Payment transaction processing system for reducing interchange costs

A system for facilitating a payment transaction, comprising:

• a payment transaction facilitator comprising one or more computing devices associated with a transaction processing entity, and a payment transaction facilitation computer program having a plurality of sub-programs executable by said computing device or devices, wherein the sub-programs configure said computing device or devices to,
• receive payment information from a payment transaction facilitation computer program running on a consumer's computing device, or a payment transaction facilitation computer program running on a merchant's computing device, or both, said payment information comprising at least the consumer's identity, the merchant's identity and the payment for the goods or services being purchased by the consumer from the merchant,
• receive a notice from the payment transaction facilitation computer program running on a consumer's computing device that an amount up to the amount of the payment has been deposited into a bank account belonging to the transaction processing entity, and
• withdraw the payment amount less a transaction fee which is charged to the merchant by the transaction processing entity from the transaction processing entity's bank account for facilitating the sales transaction, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and deposit the payment amount less the transaction fee into a bank account belonging to the merchant, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and wherein
• a bank account belonging to the consumer, the merchant's bank account and the transaction processing entity's bank account are associated with the same bank, and wherein said depositing of the amount up to the amount of the payment into the transaction processing entity's bank account is accomplished via an intrabank transfer system associated with the bank, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and wherein said withdrawing and depositing of the payment amount less the transaction fee is accomplished via the intrabank transfer system, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity.

A system for facilitating a payment transaction, comprising:

• a payment transaction facilitator comprising one or more computing devices associated with a transaction processing entity, and a payment transaction facilitation computer program having a plurality of sub-programs executable by said computing device or devices, wherein the sub-programs configure said computing device or devices to,
• receive payment information from a payment transaction facilitation computer program running on a consumer's computing device, or a payment transaction facilitation computer program running on a merchant's computing device, or both, said payment information comprising at least the consumer's identity, the merchant's identity and the payment for the goods or services being purchased by the consumer from the merchant,
• determine if a prescribed amount up to the amount of the payment can be withdrawn from a bank account belonging to the consumer,
• whenever the prescribed amount is not withdrawable from the consumer's bank, informing the consumer via the payment transaction facilitation computer program running on a consumer's computing device, and the merchant via the payment transaction facilitation computer program running on a merchant's computing device, that the goods or services being purchased by the consumer from the merchant cannot be purchased using the payment transaction facilitator,
• whenever the prescribed amount is withdrawable from the consumer's bank, withdraw an amount up to the amount of the payment from a bank account belonging to the consumer, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and deposit the withdrawn amount into a bank account belonging to the transaction processing entity, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and
• withdraw the payment amount less a transaction fee which is charged to the merchant by the transaction processing entity from the transaction processing entity's bank account for facilitating the sales transaction, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and deposit the payment amount less the transaction fee into a bank account belonging to the merchant, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and wherein
• the consumer's bank account, the merchant's bank account and the transaction processing entity's bank account are associated with the same bank, and wherein said withdrawing and depositing of the amount up to the amount of the payment is accomplished via an intrabank transfer system associated with the bank, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and wherein said withdrawing and depositing of the payment amount less the transaction fee is accomplished via the intrabank transfer system, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity.

A system for facilitating a payment transaction, comprising:

• a payment transaction facilitator comprising one or more computing devices associated with a transaction processing entity, and a payment transaction facilitation computer program having a plurality of sub-programs executable by said computing device or devices, wherein the sub-programs configure said computing device or devices to,
• receive payment information from a payment transaction facilitation computer program running on a consumer's computing device, or a payment transaction facilitation computer program running on a merchant's computing device, or both, said payment information comprising at least the consumer's identity, the merchant's identity and the payment for the goods or services being purchased by the consumer from the merchant,
• determine if the consumer and merchant involved in the payment transaction have an account at the same bank as the transaction processing entity,
• whenever the consumer and merchant involved in the payment transaction do not both have an account at the same bank as the transaction processing entity, determine if fees associated with interbank transfer or transfers will exceed an estimated interchange fee typically charged for the same purchase using a credit or debit card, or will exceed a prescribed percentage of the estimated interchange fee associated with the purchase,
• whenever it is determined that the interbank transfer fees will exceed the estimated interchange fee, or exceed the prescribed percentage of the estimated interchange fee,
• deem that the sales transaction cannot be completed using the payment transaction facilitator, and
• inform the consumer via the payment transaction facilitation computer program running on a consumer's computing device, and the merchant via the payment transaction facilitation computer program running on a merchant's computing device, that the goods or services being purchased by the consumer from the merchant cannot be purchased using the payment transaction facilitator,
• whenever the consumer and merchant involved in the payment transaction do have an account at the same bank as the transaction processing entity, or whenever the consumer and merchant involved in the payment transaction do not both have an account at the same bank as the transaction processing entity but the interbank transfer fees will not exceed the estimated interchange fee, or not exceed the prescribed percentage of the estimated interchange fee,
• withdraw an amount up to the amount of the payment from a bank account belonging to the consumer, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and deposit the withdrawn amount into a bank account belonging to the transaction processing entity, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and
• withdraw the payment amount less a transaction fee which is charged to the merchant by the transaction processing entity from the transaction processing entity's bank account for facilitating the sales transaction, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and deposit the payment amount less the transaction fee into a bank account belonging to the merchant, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and wherein whenever
• the consumer's bank account, the merchant's bank account and the transaction processing entity's bank account are associated with the same bank, said withdrawing and depositing of the amount up to the amount of the payment is accomplished via an intrabank transfer system associated with the bank, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity, and said withdrawing and depositing of the payment amount less the transaction fee is accomplished via the intrabank transfer system, using the payment transaction facilitation computer program running on the one or more computing devices associated with the transaction processing entity.