System and method for processing microtransactions
First Claim
1. A computer-implemented method for processing a microtransaction, the method comprising:
- receiving a purchase request including one or more electronic information packets and a purchase amount, the one or more electronic information packets including purchase information of a purchase initiated by a customer using a transaction account and interacting with a merchant;
accessing a microtransaction threshold amount;
comparing the purchase amount to the microtransaction threshold amount using a computer processor;
when the purchase amount is above the microtransaction threshold amount;
classifying the purchase request as a non-microtransaction, andprocessing the purchase information directly through a first interchange entity having a first processing protocol for a non-microtransaction;
when the purchase amount is equal to or below the microtransaction threshold amount;
classifying the purchase request as a microtransaction,electronically routing the purchase information to a second interchange entity different than the first interchange entity, the second interchange entity having a second processing protocol for a microtransaction,collecting a plurality of microtransactions into a pool,forming an aggregate transaction from the plurality of microtransactions,forwarding the aggregate transaction from the second interchange entity to the first interchange entity for processing as a single transaction, andprocessing the purchase information through the second interchange entity to effect the microtransaction between the customer and the merchant;
wherein the microtransaction includes a first set of attributes and the non-microtransaction includes a second set of attributes, the first set of attributes different from the second set of attributes, and the first set of attributes including a decreased ability to challenge charges as being incorrect when compared to the second set of attributes.
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Accused Products
Abstract
The method and system of the invention provide a variety of techniques for processing a microtransaction, wherein the microtransaction is a low monetary amount. In accordance with the invention, the method starts with a customer initiating a purchase through interaction with a merchant. The purchase is associated with purchase information, which includes the particulars of the purchase, such as the purchase price. In the purchase, the customer uses a transaction account, obtained from a payment enabler. The merchant submits the purchase information for processing of the purchase information. Thereafter, the purchase is classified as a microtransaction, if the purchase price is below a predetermined monetary amount. Thereafter, the purchase information is forwarded for processing based on the classifying, i.e., as a result of the purchase being classified as a microtransaction. Then, upon receipt of the purchase information by an appropriate recipient, such as an interchange entity or an alternate interchange entity, the purchase information is processed to effect the microtransaction between the customer and the merchant.
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Citations
16 Claims
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1. A computer-implemented method for processing a microtransaction, the method comprising:
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receiving a purchase request including one or more electronic information packets and a purchase amount, the one or more electronic information packets including purchase information of a purchase initiated by a customer using a transaction account and interacting with a merchant; accessing a microtransaction threshold amount; comparing the purchase amount to the microtransaction threshold amount using a computer processor; when the purchase amount is above the microtransaction threshold amount; classifying the purchase request as a non-microtransaction, and processing the purchase information directly through a first interchange entity having a first processing protocol for a non-microtransaction; when the purchase amount is equal to or below the microtransaction threshold amount; classifying the purchase request as a microtransaction, electronically routing the purchase information to a second interchange entity different than the first interchange entity, the second interchange entity having a second processing protocol for a microtransaction, collecting a plurality of microtransactions into a pool, forming an aggregate transaction from the plurality of microtransactions, forwarding the aggregate transaction from the second interchange entity to the first interchange entity for processing as a single transaction, and processing the purchase information through the second interchange entity to effect the microtransaction between the customer and the merchant; wherein the microtransaction includes a first set of attributes and the non-microtransaction includes a second set of attributes, the first set of attributes different from the second set of attributes, and the first set of attributes including a decreased ability to challenge charges as being incorrect when compared to the second set of attributes. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15)
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16. A computer readable medium for processing a microtransaction, the computer readable medium comprising:
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a first set of instructions to receive a purchase request including one or more electronic information packets and a purchase amount, the one or more electronic information packets including purchase information of a purchase initiated by a customer using a transaction account and interacting with a merchant; a second set of instructions to access a microtransaction threshold amount; a third set of instructions to determine whether the purchase price is equal to or below a microtransaction threshold amount, wherein; when the purchase price is above the microtransaction threshold amount, the purchase information is processed as a non-microtransaction directly through a first interchange entity having a first processing protocol for a non-microtransaction, and when the purchase price is equal to or below the microtransaction threshold amount, the purchase is processed as a microtransaction through a second interchange entity, the second interchange entity having a second processing protocol for a microtransaction; and a fourth set of instructions to forward the purchase information for processing based on whether the purchase request is a non-microtransaction or a microtransaction, wherein; the purchase information of the non-microtransaction is processed through a first interchange entity for processing, and the purchase information of the microtransaction is electronically routed to a second interchange entity different than the first interchange entity for processing to effect the microtransaction between the customer and the merchant by collecting a plurality of microtransactions into a pool, forming an aggregate transaction from the plurality of microtransactions, and forwarding the aggregate transaction from the second interchange entity to the first interchange entity for processing as a single transaction, wherein the microtransaction includes a first set of attributes and the non-microtransaction includes a second set of attributes, the first set of attributes different from the second set of attributes, and the first set of attributes including a decreased ability to challenge charges as being incorrect when compared to the second set of attributes.
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Specification