Intelligent Meta-Payment System
First Claim
1. A method of selecting a payment option from a plurality of payment options, comprising:
- configuring at least one server with a plurality of user payment options;
configuring a portable device to communicate between the at least one server and a merchant;
configuring the portable device to facilitate payment for a purchase from a merchant;
receiving a purchase payment request from a merchant, the purchase payment request including information about the purchase;
analyzing the information about the purchase;
selecting an optimal payment method from the plurality of payment methods; and
transmitting the optimal payment method to the merchant to complete the purchase.
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Abstract
The present invention relates generally to payment systems and a method of selecting a specific payment method from a plurality of available payment methods. More specifically, the present invention is a system and method of selecting the payment method from a plurality of payment methods that provides the most benefits and/or fewest fees to the purchasing party with respect to the specific purchase. The system and method may take into account location, user-inputted data, data supplied from a merchant, consumer behavior, and may be additionally connected to location data services, electronically stored payment methods and their attributes including rewards and fees. The system may further effect a transaction via communications between a merchant and a consumer via a personal computing device, a programmable magnetic strip, or virtually via the Internet or over telephony.
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Citations
18 Claims
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1. A method of selecting a payment option from a plurality of payment options, comprising:
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configuring at least one server with a plurality of user payment options; configuring a portable device to communicate between the at least one server and a merchant; configuring the portable device to facilitate payment for a purchase from a merchant; receiving a purchase payment request from a merchant, the purchase payment request including information about the purchase; analyzing the information about the purchase; selecting an optimal payment method from the plurality of payment methods; and transmitting the optimal payment method to the merchant to complete the purchase. - View Dependent Claims (2, 3, 4)
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5. A method of selecting a payment option from a plurality of payment options, comprising:
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configuring at least one server with a plurality of user payment options including entering account information, account history, purchase history, fee structures, reward structures, currency conversion rates, user preferences, and monetary equivalence values of rewards; configuring a portable device to communicate between the at least one server and a merchant, the portable device operable to facilitate payment for a purchase from a merchant; receiving a purchase payment request from a merchant, the purchase payment request including information about the purchase including information about the merchant including what payment methods are accepted, name of the merchant, location of the merchant, and type of good involved in the purchase; analyzing the information about the purchase; selecting an optimal payment method from the plurality of payment methods; and transmitting the optimal payment method to the merchant to complete the purchase; and the portable device is configured with a global positioning system. - View Dependent Claims (6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18)
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Specification