System and method for payment tender steering

A system for electronic transaction steering, comprising:

• at least one processor;
• and
• at least one storage comprising computer-readable instructions which, when executed by the at least one processor, cause the at least one processor to perform functions comprising:
• receiving, by an electronic transaction processing system, account information associated with one or more electronic transaction methods of a user;
• storing, by the electronic transaction processing system, the account information in a user account associated with the user in a tokenized format;
• receiving, by the electronic transaction processing system from a server or a point of sale terminal of an online merchant, transaction information including user information associated with the user;
• retrieving, by the electronic transaction processing system from the user account, the account information based on the user information;
• determining, by the electronic transaction processing system, anticipated electronic transaction costs associated with each of the one or more electronic transaction methods based on the account information and the online merchant;
• determining, by the electronic transaction processing system, a recommended electronic transaction method from the one or more electronic transaction methods based on the anticipated electronic transaction costs, wherein the anticipated electronic transaction costs represent amounts to be charged to the online merchant by payment providers;
• transmitting, by the electronic transaction processing system, to the user, tender steering information comprising an identification of the recommended electronic transaction method to the user;
• and
• transmitting, by the electronic transaction processing system, to the server or the point of sale terminal, computer-readable instructions to populate data fields of an electronic form with account information associated with the recommended electronic transaction method.

A non-transitory computer-readable medium storing instructions which, when executed by at least one processor, cause the at least one processor to perform functions for electronic transaction steering, the functions comprising:

• receiving, by an electronic transaction processing system, account information associated with one or more electronic transaction methods of a user;
• storing, by the electronic transaction processing system, the account information in a user account associated with the user in a tokenized format;
• receiving, by the electronic transaction processing system from a server or a point of sale terminal of an online merchant, transaction information including user information associated with the user;
• retrieving, by the electronic transaction processing system from the user account, the account information based on the user information;
• determining, by the electronic transaction processing system, anticipated electronic transaction costs associated with each of the one or more electronic transaction methods based on the account information and the online merchant;
• determining, by the electronic transaction processing system, a recommended electronic transaction method from the one or more electronic transaction methods based on the anticipated electronic transaction costs, wherein the anticipated electronic transaction costs represent amounts to be charged to the online merchant by payment providers;
• transmitting, by the electronic transaction processing system, to the user, tender steering information comprising an identification of the recommended electronic transaction method to the user;
• and
• transmitting, by the electronic transaction processing system, to the server or the point of sale terminal, computer-readable instructions to populate data fields of an electronic form with account information associated with the recommended electronic transaction method.