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OwnerKaren L. Cervenka, Mary Theresa Taylor +2inventors
InventorsKaren L. Cervenka, Mary Theresa Taylor, Millie Yee, Bonnie Vail
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Processing transactions involving private label portable consumer devices is presented. For a transaction involving a portable consumer device in a payment processing network, an authorization request from a merchant is received by a transaction handler. The transaction handler, in communication with the issuer, denies or approves the transaction. For approved transactions, the merchant sends a settlement request to the transaction handler. If the transaction is identified as involving a private label portable consumer device, the transaction handler applies a custom settlement arrangement rate to the payment sought, generally reducing the payment amount. The applied payment amount is received from the issuer and forwarded to the merchant. If the applied payment amount is less than the actual amount owed to the merchant, the merchant sends a request to the issuer of the private label payment device to settle the transaction in accordance with a custom settlement agreement.
A method comprising a plurality of steps each being performed by hardware executing software, wherein the steps include:
A method comprising a plurality of steps each being performed by hardware executing software, wherein the steps include:
A method comprising a plurality of steps each being performed by hardware executing software, wherein the steps include:
A method comprising a plurality of steps each being performed by hardware executing software, wherein the steps include:
A payment processing apparatus wherein a transaction handler processes, by hardware executing software, a plurality of transactions each characterized by a merchant and a consumer engaging in the transaction upon an account associated by a payment device that an issuer issues to the consumer, the payment processing apparatus comprising:
Dependencies are inferred from the claim text.