Electronic system for selecting the best card from a collection of consumer credit, debit, and discount cards

• US 8,615,467 B2
• Filed: 11/07/2007
• Issued: 12/24/2013
• Est. Priority Date: 11/07/2007
• Status: Active Grant

• Current Assignee: Edison Vault, LLC
• Original Assignee: International Business Machines Corporation
• Inventors: Akella, Raji L., Behnen, Marion, Jain, Gaurav, McArdle, James M.
• Primary Examiner(s): Chang, Edward
• Application Number:
  US11/936,111
• Publication Number:
  US 20090119204A1
• Time in Patent Office: 2,239 Days
• Field of Search: 705/40, 705/35
• 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 20/357 Cards having a plurality of specified features
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03

Abstract

A method, system and computer program product for enabling completion of purchase transactions by retrieving purchase card information from an electronic database of consumer cards and applying the appropriate card to the transaction. The database, managed by a central card authority, stores client account information for cards such as debit, credit, phone, and discount cards, which are accessible via a unique, secure login/access credential, such as a username and password combination. During registration with the central card authority, a client classifies key/important factors to consider when performing purchases. The central card authority is accessed by the client during purchases from a retail facility and/or other purchasing environment. The central card authority automatically selects the best card to utilize during a purchase, after weighing the important purchasing factors related to the credit, debit, phone, and discount cards registered with the central card authority.

Claims

1. A computer-implemented method comprising:

receiving a first credential that is linked to a customer account containing one or more pre-established electronic payment mechanisms registered with a central card authority;

responsive to authenticating the first credential;

accessing the customer account;

the computer weighing important purchasing factors related to the one or more pre-established electronic payment mechanisms and dynamically selecting one of the electronic payment mechanisms as a best mechanism for providing an electronic payment for a financial transaction based on the purchasing factors;

responsive to the payment mechanisms including a plurality of credit cards, the computer;

weighing important purchasing factors includes the computer evaluating from among an account balance, a credit limit, an available credit, and an interest rate associated with each of the plurality of credit cards; and

dynamically selecting includes selecting one of the plurality of credits based on the evaluation of the account balance, credit limit, available credit, and interest rate of each of the plurality of credit cards; and

outputting the selected one of the electronic payment mechanisms for use in completing electronic payment for the financial transaction.

2. The method of claim 1, further comprising:

authenticating the first credential before providing access to the customer account, wherein access to the customer account and the electronic payment mechanisms maintained therein is only available when the first credential is authenticated;

retrieving one or more selection criteria associated with the customer account and utilized to select a best payment mechanism from among the one or more electronic payment mechanisms maintained within the customer account;

applying the one or more selection criteria to received data about a current financial transaction to identify the best payment mechanism, wherein said selection criteria further includes reward points, percentage rate and available discounts; and

wherein said outputting then outputs the best payment mechanism as the selected one of the electronic payment mechanisms for use in completing the electronic payment for the financial transaction.

3. The method of claim 1, further comprising:

determining a business at which the financial transaction is being undertaken;

checking the customer account for a discount card that is applicable to the business;

automatically applying the discount card to the financial transaction; and

selecting the best payment mechanism following an application of the discount card, wherein the selecting takes into account a discounted cost after applying the discount card.

4. The method of claim 1, further comprising:

receiving a selection of a panic card as a desired second payment mechanism to complete the financial transaction, wherein said panic card is a pre-set trigger mechanism that, responsive to being selected following entry and authentication of the first credential, activates an alarm that is sent to pre-identified response personnel to signal when access to the customer account occurs while the customer is under duress; and

immediately forwarding the alarm to the pre-identified response personnel.

11. The method of claim 1, further comprising:

automatically selecting a best card for completing a purchase by making one or more comparisons dependent on a client classification of card factors, wherein the card factors are ordered from least important to most important and wherein the classifications are tied to a type of financial transaction that is being undertaken.

12. The method of claim 1, further comprising:

analyzing classified factors for each purchasing card; and

making a best selection based on an analysis of ordered card factors.

5. A computer program product comprising:

a machine-readable hardware device; and

program code on the machine-readable hardware device that when executed on a processing device provides the functions of;

receiving a first credential that is linked to a customer account containing one or more pre-established electronic payment mechanisms registered with a central card authority;

authenticating the first credential before providing access to the customer account, wherein access to the customer account and the electronic payment mechanisms maintained therein is only available when the first credential is authenticated;

responsive to authenticating the first credential;

accessing the customer account;

weighing important purchasing factors related to the one or more pre- established electronic payment mechanisms;

dynamically selecting one of the electronic payment mechanisms as a best mechanism for providing an electronic payment for a financial transaction based on the purchasing factors;

wherein responsive to the payment mechanisms including a plurality of credit cards;

weighing important purchasing factors includes evaluating from among an account balance, a credit limit, an available credit, and an interest rate associated with each of the plurality of credit cards; and

dynamically selecting includes selecting one of the plurality of credits based on the evaluation of the account balance, credit limit, available credit, and interest rate of each of the plurality of credit cards; and

outputting the selected one of the electronic payment mechanisms for use in completing the electronic payment for the financial transaction;

detecting when a selection of a second one of the payment mechanisms within the customer account is received to override the dynamic selection of the best payment mechanism outputted; and

in response to receipt of the selection;

replacing the best payment mechanism with the second payment mechanism selected; and

completing the financial transaction with the second payment mechanism selected.

6. The computer program product of claim 5, wherein said code for dynamically selecting further comprises program code for:

retrieving one or more selection criteria associated with the customer account and utilized to select a best payment mechanism from among the one or more electronic payment mechanisms maintained within the customer account;

applying the one or more selection criteria to received data about a current financial transaction to identify the best payment mechanism, wherein said selection criteria includes reward points, percentage rate and available discounts; and

wherein said outputting then outputs the best payment mechanism as the selected one of the electronic payment mechanisms for use in completing the electronic payment for the financial transaction.

7. The computer program product of claim 5, further comprising code for:

determining a business at which the financial transaction is being undertaken;

checking the customer account for a discount card that is applicable to the business;

automatically applying the discount card to the financial transaction;

selecting the best payment mechanism following an application of the discount card;

detecting a selection of a panic card as the second payment mechanism, wherein said panic card is a pre-set trigger mechanism that, responsive to being selected following entry and authentication of the first credential, activates an alarm to pre-identified response personnel to signal when access to the customer account occurs while the customer is under duress; and

in response to detecting the selection of a panic card, immediately forwarding the alarm to the pre-identified response personnel.

8. A central card authority server comprising:

a processor;

a database within which is stored one or more customer accounts having one or more electronic payment mechanisms that may be selected for completing a financial transaction;

a customer card selection (CCS) utility that executes on the processor to cause the central card authority server to;

receive a first credential that is linked to a customer account containing one or more pre-established electronic payment mechanisms registered with a central card authority;

authenticate the first credential before providing access to the customer account, wherein access to the customer account and the electronic payment mechanisms maintained therein is only available when the first credential is authenticated;

responsive to authenticating the first credential;

access the customer account;

weigh important purchasing factors related to the one or more pre-established electronic payment mechanisms;

dynamically select one of the electronic payment mechanisms as a best mechanism for providing an electronic payment for a financial transaction based on the purchasing factors;

wherein responsive to the payment mechanisms including a plurality of credit cards, the central card authority server;

evaluates from among an account balance, a credit limit, an available credit, and an interest rate associated with each of the plurality of credit cards, when weighing the important purchasing factors; and

selects one of the plurality of credits as the best mechanism for providing the electronic payment based on the evaluation of the account balance, credit limit, available credit, and interest rate of each of the plurality of credit cards; and

outputting the selected one of the electronic payment mechanisms for use in completing electronic payment for the financial transaction;

detecting when a selection of a second one of the payment mechanisms within the customer account is received to override the dynamic selection of the best payment mechanism outputted; and

in response to receiving the selection;

replacing the best payment mechanism with the second payment mechanism selected; and

completing the financial transaction with the second payment mechanism selected.

9. The central card authority server of claim 8, wherein said CCS utility further provides the functions of:

retrieving one or more selection criteria associated with the customer account and utilized to select a best payment mechanism from among the one or more electronic payment mechanisms maintained within the customer account;

applying the one or more selection criteria to received data about a current financial transaction to identify the best payment mechanism, wherein said selection criteria includes reward points, percentage rate and available discounts; and

wherein said outputting then outputs the best payment mechanism as the selected one of the electronic payment mechanisms for use in completing the electronic payment for the financial transaction.

10. The central card authority server of claim 8, wherein said CCS utility further provides the functions of:

determining a business at which the financial transaction is being undertaken;

checking the customer account for a discount card that is applicable to the business;

automatically applying the discount card to the financial transaction;

selecting the best payment mechanism following an application of the discount card;

detecting a selection of a panic card as the second payment mechanism, wherein said panic card is a pre-set trigger mechanism that, responsive to being selected following entry and authentication of the first credential, activates an alarm to pre-identified response personnel to signal when access to the customer account occurs while the customer is under duress; and

in response to detecting the selection of a panic card, immediately forwarding the alarm to the pre-identified response personnel.