Post-purchase credit offer and tender switch

Patent metadata

Field	Value
Publication number	US-11144904-B2
Application number	US-202016923342-A
Country	US
Kind code	B2
Filing date	Jul 8, 2020
Priority date	Jul 8, 2019
Publication date	Oct 12, 2021
Grant date	Oct 12, 2021

Abstract

Disclosed embodiments may provide a framework to implement post-purchase tender switches. For example, following a transaction made with a particular payment instrument, a customer may be offered the ability to apply for a preferred payment instrument and/or to switch his or her tender type to the preferred payment instrument for the previous transaction.

First claim

What is claimed is:

1. A computer-implemented method comprising:
detecting completion of a transaction at a retailer, wherein when the transaction is completed at the retailer, transaction information is submitted and the transaction is held as a pending transaction until authorization for fulfillment of the transaction is provided;
receiving the transaction information associated with the transaction, wherein the transaction information specifies a selected payment instrument and contact information for a customer corresponding to the transaction;
receiving input corresponding to a selection of payment information associated with the selected payment instrument;
generating a determination using the payment information and the contact information;
training a machine learning algorithm using sample transaction data, wherein training includes identifying one or more recipients for offers to switch transactions to a preferred payment instrument while the transactions are held as pending transactions;
using the machine learning algorithm to generate an offer to switch the transaction from the selected payment instrument to the preferred payment instrument while the transaction is held as the pending transaction, wherein the offer to switch is from the selected payment instrument to the preferred payment instrument;
receiving a request to switch the transaction from the selected payment instrument to the preferred payment instrument;
switching the transaction to the preferred payment instrument from the selected payment instrument, wherein switching the transaction causes the authorization for fulfillment of the transaction to be provided; and
completing the transaction using the preferred payment instrument, wherein the transaction is changed from the pending transaction to a completed transaction, and wherein the completed transaction is used to train the machine learning algorithm.

2. The computer-implemented method of claim 1 , wherein the offer further includes an application for a new line of credit associated with the preferred payment instrument, wherein the application is included as a result of determining that payment instruments previously issued to the customer do not include the preferred payment instrument.

3. The computer-implemented method of claim 1 , wherein the offer specifies one or more incentives for switching the transaction from the selected payment instrument to the preferred payment instrument for the transaction while the transaction is held as the pending transaction.

4. The computer-implemented method of claim 1 , further comprising determining available credit for the preferred payment instrument, wherein the available credit is used to generate the offer.

5. The computer-implemented method of claim 1 , wherein the offer is generated subject to an expiration, wherein the offer is rescinded as a result of the expiration.

6. The computer-implemented method of claim 1 , wherein the offer includes an option to split the transaction between the selected payment instrument and the preferred payment instrument while the transaction is held as the pending transaction.

7. The computer-implemented method of claim 1 , further comprising:
receiving an application for a new line of credit associated with the preferred payment instrument;
generating another determination as to whether the customer is approved for the new line of credit, wherein the other determination is based on an evaluation of the application; and
generating the offer to switch from the selected payment instrument to the preferred payment instrument based on the other determination.

8. A system, comprising:
one or more processors; and
memory storing thereon instructions that, as a result of being executed by the one or more processors, cause the system to:
detect completion of a transaction at a retailer, wherein when the transaction is completed at the retailer, transaction information is submitted and the transaction is held as a pending transaction until authorization for fulfillment of the transaction is provided
receive the transaction information associated with the transaction, wherein the transaction information specifies a selected payment instrument and contact information for a customer corresponding to the transaction;
receive input corresponding to a selection of payment information associated with the selected payment instrument;
generate a determination using the payment information and the contact information;
train a machine learning algorithm using sample transaction data, wherein training includes identifying one or more recipients for offers to switch transactions to a preferred payment instrument while the transactions are held as pending transactions;
use the machine learning algorithm to generate an offer to switch the transaction from the selected payment instrument to the preferred payment instrument while the transaction is held as the pending transaction, wherein the offer to switch is from the selected payment instrument to the preferred payment instrument;
receive a request to switch the transaction from the selected payment instrument to the preferred payment instrument while the transaction is held as the pending transaction;
switch the transaction to the preferred payment instrument from the selected payment instrument, wherein switching the transaction causes the authorization for fulfillment of the transaction to be provided; and
complete the transaction using the preferred payment instrument, wherein the transaction is changed from the pending transaction to a completed transaction, and wherein the completed transaction is used to train the machine learning algorithm.

9. The system of claim 8 , wherein the offer is generated subject to an expiration, wherein the offer is automatically rescinded as a result of the expiration.

10. The system of claim 8 , wherein the offer further includes an application for a new line of credit associated with the preferred payment instrument, wherein the application is included as a result of determining that payment instruments previously issued to the customer do not include the preferred payment instrument.

11. The system of claim 8 , wherein the offer specifies one or more incentives for switching the transaction from the selected payment instrument to the preferred payment instrument for the transaction while the transaction is held as the pending transaction.

12. The system of claim 8 , wherein the instructions further cause the system to determine available credit for the preferred payment instrument, wherein the available credit is used to generate the offer.

13. The system of claim 8 , wherein the instructions further cause the system to:
receive an application for a new line of credit associated with the preferred payment instrument;
generate another determination as to whether the customer is approved for the new line of credit, wherein the other determination is based on an evaluation of the application; and
generate the offer to switch from the selected payment instrument to the preferred payment instrument based on the other determination.

14. The system of claim 8 , wherein the offer includes an option to split the transaction between the selected payment instrument and the preferred payment instrument while the transaction is held as the pending transaction.

15. A non-transitory, computer-readable storage medium storing thereon executable instructions that, as a result of being executed by one or more processors of a computer system, cause the computer system to:
detect completion of a transaction at a retailer, wherein when th

Assignees

• Synchrony Bank

Inventors

• Storiale Michael
• Hammond Lisa
• Kievit William
• Terry Tiffanie
• Hudson Carter

Classifications

• G06Q40/03

  Credit; Loans; Processing thereof · CPC title

• G06Q30/0235

  constrained by time limit or expiration date · CPC title

• G06Q20/4037

  Remote solvency checks · CPC title

• G06Q20/227 Primary

  characterised in that multiple accounts are available, e.g. to the payer · CPC title

• G06Q20/34

  using cards, e.g. integrated circuit [IC] cards or magnetic cards · CPC title