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US 11,893,564 B2Granted
Post-purchase credit offer and tender switch
AssigneeSynchrony Bank
InventorsMichael Storiale, Lisa Hammond, William Kievit, Tiffanie Terry, Carter Hudson, Jake Miller
Life of this patent
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Abstract
Disclosed embodiments may provide a framework to implement post-purchase tender switches. For example, following a transaction made with a particular payment instrument, a customer may be offered the ability to apply for a preferred payment instrument and/or to switch his or her tender type to the preferred payment instrument for the previous transaction.
Claims21
A computer-implemented method, comprising:
- determining a completion of a transaction at a point-of-sale system, wherein the completed transaction is held as a pending transaction until authorization for fulfillment of the transaction is provided, and wherein the completed transaction specifies a selected payment instrument associated with a customer;
- receiving an application for a new line of credit associated with a preferred payment instrument, wherein the application indicates contact information associated with a user device of the customer, and wherein the application is offered independent of the transaction;
- using a trained machine learning algorithm to generate an offer to switch the completed transaction from the selected payment instrument to the preferred payment instrument while the completed transaction is held as the pending transaction, wherein the machine learning algorithm is trained using a training dataset including historical transaction data associated with other customers;
- transmitting the offer, wherein the offer is transmitted using the contact information, and wherein when the offer is received by the user device of the customer, the user device presents the offer and an indication that the application is approved;
- detecting acceptance of the offer;
- switching the completed transaction to the preferred payment instrument;
- authorizing the fulfillment of the completed transaction;
- and
- determining that the completed transaction is no longer being held as the pending transaction, wherein the trained machine learning algorithm is further trained based on the completed transaction and the acceptance of the offer.
6 more elements
A system, comprising:
- one or more processors;
- and
- memory storing thereon instructions that, as a result of being executed by the one or more processors, cause the system to:
- determine a completion of a transaction at a point-of-sale system, wherein the completed transaction is held as a pending transaction until authorization for fulfillment of the transaction is provided, and wherein the completed transaction specifies a selected payment instrument associated with a customer;
- receive an application for a new line of credit associated with a preferred payment instrument, wherein the application indicates contact information associated with a user device of the customer, and wherein the application is offered independent of the transaction;
- use a trained machine learning algorithm to generate an offer to switch the completed transaction from the selected payment instrument to the preferred payment instrument while the completed transaction is held as the pending transaction, wherein the machine learning algorithm is trained using a training dataset including historical transaction data associated with other customers;
- transmit the offer, wherein the offer is transmitted using the contact information, and wherein when the offer is received by the user device of the customer, the user device presents the offer and an indication that the application is approved;
- detect acceptance of the offer;
- switch the completed transaction to the preferred payment instrument;
- authorize the fulfillment of the completed transaction;
- and
- determine that the completed transaction is no longer being held as the pending transaction, wherein the trained machine learning algorithm is further trained based on the completed transaction and the acceptance of the offer.
9 more elements
A non-transitory, computer-readable storage medium storing thereon executable instructions that, as a result of being executed by one or more processors of a computer system, cause the computer system to:
- determine a completion of a transaction at a point-of-sale system, wherein the completed transaction is held as a pending transaction until authorization for fulfillment of the transaction is provided, and wherein the completed transaction specifies a selected payment instrument associated with a customer;
- receive an application for a new line of credit associated with a preferred payment instrument, wherein the application indicates contact information associated with a user device of the customer, and wherein the application is offered independent of the transaction;
- use a trained machine learning algorithm to generate an offer to switch the completed transaction from the selected payment instrument to the preferred payment instrument while the completed transaction is held as the pending transaction, wherein the machine learning algorithm is trained using a training dataset including historical transaction data associated with other customers;
- transmit the offer, wherein the offer is transmitted using the contact information, and wherein when the offer is received by the user device of the customer, the user device presents the offer and an indication that the application is approved;
- detect acceptance of the offer;
- switch the completed transaction to the preferred payment instrument;
- authorize the fulfillment of the completed transaction;
- and
- determine that the completed transaction is no longer being held as the pending transaction, wherein the trained machine learning algorithm is further trained based on the completed transaction and the acceptance of the offer.
6 more elements
Dependencies are inferred from the claim text.