Systems and methods for dynamic transaction-payment routing
AssigneeScvngr, Inc.
InventorSeth Priebatsch
Life of this patent
Estimating the term…
Abstract
A mobile payment transaction aggregator designed to identify, on a per transaction basis, a payment processor from a plurality of available payment processors with the lowest processing fee for the given transaction. Additionally, the aggregator may bundle multiple payment transactions of a single consumer across multiple merchants for additional savings.
Claims22
A computer-implemented method of conducting a payment transaction between a merchant and a consumer, the method comprising:
- receiving and storing payment-processing fee rates from a plurality of payment processors available to process the transaction, the fee rates being classified by at least one transaction attribute;
- receiving, by a payment server from a merchant system, a payment-transaction authorization request for a purchase by the consumer;
- determining, based on computational analysis of the authorization request, at least one transaction attribute for the payment transaction;
- identifying, from the plurality of payment processors, a payment processor with a lowest fee based at least in part on the at least one determined transaction attribute;
- and
- transmitting the authorization request to the identified payment processor to complete the payment transaction.
The method of 2, wherein the payment token is encoded with data identifying a financial account.
The method of 1, further comprising:
- analyzing the processing fees charged by the identified payment processor upon transaction completion;
- and
- updating the stored fee rates for the identified processor based on the charged fees.
A system for conducting a payment transaction between a merchant and a consumer, the system comprising:
- a fee database for storing payment-processing fee rates from a plurality of payment processors available to process the transaction, the fee rates being classified by at least one transaction attribute;
- a processor for executing:
- a transaction classification module for (i) receiving, from a merchant system, a payment transaction authorization request and (ii) computationally analyzing the authorization request to determine at least one payment attribute for the payment transaction;
- an identification module for identifying, from the plurality of payment processors, a payment processor with a lowest fee based on the at least one determined transaction attribute;
- and
- a communication module for causing transmission of the authorization request to the identified payment processor to complete the payment transaction.
Dependencies are inferred from the claim text.