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PROOF-OF-VERIFICATION NETWORK FOR THIRD PARTY ISSUERS

  • US 20150235221A1
  • Filed: 02/19/2014
  • Published: 08/20/2015
  • Est. Priority Date: 02/19/2014
  • Status: Abandoned Application
First Claim
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1. A point-of-sale system that is configured to dynamically select an authorization method for a transaction initiated by a customer that presents a payment instrument to a merchant, the system comprising:

  • a non-transitory computer readable medium having computer readable program code embodied therein; and

    a processor configured to execute the computer readable program code;

    the computer readable program code when executed by the processor;

    presents an offer of a payment guarantee to the merchant;

    when the merchant accepts the offer of the payment guarantee;

    transmits the transaction for authorization to a provider of the payment guarantee;

    determines a level of authorization for the transaction;

    transmits the level of authorization to the merchant; and

    in response to receiving, from the merchant, information required by the level authorization, authorizing the transaction and associating the transaction with the payment guarantee; and

    when the merchant declines the offer of the payment guarantee, submits the transaction to an issuer associated with the payment instrument for authorization.

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