts with one or more of the payment systems to process payment for the transaction.

Claims

1. A method, comprising:

querying, by a computer-based system for processing a transaction, a directory of payment systems to locate payment systems to process the transaction based at least in part upon payment criteria; and

receiving, by the computer-based system, an identification of the located payment systems, wherein a score is generated for one or more of the located payment systems indicating how closely the payment system matches payment criteria.

2. The method of claim 1, wherein at least one of a price or a fee is negotiated based on a strength of the matching.

3. The method of claim 1, further comprising receiving, by the computer-based system, a selection of one or more of the located payment systems, wherein the transaction is at least partially processed with the one or more of the located payment systems.

4. The method of claim 3, wherein at least one of a customer and a supplier provides the selection.

5. The method of claim 1, wherein a customer selects payment system terms.

6. The method of claim 1, wherein funds related to the transaction are debited from a first financial account and are credited to an escrow account for a predefined period of time.

7. The method of claim 1, wherein the payment system requests a supplier to fund an escrow account.

8. The method of claim 1, further comprising a supplier entering into a contract with the located payment system to process the transaction.

9. The method of claim 1, wherein the identification of the one or more located payment systems is transmitted to facilitate processing the transaction.

10. The method of claim 1, wherein a supplier final price is negotiated based on a selection of one or more of the located payment systems.

11. The method of claim 1, wherein a supplier final price is negotiated based on payment system terms selected by a customer.

12. The method of claim 1, wherein a customer selects one or more of the located payment systems, and wherein a supplier further selects one or more of the located payment systems from the customer selections.

13. The method of claim 1, wherein a supplier selects payment system terms.

14. The method of claim 1, wherein the payment system is an acquiring bank.

15. The method of claim 1, wherein a customer is notified that the transaction is complete.

16. The method of claim 1, wherein an identification of a customer associated with the transaction is authenticated.

17. The method of claim 1, wherein a supplier is the located payment system.

18. The method of claim 1, wherein a financial component is issued by the located payment system, and wherein the financial component is a stored value card.

19. A system comprising:

a tangible, non-transitory memory communicating with a processor for processing of a transaction,

the tangible, non-transitory memory having instructions stored thereon that, in response to execution by the processor, cause the processor to perform operations comprising;

querying, by the processor, a directory of payment systems to locate payment systems to process the transaction based at least in part upon payment criteria; and

receiving, by the processor, an identification of the located payment systems, wherein a score is generated for one or more of the located payment systems indicating how closely the payment system matches payment criteria.

20. An article of manufacture including a non-transitory, tangible computer readable medium having instructions stored thereon that, in response to execution by a computer-based system for processing a transaction, cause the computer-based system to perform operations comprising:

querying, by the computer-based system, a directory of payment systems to locate payment systems to process the transaction based at least in part upon payment criteria; and

receiving, by the computer-based system, an identification of the located payment systems, wherein a score is generated for one or more of the located payment systems indicating how closely the payment system matches payment criteria.