ELECTRONIC PAYMENT PROCESSING USING ADJUSTED INTERCHANGE RATE
First Claim
1. A method, comprising:
- receiving, via a computing device including a payment portal, an encrypted payment message from a buyer relating to a transaction with a merchant;
wherein the payment portal includes;
a plurality of parsing algorithms including a first parsing algorithm and a second parsing algorithm;
a plurality of interchange rate tables;
parsing, in the computing device and using the first parsing algorithm, the encrypted payment message to obtain merchant identifying information;
wherein the merchant identifying information is associated in the payment portal with the second parsing algorithm;
parsing, in the computing device and using the second parsing algorithm, the encrypted payment message to obtain payment information defined by the transaction;
selecting, via the payment portal and using the merchant identifying information and the payment information, a selected one of the interchange rate tables from the plurality of interchange rate tables;
wherein the selected interchange rate table is associated in the payment portal with the merchant identifying information and the payment information;
wherein at least one of the merchant identifying information or the payment information includes an interchange adjustment factor defined by the transaction; and
determining, in the computing device and using the selected interchange rate table and the interchange adjustment factor, an adjusted interchange rate.
1 Assignment
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Accused Products
Abstract
An encrypted payment message is received from a buyer relating to a transaction with a merchant. The payment message is parsed using a first parsing algorithm to obtain merchant identifying information. The merchant identifying information is associated with at least a second parsing algorithm or at least one settlement algorithm. The payment message is parsed using the second parsing algorithm to obtain payment information for the transaction. A first settlement algorithm is applied to the payment information to determine an adjusted interchange rate. The payment information including the adjusted interchange rate is submitted to a third party settlement processor on behalf of the merchant, using a payment algorithm. A second settlement algorithm applied to the payment information determines a buyer rebate which can be submitted to the settlement processor. A transaction result is reported to at least one of the merchant or the buyer.
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Citations
20 Claims
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1. A method, comprising:
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receiving, via a computing device including a payment portal, an encrypted payment message from a buyer relating to a transaction with a merchant; wherein the payment portal includes; a plurality of parsing algorithms including a first parsing algorithm and a second parsing algorithm; a plurality of interchange rate tables; parsing, in the computing device and using the first parsing algorithm, the encrypted payment message to obtain merchant identifying information; wherein the merchant identifying information is associated in the payment portal with the second parsing algorithm; parsing, in the computing device and using the second parsing algorithm, the encrypted payment message to obtain payment information defined by the transaction; selecting, via the payment portal and using the merchant identifying information and the payment information, a selected one of the interchange rate tables from the plurality of interchange rate tables; wherein the selected interchange rate table is associated in the payment portal with the merchant identifying information and the payment information; wherein at least one of the merchant identifying information or the payment information includes an interchange adjustment factor defined by the transaction; and determining, in the computing device and using the selected interchange rate table and the interchange adjustment factor, an adjusted interchange rate. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. An apparatus comprising a computing device having a processor and a memory, the memory storing thereon instructions executable by the processor such that the apparatus is configured to:
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receive, via the computing device, an encrypted payment message from a buyer relating to a transaction with a merchant; wherein the computing device includes a payment portal; wherein the payment portal includes; a plurality of parsing algorithms including a first parsing algorithm and a second parsing algorithm; a plurality of interchange rate tables; parse, in the computing device and using the first parsing algorithm, the encrypted payment message to obtain merchant identifying information; wherein the merchant identifying information is associated in the payment portal with the second parsing algorithm; parse, in the computing device and using the second parsing algorithm, the encrypted payment message to obtain payment information defined by the transaction; select, via the payment portal and using the merchant identifying information and the payment information, a selected interchange rate table from the plurality of interchange rate tables; wherein the selected interchange rate table is associated in the payment portal with the merchant identifying information and the payment information; wherein at least one of the merchant identifying information or the payment information includes an interchange adjustment factor defined by the transaction; and determine, in the computing device and using the selected interchange rate table and the interchange adjustment factor, an adjusted interchange rate. - View Dependent Claims (18, 19, 20)
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Specification