Data element specific transaction routing

A method for determining a least cost transaction scheme at a host computer system, the method comprising:

• calculating, at the host computer system, a plurality of transaction fees that comprises a transaction fee for each of a plurality of transaction schemes, wherein each transaction fee is based at least in part on a transaction amount, a standard industrial classification (SIC) code, one of the plurality of transaction schemes, and a bank identification number (BIN) associated with one of the plurality of transaction schemes;
• maintaining an array of transaction tables, wherein each transaction table is selectable based on the SIC code and the transaction amount, and wherein each transaction table within the array of transaction tables associates the plurality of transaction schemes with the plurality of transaction fees;
• updating, at the host computer system, each transaction table from the array of transaction tables with the plurality of transaction fees for the plurality of transaction schemes;
• receiving the transaction amount and a merchant ID from a merchant at a host computer system;
• looking up the merchant's SIC code based on the merchant ID at the host computer system;
• accessing a specific transaction table from the array of transaction tables based on the SIC code and the transaction amount;
• determining, by the host computer system, a least cost transaction scheme associated with the lowest transaction fee listed in the specific transaction table;
• and
• sending the least cost transaction scheme to the merchant from the host computer.

A method for determining a least cost transaction scheme for an online purchase, the method comprising:

• calculating a plurality of transaction fees that comprises a transaction fee for each of a plurality of transaction schemes, wherein each transaction fee is based at least in part on a transaction amount, a standard industrial classification (SIC) code, one of the plurality of transaction schemes, and a bank identification number (BIN) associated with one of the plurality of transaction schemes;
• providing a transaction table array comprising a series of transaction tables, wherein each transaction table is selectable based on the SIC code and the transaction amount, and wherein each transaction table within the transaction table array associates the plurality of transaction schemes with the plurality of transaction fees;
• updating each transaction table within the transaction table array with the plurality of transaction fees for the plurality of transaction schemes;
• receiving, at a host computer system, the transaction amount from a web server;
• selecting, at the host computer system, an appropriate transaction table from the transaction table array based at least in part on the transaction amount and the SIC code;
• determining, by the host computer system, the merchant's least cost transaction scheme from the plurality of transaction schemes;
• and
• sending a request for payment from a consumer using the least cost transaction scheme to the web server.