Interchange Rate Based Convenience Fee, Service Fee, and Surcharge System Patent
OwnerJeffrey Scott Slusser, Jeffrey Gardnerinventors
Life of this patent
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Abstract
Methods for processing payments electronically over a network-based system, such as Internet, phone, wireless communications, and other channels, wherein a third party or intermediary facilitates payment transactions to enable the processing of payments on behalf of individuals or businesses through credit card and debit card electronic transactions while providing a real-time, automated determination of a convenience fee associated with the transaction, the convenience fee being based upon the interchange rate for the specific card being used for the payment.
Claims20
A method for processing transactions electronically over a network-based system comprising the steps of:
- providing a system and a communications network that cooperate for managing electronic transactions online;
- initiating a transaction on behalf of a cardholder;
- receiving electronic transaction information corresponding to a cardholder account and whether a card is present for the transaction;
- automatically making a real-time bank identification number (BIN) lookup for determining a real-time interchange rate associated with the cardholder account;
- automatically transforming the real-time interchange rate, along with other factors and fees, into a convenience fee that is dynamically determined at a point-of-sale terminal, a computing device or a virtual terminal for the cardholder;
- and
- presenting the convenience fee to the cardholder for approval.
A method for processing payments electronically over a network-based system comprising the steps of:
- providing a system and a communications network that cooperate for managing electronic payments online;
- initiating a transaction for making a payment on behalf of a cardholder;
- receiving electronic payment information or data corresponding to a cardholder account and whether a card is present for the transaction;
- automatically determining a real-time interchange rate associated with the cardholder account;
- automatically transforming the real-time interchange rate and at least one factor or fee into a convenience fee;
- presenting the convenience fee to the cardholder for approval;
- and
- presenting the at least one itemized factor or fee to the cardholder.
A method for processing payments electronically over a network-based system comprising the steps of:
- providing a system and a communications network that cooperate for managing electronic payments online;
- initiating a transaction for making a payment on behalf of a cardholder;
- receiving electronic payment information or data corresponding to multiple cardholder accounts;
- automatically making a real-time bank identification number (BIN) lookup for determining a real-time interchange rate associated with each of the multiple cardholder accounts;
- automatically transforming each of the real-time interchange rates and at least one factor or fee into convenience fees;
- presenting each of the convenience fees to the cardholder for approval.
Dependencies are inferred from the claim text.