System and method for selection of payment systems from a payment system directory to process a transaction

• US 8,719,161 B2
• Filed: 12/15/2011
• Issued: 05/06/2014
• Est. Priority Date: 06/30/2003
• Status: Expired due to Fees

• Current Assignee: Liberty Peak Ventures, LLC (Dominion Harbor Enterprises, LLC)
• Original Assignee: Plati Networking LLC (Intellectual Ventures LLC)
• Inventors: Bishop, Fred, Armes, David, Schwarz, Bill, Edelen, Jeffrey Alan
• Primary Examiner(s): Cheung, Mary
• Application Number:
  US13/327,282
• Publication Number:
  US 20120084209A1
• Time in Patent Office: 873 Days
• Field of Search: 705/35, 705 39- 40, 705 42- 44, 705 75- 79, 725/5, 707/999, 715/210
• 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:

receiving, by a computer-based system, a request to process a transaction associated with an account accessed using an access identification, the request comprising payment criteria;

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 the payment criteria;

receiving, by the computer-based system, an identification of the located payment systems based at least in part upon a strength of an authentication method used by the located payment systems to authenticate the access identification; and

negotiating a transaction fee or price charged by the at least one located payment system to process the transaction based at least in part upon the strength of the authentication method.

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

3. The method of claim 2, wherein the request comprises the payment criteria and the access identification.

4. The method of claim 1, further comprising receiving a selection of at least one payment system terms corresponding to at least one of the located payment systems.

5. The method of claim 1, further comprising:

debiting funds related to the transaction from a first financial account; and

crediting the funds to an escrow account for a predefined period of time.

6. The method of claim 1, further comprising requesting a supplier to fund an escrow account.

7. The method of claim 1, further comprising entering into a contract with at least one of the located payment systems to process the transaction.

8. The method of claim 1, further comprising transmitting the payment system identification corresponding to the located payment systems to facilitate processing the transaction.

9. The method of claim 1, further comprising negotiating a supplier final price based at least in part upon a selection of at least one of the located payment systems.

10. The method of claim 1, further comprising negotiating a supplier final price based at least in part upon receiving a selection of payment system terms.

11. The method of claim 1, further comprising selecting at least one of the located payment systems.

12. The method of claim 11, further comprising selecting payment system terms associated with the at least one of the located payment systems.

13. The method of claim 1, wherein at least one of the located payment systems comprises an acquiring bank.

14. The method of claim 1, further comprising notifying a customer that the transaction is complete.

15. The method of claim 1, further comprising generating a score for each of the located payment systems indicating how closely each of the located payment systems matches the payment criteria.

16. The method of claim 1, wherein at least one of the located payment system comprises a supplier.

17. The method of claim 1, further comprising issuing a stored value card.

18. A method, comprising:

receiving, by a computer-based system, a request to process a transaction associated with an account accessed using an access identification, the request comprising payment criteria;

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 the payment criteria;

receiving, by the computer-based system, an identification of the located payment systems based at least in part upon a strength of an authentication method used by the located payment systems to authenticate the access identification; and

in an absence of an existing contract with at least one of the located payment systems, negotiating a transaction fee or price charged by the at least one located payment system to process the transaction based at least in part upon the strength of the authentication method used by the at least one located payment system.

19. A system, comprising:

a memory device to store instructions; and

a processing device to execute the instructions stored in the memory device to perform operations comprising;

receiving a request to process a transaction associated with an account access using an access identification;

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

receiving a payment system identification corresponding to each of the located payment systems based at least in part upon an authentication method used by the located payment systems to authenticate the access identification; and

negotiating a transaction fee or price charged by the at least one located payment system to process the transaction based at least in part upon the strength of the authentication method.

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, cause the computer-based system to perform operations comprising:

receiving a request to process a transaction associated with an account accessed using an access identification;

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

receiving an identification of the located payment systems based at least in part upon an authentication method used by the located payment systems to authenticate the access identification; and

negotiating a transaction fee or price charged by the at least one located payment system to process the transaction based at least in part upon the strength of the authentication method.