System and method for reconciling credit card payments with corresponding transactions
US7726561B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Jul 21, 2006 |
| Grant date | Jun 1, 2010 |
| Priority date | — |
| Expiry date | Mar 31, 2029 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/24
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
A system and method for reconciling a payment to a merchant (e.g., from a credit card issuer or processor) with a set of credit card transactions corresponding to the payment. A reconciliation facilitator assigns unique transaction IDs to credit card transactions submitted by the merchant. The reconciliation facilitator issues authorization requests for some or all of the transactions, and also submits a settlement request for authorized transactions, wherein one or both types of requests include the unique transaction IDs of the associated transactions. When a set of transactions is settled, their unique IDs are received as part of the settlement data, and the reconciliation facilitator can identify the settled transactions to the merchant (e.g., through his accounting or point-of-sale software).
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.