Method and system for pos enabled installments with eligibility check requirements

Patent metadata

Field	Value
Publication number	US-2016321634-A1
Application number	US-201615142440-A
Country	US
Kind code	A1
Filing date	Apr 29, 2016
Priority date	Apr 29, 2015
Publication date	Nov 3, 2016
Grant date	—

Abstract

A method for processing a transaction with installment checks include: receiving a first transaction message from an acquiring institution, the first transaction message including a primary account number, an installment indicator, and transaction data; determining eligibility for payment via installment based on a comparison of the transaction data to eligibility rules associated with the primary account number; transmitting the first transaction message to a financial institution associated with the primary account number; receiving a second transaction message from the financial institution, the second transaction message including a response code indicative of approval and an eligibility indicator indicating eligibility for payment via installment; and transmitting the second transaction message to the acquiring institution for display to a consumer involved in the related payment transaction on a point of sale system.

First claim

What is claimed is:

1 . A method for processing a transaction with installment checks, comprising:
receiving, by a receiving device of a processing server, a first transaction message related to a payment transaction from an acquiring institution, wherein the first transaction message is formatted pursuant to one or more standards and includes a plurality of data elements including at least a first data element configured to store a primary account number, a second data element configured to store an installment indicator, and one or more additional data elements configured to store transaction data; determining, by a determination module of the processing server, eligibility of the related payment transaction for payment via installment based on at least a comparison of the transaction data to one or more eligibility rules associated with an identification value included in the primary account number; electronically transmitting, by a transmitting device of the processing server, the first transaction message to a financial institution associated with the identification value included in the primary account number; receiving, by the receiving device of the processing server, a second transaction message related to the payment transaction from the financial institution, wherein the second transaction message is formatted pursuant to the one or more standards and includes the plurality of data elements included in the first transaction message further including a third data element configured to store a response code indicative of approval of the payment transaction, and an eligibility indicator stored in the second data element or a fourth data element indicating that the related payment transaction is eligible for payment via installment; and electronically transmitting, by the transmitting device of the processing server, the second transaction message to the acquiring institution for display to a consumer involved in the related payment transaction on a point of sale system.

2 . The method of claim 1 , further comprising:
receiving, by the receiving device of the processing server, a third transaction message related to the payment transaction from the acquiring institution, wherein the third transaction message is formatted pursuant to the one or more standards and includes the plurality of data elements included in the second transaction message further including an indication of installment acceptance in the second data element, the fourth data element, or a fifth data element; and electronically transmitting, by the transmitting device of the processing server, the third transaction message to the financial institution.

3 . The method of claim 1 , further comprising:
storing, in an issuer database of the processing server, a plurality of issuer profiles, wherein each issuer profile includes a structured data set related to a financial institution including at least an identification number and at least one eligibility rule; and executing, by a querying module of the processing server, a query on the issuer database to identify a specific issuer profile where the included identification number corresponds to the identification value included in the primary account number, wherein the one or more eligibility rules correspond to the at least one eligibility rule included in the identified specific issuer profile.

4 . The method of claim 1 , wherein the one or more standards includes one of: the ISO 8583 and ISO 20022 standards.

5 . The method of claim 1 , wherein the transaction data includes at least one of: transaction amount, transaction time, transaction date, geographic location, merchant identification number, merchant category code, merchant name, product data, offer data, reward data, loyalty data, and acquirer data.

6 . A method for post-authorization generation of an installment, comprising:
storing, in an issuer database of a processing server, an issuer profile, wherein the issuer profile includes a structured data set related to an issuing financial institution including at least an identification number and one or more eligibility rules; receiving, by a receiving device of the processing server, a first transaction message related to a payment transaction, wherein the first transaction message is formatted pursuant to one or more standards and includes a plurality of data elements including at least a first data element configured to store a primary account number, a second data element configured to store an installment indicator, a third data element configured to store a transaction amount, and one or more additional data elements configured to store transaction data; determining, by a determination module of the processing server, eligibility of the related payment transaction for payment via installment based on at least a comparison of the transaction data to the one or more eligibility rules; electronically transmitting, by a transmitting device of the processing server, the first transaction message to the issuing financial institution; receiving, by the receiving device of the processing server, a confirmation from the issuing financial institution to process the related payment transaction as an installment; and initiating, by a transaction processing module of the processing server, an installment transaction for payment of an installment amount based on at least the transaction amount from a transaction account associated with the primary account number, wherein the identification number is included in the primary account number stored in the first data element included in the received first transaction message.

7 . The method of claim 6 , wherein
the issuer profile further includes one or more installment terms, and the installment amount is further based on application of the one or more installment terms to the transaction amount.

8 . The method of claim 6 , wherein the plurality of data elements further includes a fourth data element configured to store the installment amount.

9 . The method of claim 6 , wherein the confirmation further includes the installment amount.

10 . The method of claim 6 , wherein the one or more standards includes one of: the ISO 8583 and ISO 20022 standards.

11 . A system for processing a transaction with installment checks, comprising:
a receiving device of a processing server configured to receive a first transaction message related to a payment transaction from an acquiring institution, wherein the first transaction message is formatted pursuant to one or more standards and includes a plurality of data elements including at least a first data element configured to store a primary account number, a second data element configured to store an installment indicator, and one or more additional data elements configured to store transaction data; a determination module of the processing server configured to determine eligibility of the related payment transaction for payment via installment based on at least a comparison of the transaction data to one or more eligibility rules associated with an identification value included in the primary account number; and a transmitting device of the processing server configured to electronically transmit the first transaction message to a financial institution associated with the identification value included in the primary account number, wherein the receiving device of the processing server is further configured to receive a second transaction message related to the payment transaction from the financial institution, wherein the second transaction message is formatted pursuant to the one or more standards and includes the plurality of data elements included in the

Assignees

• Mastercard International Inc

Inventors

• George Sagitha
• SUDHAKAR Vijila

Classifications

• G06Q20/102

  Bill distribution or payments · CPC title

• G06Q20/202 Primary

  Interconnection or interaction of plural electronic cash registers [ECR] or to host computer, e.g. network details, transfer of information from host to ECR or from ECR to ECR · CPC title

• G06Q20/401

  Transaction verification · CPC title