Automatic optimal payment type determination systems

Patent metadata

Field	Value
Publication number	US-12147965-B2
Application number	US-202117549976-A
Country	US
Kind code	B2
Filing date	Dec 14, 2021
Priority date	Nov 25, 2019
Publication date	Nov 19, 2024
Grant date	Nov 19, 2024

Abstract

A system for providing a payment includes a processor and a memory configured to cause the system to receive a payment request representative of a payment amount, a payor identification, and a payee identification. The system includes means for determining payor cash holdings and payor available credit as well as authenticating the validity of a payment request and identity of the payor via received biometric data from a payor device. The system may further receive data representative of payee approved payment methods and determine a payment composition based on the payment amount, payor payment preferences, payor cash holdings and payor available credit. Based on the payee approved payment methods, the system may determine one or more payment types. The system may convey the payment amount to the payee in the form of one or more payment types and may fund the payment amount according to the payment composition.

First claim

What is claimed is:

1. An automatic payment method selection system, comprising:
one or more processors; and
a memory in communication with the one or more processors and storing instructions that, when executed by the one or more processors, are configured to cause the system to:
receive payor payment preferences associated with a payor from a payor device, the payor payment preferences comprising a predetermined preferred payment composition comprising a debit portion associated with at least one debit account of the payor and a credit portion associated with at least one credit account of the payor;
after receiving the payor payment preferences, receive a payment request, the payment request comprising data representative of a payment amount payable to a payee and the payment request made against one of the at least one credit account or the at least one debit account;
determine payor cash holdings and payor available credit by:
transmitting, via an API, to one or more service provider systems, a status request of the at least one debit account and the at least one credit account; and
receiving, via an API, from the one or more service provider systems, an indication of the at least one debit account and the at least one credit account;

execute a payment in accordance with the preferred payment composition comprising:
funding the payment amount, in accordance with the preferred payment composition, from the payor by:
debiting the at least one debit account an amount equal to the debit portion; and
crediting an amount equal to the credit portion against the at least one credit account.

2. The system of claim 1 , wherein the payment types are selected from a check and a credit card, and the memory stores further instructions that are configured to cause the system to:
receive, from a payee device associated with the payee, data representative of payee approved payment methods; and
determine, based on the payee approved payment methods and the preferred payment composition, one or more payment instruments, wherein each of the one or more payment instruments are accepted by the payee in accordance with the payee approved payment methods.

3. The system of claim 2 , wherein receiving data representative of payee approved payment methods comprises:
transmitting a payee approved payment method request to the payee via at least one of an interactive voice response system, an automated e-mail system, and an automated mailing system;
receiving a payee approved method response from the payee; and
determining, based on the payee approved method response, one or more approved payment methods.

4. The system of claim 1 , wherein the memory stores further instructions that are configured to cause the system to:
responsive to receiving the payor payment preferences, store the payor payment preferences in a user account associated with the payor; and
responsive to receiving the payment request, retrieve the stored payor payment preferences from the user account associated with the payor.

5. The system of claim 4 , wherein the memory stores further instructions that are configured to cause the system to:
determine that the preferred payment composition is not consistent with the payee approved payment methods;
modify the preferred payment composition to be consistent with the payee approved payment methods; and
update the user account with the modified preferred payment composition.

6. The system of claim 1 , wherein the payment request is received responsive to the payee uploading the payment request to the payee device, wherein uploading the payment request comprises taking a photo of the payment request using the payee device.

7. An automatic payment method selection system, comprising:
one or more processors; and
a memory in communication with the one or more processors and storing instructions that, when executed by the one or more processors, are configured to cause the system to:
receive payor payment preferences associated with a payor from a payor device, the payor payment preferences comprising a predetermined preferred payment composition comprising a debit portion associated with a debit account of the payor and a credit portion associated with a credit account of the payor;
after receiving the payor payment preferences, receive a payment request comprising data representative of a payment amount payable to a payee and the payment request made against one of the credit account or the debit account;
determine, payor cash holdings and payor available credit;
responsive to the payor payment preferences being consistent with payee approved payment methods, execute a payment in accordance with the preferred payment composition comprising:
funding the payment amount, in accordance with the preferred payment composition, from the payor by:
debiting the debit account an amount equal to the debit portion; and
crediting an amount equal to the credit portion against the credit account.

8. The system of claim 7 , wherein the memory stores further instructions that are configured to cause the system to:
transmit a payor authentication request message to a payor device;
receive, from a payee device associated with the payee, data representative of payee approved payment methods;
determine, based on the payee approved payment methods and the preferred payment composition, one or more payment instruments, wherein determining the one or more payment instruments comprises:
comparing the payor payment preferences with the payee approved payment methods according to a rule hierarchy, wherein the rule hierarchy enables a payment instrument by the payor only if the payment instrument conforms to the payee approved payment methods.

9. The system of claim 8 , wherein receiving data representative of payee approved payment methods comprises:
transmitting a payee approved payment method request to the payee via at least one of an interactive voice response system, an automated e-mail system, and an automated mailing system;
receiving a payee approved method response from the payee; and
determining, based on the payee approved method response, one or more approved payment methods.

10. The system of claim 8 , wherein the memory stores further instructions that are configured to cause the system to:
responsive to the payor payment preferences not being consistent with the payee approved payment methods:
automatically modify the preferred payment composition in order to be consistent with the payee approved payment methods according to the rule hierarchy; and
execute a payment in accordance with the modified payment composition.

11. The system of claim 7 , wherein the payment request is received responsive to the payee uploading the payment request to the payee device.

12. The system of claim 11 , wherein uploading the payment request comprises taking a photo of the payment request using the payee device.

13. An automatic payment method selection system, comprising:
one or more processors; and
a memory in communication with the one or more processors and storing instructions that, when executed by the one or more processors, are configured to cause the system to:
receive payor payment preferences associated with a payor from a payor device, the payor payment preferences comprising a predetermined preferred payment composition comprising a debit portion associated with a payment made from payor cash holdings and a credit portion associated with a payment made against payor available credit;
after receiving the payor payment preferences, receive a payment request comprising data representative of a payment amount payable to

Assignees

• Capital One Services Llc

Inventors

• Cohn Andrew
• Schultz Katelyn
• Alkisswani Fouad
• Elliott Richard
• Dau Kylen
• Dutt Rajsaday
• Jabif Epsztejn Marcelo

Classifications

• G06Q20/023

  the neutral party being a clearing house · CPC title

• G06Q20/403

  Solvency checks · CPC title

• G06Q20/40145

  Biometric identity checks · CPC title

• G06Q20/24

  Credit schemes, i.e. "pay after" · CPC title

• G06Q20/0855

  involving a third party · CPC title