Method and System for Routing Payment Transactions of a Payment Account

A computer-implemented method comprising:

• registering, by a payment server, a payment account which is multi-configurable with the payment server for a third-party credit provider configuration;
• receiving, by the payment server, a payment request associated with the payment account from a payment gateway when details of the payment account are provided at a first merchant application;
• providing, by the payment server, a list of names of configuration details corresponding to the payment account to a user associated with the payment account along with a pay-later option associated with the first merchant application;
• retrieving, by the payment server, configuration details corresponding to a selected pay-later option from a routing service of the payment server;
• identifying, by the payment server, the first merchant application as a credit provider for a payment transaction;
• sending, by the payment server, a request to the first merchant application to complete a payment transaction for the payment request using a credit amount provided by the first merchant application when the first merchant application is identified as a third-party credit provider for the payment request:
• to create a transaction ledger for every payment transaction of the user with the first merchant application;
• and
• to deduct the credit amount from an issuer associated with the payment account.

A payment server, comprising:

• one or more processors;
• and
• one or more computer-readable media, communicatively coupled to the one or more processors storing instructions, which upon execution, causes the one or more processors to:
• receive a payment request associated with a payment account, wherein the payment request comprises details of the payment account;
• identify flag information from the payment request indicating the payment account to be multi-configurable, when the payment request is from a payment gateway and the payment account is multi-configurable;
• retrieve a list of names of configuration details corresponding to the payment account from a routing service associated with the payment server;
• identify if there is a pre-set name of configuration details as a primary configuration for the payment account;
• provide the list of names to a user associated with the payment account and the pre-set name for selection;
• performing one of:
• retrieving configuration details, corresponding to the payment account from the routing service, which is selected as primary configuration details when the payment account is multi-configurable;
• or
• retrieving configuration details corresponding to a selected name from the list of names or the pre-set name from the routing service;
• and
• route a payment transaction for the payment request to an issuer corresponding to the configuration details for completing the payment transaction.

A payment server comprising:

• one or more processors;
• and
• one or more computer-readable media, communicatively coupled to the one or more processors storing instructions, which upon execution, cause the one or more processors to:
• register a payment account which is multi-configurable with the payment server for third-party credit provider configuration;
• receive a payment request associated with the payment account from a payment gateway when details of the payment account are provided at a first merchant application;
• provide a list of names of configuration details corresponding to the payment account to a user associated with the payment account along with a pay-later option associated with the first merchant application;
• retrieve configuration details corresponding to a selected pay-later option from a routing service of the payment server;
• identify the first merchant application as a credit provider for a payment transaction;
• send a request to the first merchant application to complete the payment transaction for the payment request using a credit amount provided by the first merchant application when the first merchant application is identified as a third-party credit provider for the payment request:
• to create a transaction ledger for every payment transaction of the user with the first merchant application;
• and
• to deduct the credit amount from an issuer associated with the payment account.