Systems and methods for managing transactions for a merchant

US11416845B2 · kind B2 · utility

Assignee

• MASTERCARD INTERNATIONAL INCORPORATED · US

Inventors

• Deborah Barta · Wildwood, US
• David C. Brown · Dardenne Prairie, US
• Adam Kenneth Hosp · Chesterfield, US
• Matthew Wickman · Arvada, US
• Joshua G. Monroe · Wentzville, US

Key dates

• Filing date: Nov 27, 2019
• Grant date: Aug 16, 2022
• Expiry date: Feb 10, 2040

Classification

• Technology area (CPC G): Physics
• CPC primary: G06Q20/12
• WIPO field: IT methods for management
• WIPO sector: Electrical engineering

Abstract

A method and system for managing payment transactions for a merchant using a computing device coupled to a memory device is described. Each transaction is initiated by a consumer using a payment card. The method includes receiving a registration request from a candidate merchant for enrollment within a manager module wherein the registration request includes registration data associated with the candidate merchant, executing a primary approval process using at least some of the registration data, and transmitting an account request message requesting an opening of a merchant account for the candidate merchant with an acquiring bank upon approval. The method further includes receiving, in real-time, merchant account data associated with the candidate merchant from the acquiring bank upon approval by a secondary approval process wherein the candidate merchant becomes a registered merchant upon the secondary approval. The method further includes managing a first payment transaction submitted by the registered merchant.