Data element specific transaction routing
US8818879B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Sep 4, 2007 |
| Grant date | Aug 26, 2014 |
| Priority date | — |
| Expiry date | Nov 12, 2031 |
Classification
- Technology area (CPC G)Physics
- CPC primaryG06Q20/10
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
Systems and methods for determining a least cost transaction scheme for a merchant is provided according to one embodiment of the invention. The least cost transaction scheme may be determined at a point of sale device or at a host computer system that communicates with a point of sale device. The least cost transaction scheme may depend on a standard industrial classification (SIC) code associated with the merchant and a transaction amount. In one embodiment the transaction amount and merchant ID is sent to a host computer system. Based on the merchant ID and the transaction amount the host computer system determines a fees for a plurality of transaction schemes. From the plurality of transaction schemes, a least cost transaction scheme is selected and a user is prompted to use the least cost transaction scheme to tender the transaction.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.