System and method for managing recurring payments over a payment network
US10817856B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Jun 29, 2018 |
| Grant date | Oct 27, 2020 |
| Priority date | — |
| Expiry date | Sep 26, 2038 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q30/0239
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
The subject invention advantageously allows a merchant to provide an override payment option, as an enticement, to pre-pay all or a portion of a series of recurring payments. With respect to recurring payments, the subject invention allows a merchant to alter pricing, if necessary, and/or to charge beyond a fixed term, e.g., to maintain a subscription. The invention includes monitoring payment requests made on a recurring payment basis over a payment network to ensure that any override payment is being properly accounted for along with any adjusted pricing and/or additional payments. This unconventional processing is not provided for with standard recurring payment systems.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.