Transaction device and processing system

• US 9,105,020 B2
• Filed: 09/23/2011
• Issued: 08/11/2015
• Est. Priority Date: 09/23/2011
• Status: Active Grant

• Current Assignee: Bank of America Corp.
• Original Assignee: Bank of America Corp.
• Inventors: Ronca, James G., Zanzot, Mark D., Griggs, Christopher R., Gibson, Lisa
• Primary Examiner(s): Hayles, Ashford S
• Application Number:
  US13/200,439
• Publication Number:
  US 20130080271A1
• Time in Patent Office: 1,418 Days
• Field of Search: 705/16
• US Class Current: 1/1
• CPC Class Codes: G06Q 20/20 Point-of-sale [POS] network systems
• CPC Class Codes: G06Q 20/3278 RFID or NFC payments by means of M-devices

Abstract

According to some embodiments, a transaction processing system for evaluating transactions between a customer and a merchant comprises a transaction tracker, an account selection engine, and a performance module. The transaction tracker is operable to identify a transaction executed by a customer using a transaction device, the transaction device being operable to execute a transaction with a point of sale receiver associated with the merchant by providing an account number for a first account of the plurality of accounts. The account selection engine is operable to receive information identifying at least one characteristic of the transaction and select a recommended account based on the at least one characteristic. The performance module is operable to compare the first account with the recommended account to determine whether the customer would have received a financial benefit by executing the transaction using the recommended account instead of the first account.

Claims

1. A transaction processing system for evaluating transactions between a customer and a merchant, the customer being associated with a plurality of accounts, the system comprising:

a transaction tracker that identifies a transaction executed by a customer using a transaction device, the transaction device being operable to execute a transaction with a point of sale receiver associated with the merchant by providing an account number for a first account of the plurality of accounts;

an account selection engine that;

receives information identifying a merchant name, a merchant category, a product name, a product category, and an amount of the transaction;

determines a plurality of selection rules associated with the customer;

determines user criteria selected by the customer, the user criteria comprising one or more weights of the plurality of selection rules; and

selects a recommended account based on the merchant name, the merchant category, the product name, the product category, the amount of the transaction, the selection rules, and the user criteria; and

a performance module that;

compares the first account with the recommended account;

based on the comparison of the first account with the recommended account, determines that the recommended account is the same as the first account used for the transaction;

determines that enabling a rewards program associated with the first account provides the customer with a financial benefit;

based on the determination that enabling the rewards program associated with the first account provides the customer with the financial benefit, proposes enabling the rewards program associated with the first account;

compares the user criteria selected by the customer and default criteria; and

based on comparing the user criteria selected by the customer and default criteria, proposes changing the user criteria.

2. The transaction processing system of claim 1, wherein the recommended account is selected from the plurality of accounts associated with the customer.

3. The transaction processing system of claim 1, wherein the plurality of accounts associated with the customer does not include the recommended account, the performance module suggests the recommended account to the customer.

4. The transaction processing system of claim 1, the account selection engine selects the first account based on account selection criteria selected from the group consisting of an amount of rewards associated with using the recommended account, an amount of fees the customer will owe by using the recommended account, and an amount of interest the customer will owe by using the recommended account.

5. The transaction processing system of claim 1, wherein the plurality of accounts is associated with a plurality of account requirements, the account selection mechanism:

receives a plurality of account statuses of the customer for the plurality of accounts; and

selects the recommended account by comparing the plurality of account statuses with the plurality of account requirements, the plurality of account requirements comprising at least one of the following requirements;

minimum account balance, maximum account balance, and amount of time between the time of the transaction and a time payment is due.

15. The transaction processing system of claim 1, wherein the one or more weights of the plurality of selection rules vary from less important to more important.

6. A system comprising:

a memory that stores information identifying;

a transaction executed by a customer using a transaction device, the customer being associated with a plurality of accounts, the transaction device executes a transaction with a point of sale receiver associated with the merchant by providing an account number for a first account of the plurality of accounts; and

a merchant name, a merchant category, a product name, a product category, and an amount of the transaction; and

a processor coupled to the memory, the memory including executable instructions that upon execution cause the system to;

determine a plurality of selection rules associated with the customer;

determine user criteria selected by the customer, the user criteria comprising one or more weights of the plurality of selection rules;

select a recommended account based on the merchant name, the merchant category, the product name, the product category, the amount of the transaction, the selection rules, and the user criteria;

compare the first account with the recommended account;

based on the comparison of the first account with the recommended account, determine that the recommended account is the same as the first account used for the transaction;

determine that enabling a rewards program associated with the first account provides the customer with a financial benefit;

based on the determination that enabling the rewards program associated with the first account provides the customer with the financial benefit, propose enabling the rewards program associated with the first account;

compare the user criteria selected by the customer and default criteria; and

based on comparing the user criteria selected by the customer and default criteria, propose changing the user criteria.

7. The system of claim 6, wherein the recommended account is selected from the plurality of accounts associated with the customer.

8. The system of claim 6, wherein the plurality of accounts associated with the customer does not include the recommended account, the performance module being further operable to suggest the recommended account to the customer.

9. The system of claim 6, the memory further comprising instructions that upon execution cause the system to select the recommended account based on account selection criteria selected from the group consisting of an amount of rewards associated with using the recommended account, an amount of fees the customer will owe by using the recommended account, and an amount of interest the customer will owe by using the recommended account.

16. The system of claim 6, wherein the one or more weights of the plurality of selection rules vary from less important to more important.

10. A computerized method for evaluating transactions between a customer and a merchant, the customer being associated with a plurality of accounts, the method comprising:

identifying, by a processor, a transaction executed by a customer using a transaction device, the transaction device being operable to execute a transaction with a point of sale receiver associated with the merchant by providing an account number for a first account of the plurality of accounts;

identifying, by the processor, a merchant name, a merchant category, a product name, a product category, and an amount of the transaction;

determining, by the processor, a plurality of selection rules associated with the customer;

determining, by the processor, user criteria selected by the customer, the user criteria comprising one or more weights of the plurality of selection rules;

selecting, by the processor, a recommended account based on the merchant name, the merchant category, the product name, the product category, the amount of the transaction, the selection rules, and the user criteria;

comparing the first account with the recommended account;

based on the comparison of the first account with the recommended account, determining, by the processor, that the recommended account is the same as the first account used for transaction;

determining, by the processor, that enabling a rewards program associated with the first account provides the customer with a financial benefit;

based on the determination that enabling the rewards program associated with the first account provides the customer with the financial benefit, proposing, by the processor, enabling the rewards program associated with the first account;

comparing, by the processor, the user criteria selected by the customer and default criteria; and

based on comparing the user criteria selected by the customer and default criteria, proposing, by the processor, changing the user criteria.

11. The computerized method of claim 10, wherein the recommended account is selected from the plurality of accounts associated with the customer.

12. The computerized method of claim 10, wherein the plurality of accounts associated with the customer does not include the recommended account, the performance module being further operable to suggest the recommended account to the customer.

13. The computerized method of claim 10, further comprising selecting, by the processor, the recommended account based on account selection criteria selected from the group consisting of an amount of rewards associated with using the recommended account, an amount of fees the customer will owe by using the recommended account, and an amount of interest the customer will owe by using the recommended account.

14. The computerized method of claim 10, wherein the plurality of accounts is associated with a plurality of account requirements, the method further comprising:

receiving, by an interface, a plurality of account statuses of the customer for the plurality of accounts; and

selecting, by the processor, the recommended account by comparing the plurality of account statuses with the plurality of account requirements, the plurality of account requirements comprising at least one of the following requirements;

minimum account balance, maximum account balance, and amount of time between the time of the transaction and a time payment is due.

17. The computerized method of claim 10, wherein the one or more weights of the plurality of selection rules vary from less important to more important.