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US 2019/0197506 A1Published application
Merchant service for real-time settlement apparatus and method
OwnerRobert Jay McShirley, Kyle Taylor +1inventors
InventorsRobert Jay McShirley, Kyle Taylor, Richard Shirley
Life of this patent
Estimating the term…
Abstract
A system and method that enables merchants to settle credit card batches in real time. The system and method may be customized by individual merchants in a manner that allows merchants to be funded virtually instantaneously for credit card batches submitted via a real-time settlement process.
Claims14
A method for funding merchants comprising:
- providing an RTS provider, wherein the RTS provider operates an RTS provider node that is operably connected to an acquirer node and that is operably connected to a merchant node and includes a virtual terminal and operates an RTS merchant service;
- providing an acquirer, wherein the acquirer operates the acquirer node;
- providing a merchant, wherein the merchant operates a payment terminal and has a merchant account linked to a merchant card and operates the merchant node;
- boarding the merchant, by the acquirer, onto a system that supports the RTS merchant service;
- verifying, by the RTS provider, that the merchant account is properly linked with the merchant card and able to receive funding via the RTS merchant service, which verification is accomplished via communications between the merchant node and the acquirer node and the RTS provider node;
- enabling the RTS merchant service via communications between the merchant node and the virtual terminal included with the RTS provider node;
- batching a batch, by the merchant via the virtual terminal;
- submitting the batch via communications between the merchant node through the virtual terminal and to the acquirer node;
- settling the batch via the RTS merchant service;
- and
- funding the merchant account within approximately ten (10) seconds after the submitting the batch.
8 more elements
A real-time settlement (RTS) system to process payment card batches, comprising:
- an RTS provider node comprising an RTS processor and an RTS memory;
- an RTS virtual terminal comprising instructions stored in the RTS memory and executed by the RTS processor so as to be able to perform the steps of:
- obtaining, by the RTS virtual terminal from a merchant node, a merchant account and a batch of payment card transactions to be settled;
- sorting, by the RTS virtual terminal, the batch of payment card transactions into an RTS batch and an ACH batch;
- transmitting, by the RTS virtual terminal to an acquirer node, a first request to settle the RTS batch via RTS rails and settling the RTS batch to acquire RTS settlement funds;
- and
- funding, by the RTS virtual terminal via the acquirer node, the merchant account with the RTS settlement funds within approximately ten (10) seconds of the obtaining.
4 more elements
A real-time settlement (RTS) system for processing payment card batches, comprising:
- an RTS provider node comprising an RTS processor and an RTS memory;
- an RTS virtual terminal comprising instructions stored in the RTS memory and executed by the RTS processor so as to be able to perform the steps of:
- communicating with an acquirer node;
- communicating with a merchant node;
- receiving, by the RTS virtual terminal from the merchant node through the acquirer node, merchant information comprising a merchant account and a merchant card;
- evaluating, by the RTS virtual terminal through the acquirer node, whether the merchant information will support settlement of a payment card transaction via an RTS rail;
- enabling, by the RTS virtual terminal through the acquirer node, settlement and funding of a payment card transaction via the RTS system;
- obtaining, by the RTS virtual terminal from the merchant node, the merchant account and a batch of payment card transactions to be settled;
- sorting, by the RTS virtual terminal, the batch of payment card transactions into an RTS batch and an ACH batch;
- transmitting, by the RTS virtual terminal to the acquirer node, a first request to settle the RTS batch via RTS rails and settling the RTS batch to acquire RTS settlement funds;
- funding, by the RTS virtual terminal through the acquirer node, the merchant account with the RTS settlement funds within approximately ten (10) seconds of the obtaining.
8 more elements
Dependencies are inferred from the claim text.